Public officials are good at growing something from the pits of life. Take the American Dream turning into a nightmare. Practically everyone on the road to the White House has something to say.
On the Democratic side, New York’s Sen. Hillary Clinton lists her fixes on her campaign Web site, among them $1 billion to pay one mortgage bill for each eligible at-risk homeowner and a requirement for mortgage brokers to tell borrowers that their commissions are linked to interest rates. “Is your American Dream of owning a home at risk?” the site asks in soliciting stories. Horror tales for the campaign trail?
Sen. Barack Obama (D-Ill.) would set up a government fund to help homeowners avoid foreclosure. The twist? Some money would come from penalties paid by irresponsible and fraudulent lenders.
In last month’s Democratic presidential debate in Iowa, Sen. Christopher Dodd of Connecticut, who wants to end some early payment penalties, refused to limit his answer, telling time master Judy Woodruff: “This is too big an issue to tolerate a 30-second answer.”
The Republicans talk more about who’s bad and what’s sad but less about what to do.
Over the summer, in a Fox News Channel interview, former Arkansas Gov. Mike Huckabee polished the art of saying the same thing several times in different ways: “The lenders are going to have to accept some responsibility for enticing people into some of these rates, into certain mortgages not only that weren't good for them but wasn't even necessary in order for them to qualify for a home.”
For Wall Street guys and hedge fund investors, several candidates say don’t cry for them. As former Massachusetts Gov. Mitt Romney put it, they took a risk and lost. That means no bailout.
Rudolph Giuliani, New York City’s former mayor, told CNBC that it’s best to wait for the crisis to end, then look for fixes with 20-20 hindsight: "I think at most more transparency, more information" in the system.
But a new president is so far away. In the meantime, it's the pits for a lot of people waiting for bit fixes.