I was hoping to use this column to offer commentary on the latest reform legislation to come out of Washington, but I can't. That's because no reform legislation has come out of Washington.
Last Tuesday, President Bush accused Congress (or at least its Democrat majority) of ‘letting the country down’ by not passing his recommended legislation. Senate Majority Leader Harry Reid, D-Nev., in turn called the president's comments ‘disingenuous at best’ and added that the ‘administration and its Republican allies in Congress offer nothing but the same failed ideas that got us into this mess in the first place.’
Thus, another week passes without any definitive federal game plan to deal with the rising tide of foreclosures. Another week is gone without any attempt to regulate the mortgage broker industry. Another week that could have seen meaningful reform of the government-sponsored enterprises or the Federal Housing Administration is over. And at the beginning of this week, we're at the same spot where we were at the beginning of last week, and the week before that, and so forth.
Lately, it appears the White House and the Congress would rather not directly attack the serious issues facing the economy as a whole and the housing and mortgage markets in particular. Instead, both sides of the Washington power base appear content with loitering within the realms of irrelevant, if not downright silly, concerns. Last week, for example, the president flew to Hartford, Conn., to deliver a speech highlighting Malaria Awareness Day. But that's fairly benign if you recall last February, when congressional leaders turned on the heat to voice their concern and frustration at whether baseball star Roger Clemens ever used steroids. Can you imagine if the congressional leadership transferred one-fifth of their sound and fury over the Clemens non-scandal into enacting appropriate legislation to address the current financial crisis?
But in writing this, I genuinely don't blame either the president or the Congress for their inaction on serious issues. I blame the American public for allowing such nonsense to take place. I also blame the leaders within the housing and mortgage industries for not taking a more aggressive role in speeding proper and responsible legislative action. Has the country fallen asleep, or has the disconnect between Washington and the rest of the country become so badly ruptured that it is futile for the public to have a say in the running of national affairs?
Another week that passes without any meaningful governmental action is another week of continued insecurity, uncertainty and economic deterioration. Everyone suffers, nobody gains. Hopefully, next week won't start the same way that this week started�or last week�or the week before that�
– Phil Hall, editor, Secondary Marketing Executive.
(Please address all comments regarding this opinion column to hallp@sme-online.com.)
