Re "Paulson's regulatory plan seen as too little, too slow," April 1
Was this an April Fool's joke? Treasury Secretary Henry M. Paulson Jr. covers for the administration's inattention to what has now become a fully blown, sub-prime "meltdown" with a too-tardy, too-tricky, off-the-mark solution to regulate mortgage lenders. The resulting domino effect of financial collapses seems unstoppable, causing tax increases in the form of food and fuel price hikes plus a shrinking U.S. dollar.
Why is it that every time the executive branch fails to enforce laws, a damage-control blitz is launched, fielding yet another set of rules? While foreclosure victims are being evicted in record numbers, Bush will likely limp out of office ignoring them.
Because the controversial plan precludes implementation before next year, the incoming administration will suffer the consequences. Won't Wall Street and the too-sly lenders be happy?
Roger A. Wells
In recent weeks, stories about federal bailouts, the increasingly weak dollar and a looming recession have dominated the headlines. However, most coverage has ignored one large demographic that is disproportionately hurt by these economic setbacks: women. Women are up to 40% more likely to receive sub-prime loans than men, despite having equal credit scores on average. The recent economic downturn has caused hardship throughout U.S. society, but the far greater -- and far less publicized -- effects on women deserve serious attention.
The writer is president of the National Council for Research on Women.