Government keen on helping people but not babysitting them
March 4, 2008
On the second of March, word came out from the white house that the government of the nation was very much concerned about paying heed to the woes of its subjects but babysitting the people was impossible. The news came out in a time when a lot of hue and cry was being sounded about the government not doing enough to help the housing market of the nation. President Bush however said that some of the plans with which the Congress are coming up, to help the victims of the housing crisis, would be nothing but the reckless use of the tax paid by the citizens. Henry Paul the Treasury Secretary also shared this idea with the President.
The Democrats, who hold the majority in the Congress at the moment, responded to this statement of the President by saying that the Bush administration was more concerned about saving the Wall Street rather than the people of the nation. They said that all the plans with which the Congress had come lately were solely for the purpose of bailing out the victims of the crash in the housing and mortgage market.
However, even while all this is happening, more and more sustenance offers are being tossed around to help the suffering people. The latest one to get approval from the administration was Project Lifeline.
Now with the presidential elections this close the government officials are likely to come out with more number of plans, proposals and rescue missions to rescue the borrowers and debtors. This is because all the presidential nominees have been quick to take hold of the issue of the housing market which has been doing very badly for the last many months.
One thing both parties in the nation are very careful about while proposing new measures is to make sure that these plans are only meant for the assistance of homeowners and not for the money lenders and mortgage providers. This is almost impossible as both the other categories are mutually related and helping one while not helping the other is not going to happen, especially in the current scenario when the economy is going through a very bad patch.
Since all the ‘bailout’ plans with which the parties come out will be just dead rubber when it arrives, what matters the most is how well they have been framed. It is mandatory to make sure that these plans are designed as a stop gap measure to help the housing market as well as the nation’s economy and not as a means to aid the individual investors or lenders.
It has been found in the past also that the congress has always been dramatic about coming out with many such bailout plans. But what, according to many senior lawmakers in the nation, is that necessary action had to be taken. This must not get hung on a debate as to whether or not it is a bailout plan or not. Many are of the opinion that the Bush administration must go ahead with the proposals of the Congress as the taxpayers would eventually be paid back when the economy returns to a stable state.