fiscal 2008

The Washington Post has a story this morning about a new Bush administration plan to help homeowners who are "underwater," that is, whose home is worth less than their mortgage and can't sell or refinance it because they don't have the cash they would need at closing.  Contrary to the president's often-repeated assertions that he wouldn't do it, the plan apparently will require taxpayer dollars.

Anyone who has watched the mortgage situation deteriorate over the the past year could see this coming.  The early "over my dead body" statements by the administration were slowly, incrementally, and sometimes imperceptively replaced with positions that tilted increasingly toward "not yet."  In other words, it was only a matter of time.