Bush, who can't fix anything, to propose mortgage crisis fix

The media is abuzz over the impending announcement from Bush about a plan on mortgages:

President George W. Bush is expected to unveil a plan on Thursday to prevent a wave of home loan foreclosures that has threatened to knock the U.S. economy into recession and rattled investors worldwide.

The plan hammered out by the U.S. Treasury Department in talks with mortgage industry leaders would bring relief to many of the 2 million homeowners who took out adjustable rate loans with low teaser rates due to move sharply higher in the next year or so.

For the past seven years, the Bush administration ignored the shenanigans in the financial services industry. Bush was too busy trying to get bankruptcy protection for the financial services industry. In the last GOP-controlled Congress, Bush got that new bankruptcy law -- with the help of too many Democrats, including Maryland's Rep. Al Wynn.

When it comes to sorting through whether this proposal will actually work, I turn to the smart people who know of such things. After reviewing the actual provisions, Atrios says "Not Gonna Do Anything":

I became increasingly skeptical that such a broad-based bailout would be workable for various reasons, but as is usually the case with anything the Bush administration gets involved in, they aren't even really trying.