Team Bush is facing the economic monster with little more than AK47s. The first high-level casualty of the housing market / economic meltdown is Housing and Urban Development Secretary Alphonso Jackson. While President Bush departed for Ukraine to down Vodka shots with Yulia Tymoshenko, (and, well, given the choice ... ) the economy continues to burn. But never fear, Treasury Secretary Henry Paulson's got a plan, but says he wants to wait after the housing crisis ends and that it will take "many years to complete."
Oh boy.
The 218-page proposal would expand the powers of the Federal Reserve, streamline existing agencies and expand regulation over certain sectors of the market. The Lame duck administration doesn't expect it'll pass before the end of the year but hopes it'll become part of the debate on the economy in the run up to the November election. Expect more homes to be smashed, the casualties to mount and kiss Manhattan goodbye.
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