Government sometimes works quickly to create laws or legislation that sometimesw results in overkill. Lack of forward-looking thinking should include an analysis of how scam artists will beat the system. Apply that logic to our new proposed anti-foreclosure bill. The newest and latest argument is over $15 billion in grants and loans to buy and refurbish abandoned homes. Should the federal government give this money to the states?
Enter a lack of forethought – and a frightening idea. Does legislation help the average homeowner in trouble? Would the thought of “throwing money at the problem” benefit homeowners, or would it fuel the desire to evict while investors salivate over the prospect of buying homes?
And the frightening part? President Bush’s advisors. If the legislation were presented to President George W. Bush, “his senior advisers would recommend he veto the bill,” the White House’s Office of Management and Budget said today. These are the same ‘advisors’ that failed to do anything as high food prices, fuel prices, and the the subprime fiasco built to the heights we see today.