Here’s the lead editorial from this week’s Nation about the subprime mess:
As news of the growing financial crisis and impending wave of mass foreclosures became too dire to ignore, the Bush Administration briefly roused itself from its lame-duck slumber to announce... well, not much. The Administration's plan is an entirely voluntary arrangement among the major mortgage servicers, whose primary aim seems to be salvaging investor value. It excludes hundreds of thousands of homeowners whose rates have reset, or who have missed payments or have credit scores too good to qualify. With millions huddled on roofs amid rising water, the Administration has very politely asked the bankers if they wouldn't mind sparing a couple extra life rafts.