Oh, Crap. Here we go.

Just as I was berating Senator Clinton of New York for her lamebrained mortgage rate freeze proposal, President Bush announces his own.

I'll have more comments on this later, but for now, let me say the following: government cannot repeal the laws of economics. There will be individuals who, in the short term, will benefit from these proposals, but in the long run they and everyone else will get seriously screwed. That's a guarantee.