Horrible Mortgage Ideas, Environmental Non-Disasters and Defending Delaware’s Honor
Senators spar over a plan for the federal government to buy up “distressed” mortgages.
The Capital Research Center releases the “Doom List,” a litany of predicted environmental disasters that never quite came to pass.
Politicians attack the state of Delaware for laws that make it easier to incorporate a new business.
More headlines: listen to the LibertyWeek podcast.
1. POLITICS
Senators spar over a plan for the federal government to buy up “distressed” mortgages.
CEI Expert Available to Comment: Special Projects Counsel Hans Bader on the latest terrible idea to be thrown into the mortgage crisis debate:
“Sen. John McCain [recently] floated a horrible idea: to have the government buy up bad mortgages and then write off part of the mortgage and reduce the interest rate so that delinquent borrowers can afford to keep living in their pricey homes. Equally disturbingly, Sen. Barack Obama seems to agree with this stupid idea, pointing with approval to the fact that the bailout bills he supported already permit this to a limited extent. His only objection seems to be that McCain is hogging credit for this awful proposal for himself. Having the taxpayers buy up bad loans, and write part of them off, forces homeowners who bought small houses and lived within their means to effectively pay the mortgages of those who bought large houses and can’t afford them.”
2. ENVIRONMENT
The Capital Research Center releases the “Doom List,” a litany of predicted environmental disasters that never quite came to pass.
CEI Expert Available to Comment: Adjunct Analyst Doug Bandow on the highlights of the list:
“Climate alarmists are in good company. After all, for centuries at least, and probably since the beginning of humanity, some people have worried about the imminent end of civilization. Modern environmentalists are a skittish lot, and tend to see doom and gloom around most every corner. The Capital Research Center’s GreenWatch has generated the ‘Doom List,’ cataloguing recent prophecies of imminent trouble, if not disaster. One of my favorite comes from the ever-busy Al Gore, who once heroically battled to solve the trash crisis.”
3. BUSINESS
Politicians attack the state of Delaware for laws that make it easier to incorporate a new business.
CEI Expert Available to Comment: Center for Entrepreneurship Director John Berlau on the value of Delaware’s unique incorporation laws:
“What really upsets liberals (or rather statists) about Delaware is the freedom it offers to individuals in America’s system of competitive federalism. Entrepreneurs from all over the country, indeed all over the world, go to Delaware to incorporate their businesses because of the flexibility of setting up a corporation there and the consistency of the corporation laws as applied by Delaware’s renowned chancery court. But consumers and investors also benefit greatly from Delaware. Contrary to [Sen. Barack] Obama’s assertions, Delaware’s banking rules do not shred consumer protections. The simply allow credit card issuers to apply risk-based pricing for borrowers by charging the interest rates they deem appropriate, and which consumers can shop around for among competing banks. Risk-based pricing was something that was sorely missing with mortgages, by contrast.”
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