A real profile in courage with Dear Leader. Heaven forbid "the decider" was to take action on the economy that is crumbling before our eyes. (Of course, do we really want this team touching anything else considering their record?) The plan for now is to keep pushing it out and pushing it out and hope they can skate by untainted but yet another failure.
So the government is in the process of twisting the arms of Federal Reserve Board members to lower interest rates by as much as 2 percentage points over the next year, including potentially a whopping half-point cut next week. That will allow banks to go back to one of their favorite recession-delaying ploys: encouraging debt-strapped consumers to refinance their loans at lower rates.
If that doesn't work, the government has been making noises about creating something like a Marshall Plan for home foreclosures -- a giant bailout fund similar to one used during previous housing crises. Just for good measure, analyst Bove notes, the administration is engaged in other types of powerful job-creating fiscal stimuli as well, such as ramping up spending on defense, infrastructure and transportation construction. "The administration in power is not going to go into an election year in a recession," he insists.
These hazardous ploys would be aimed at papering over the nation's debt problems until after the November 2008 election, after which nobody currently in power really cares what happens.
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