On the eve of a House floor debate on a plan to help homeowners in danger of foreclosure, the Bush administration said on Tuesday that it opposed the measure and that White House advisers would urge the president to veto it…. It would expand access to federally insured mortgages to help troubled homeowners refinance their loans…. The administration, in a statement of opposition on Tuesday evening, called the bill 'overly burdensome and prescriptive' and said it would 'force' the Federal Housing Administration and taxpayers 'to take on excessive risk.' (New York Times ^[1], Wednesday)

The right move.

FEE Timely Classic
Moral Alchemy ^[2] by Sheldon Richman