George W. Bush: Bush’s housing flip-flop

George W. Bush must be feeling seriously unpopular if he’s willing to sing from the purest of Democratic hymn-sheets. It was, however, almost inevitable that he would try to do something about pain in the subprime mortgage market. His plan for the government to bail out stretched borrowers is on too small a scale to have much impact for now. But it could be the thin end of a dangerous wedge. The main idea is for the Federal Housing Administration to step in and guarantee mortgages for borrowers...