President Bush's plan to help out customers with subprime mortgage loans seemed like a gesture of good will and smart money. Freezing interest rate on some subprime mortgages will certainly help some people, but not everyone. Certainly there will be people who will not be able to make their payments even with the rate freeze. Then what?
Knowing government like I do, it will only be a matter of time before some government type tries to help even more by suggesting another solution, perhaps a federal program to help subprime mortgage customers make payments. And if that doesn't work, there might be another solution and then another solution. Before you know it, there's going to be a call for someone to set up an agency to address this situation.
They won't have to look too far for a model. All they need to do is look to the World Bank.
For the uninitiated, the World Bank's job is to loan or grant money to underdeveloped countries for infrastructure and other important needs. The loans are often low interest and usually don't have to be paid back within a certain timeframe. If the country needs more money, the World Bank can grant or loan more money with few strings attached.
See the pattern here? Both Bush's solution for the subprime mortgage crisis and the World Bank are joined at the hip because of the type of people being helped. Most likely, the people helped by either are not capable of meeting their financial obligations for one reason or another, which makes them prime targets for additional assistance. Each new person on this dole becomes a way for government to expand.
Now, let's say for the sake of argument that a governmental type here decides America can't handle the subprime customers' needs. It's only a slight change of stationary for the subprime mortgage crisis to come under the pervue of the World Bank. That, ladies and gentlemen, would bring us more in line with globalism. If that happens, say goodbye to American sovereignty as we know it.
But hey, at least some subprime mortgage customers get to keep their homes a bit longer, right?
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Baghdad
-A suicide car bomber detonated his explosives at a checkpoint protecting the compounds of Iraq's former prime minister and a Sunni lawmaker on Tuesday, killing two guards in a neighborhood bordering the fortified Green Zone.
-Gunmen on motorcycles fatally shot the head of Iraq's largest psychiatric hospital as he was returning home from work late Monday, police and a Health Ministry official said, speaking on condition of anonymity because they feared reprisal. Dr. Ibrahim Mohammed Ajil, believed to be in his 50s, was the head of Rashad hospital, Iraq's largest and well-known mental institution, which lies on the outskirts of the sprawling Sadr City district of Baghdad. According to figures from the Iraqi Health Ministry released earlier this year, 618 medical employees, including 132 doctors, as well as medics and other health care workers, have been killed nationwide since 2003.
- Around 7 a.m., a roadside bomb targeted an Iraqi army patrol at Palestine hotel injuring one soldier.
- At 8.20 a.m., a suicide car bomber targeted headquarters of some politicians at Harthiyah neighborhood ( Salih Al-Mutlaq house and Marayem Al-Rayes’ parents’ house .The car before exploded passed a check point at Zaitoon street of Harthiyah neighborhood . When exploded , it killed two people and injured 12 others.
- Around 5.30 p.m., gunmen riding a sedan car opened fire on an Iraqi army check point near Um Al-Tiboul mosque in Yarmouk neighborhood ( west Baghdad) injuring three soldiers of that check point .
- Police found ( 4 ) unidentified dead bodies in the following neighborhoods in Baghdad: ( 3 ) were found in west Baghdad( Karkh bank ) ; 1 in Saidiyah , 1 in Doura and ( 1 ) in Bayaa. While ( 1 ) was found in Bab Al-Mutham in east Baghdad in Risafa bank
Diyala
The following incidents took place in Diyala between 4 p.m and 7 p.m.
- Gunmen riding a motor bike killed Hassan Al- Jumaili , an official man of Sahwa in front of his house at Katoon ( downtown Baquba ).
- Clashes took place between gunmen and the Iraqi army at Kinaan area ( 10 km south of Baquba) killing one women.
- A roadside targeted a police patrol at Al-Aswad village of Khalis area ( about 7 km north of Baquba) injuring three policemen.
Kirkuk
- Around 9.30 p.m. of Monday night, a roadside bomb targeted a police patrol south of Tuz Khurmatu ( south of Kirkuk) killing four ( one officer, a colonel, and three policemen ) and injuring 4 others .
Basra
- Two dead bodies were found yesterday night in Jamhouriyah neighborhood in Basra city. Those two are Christians and they are from Kazara neighborhood , Basra morgue said.
Salahuddin province
- A suicide car bomber killed one U.S. soldier and wounded two others in an attack on Monday in Salahuddin province north of Baghdad, the U.S. military said on Tuesday.
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