81% of Americans Think Nation is on the Wrong Track. Mortgage Relief Gets Derailed in Senate.

According to the AP report "Poll: 81 percent think US on wrong track" at Seattle PI that is the highest percent since early in the 90s (when we had a nasty recession after nearly 12 years of Reagan, Bushonomics.

Excerpt:

81 percent of respondents said they believed "things have pretty seriously gotten off on the wrong track." That was up from 69 percent a year ago, and 35 percent in early 2002.

So the year after terrorist were able to accomplish a major attack on our nation only 35% of people were thinking the nation had gone off the tracks and now we find 81% are thinking that way.  Way to run a country Bushies!

BTW lets take a look at what the majority of the citizens of the US of A (aka 'us') want to happen about the housing crisis:

Americans favored help for people but not for financial institutions in assessing possible responses to the mortgage crisis. A clear majority said they did not want the government to lend a hand to banks, even if the measures would help limit the depth of a recession.

Respondents were considerably more open to government help for homeowners at risk of foreclosure. Fifty-three percent said they believed the government should help those whose interest rates were rising, while 41 percent said they opposed such a move.

But what are we going to get?  Possibly about the opposite of what the majority wants (See following excerpt from Seattle Times report "Borrowers' mortgage relief dies in Senate":

Republicans and business-friendly Democrats on Thursday scuttled a plan to give people threatened with losing their homes more leverage in winning favorable loan terms from their lenders in bankruptcy courts.

The Senate killed the bankruptcy plan by a 58-36 vote on the first full day of debate on a bill designed to boost the slumping housing market.

The bankruptcy-law changes would have given judges the power to cut interest rates and principal on troubled mortgages to help desperate borrowers trapped in subprime mortgages keep their homes.

The defeat of the bankruptcy plan highlighted a weakness many people find with the bill: it showers generous tax breaks on money-losing businesses but does little to help people facing foreclosure.

Its most-costly provision gives tax cuts worth $25 billion over the next few years to businesses such as home builders and banks. Meanwhile, it provides just $3 billion in tax relief to homeowners over the same period, according to an estimate by the Joint Tax Committee, which explores for lawmakers the effects of tax legislation on the Treasury.

I can't find the vote results on the bankruptcy provision at Thomas, nor in the news via news search. Check back .  I hope I can find them later.

tags: mortgage crisis  favorability rating  bush  bush admion  

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