Bush's Take on Mortgages and Offshore Drilling

[pennypinch]

On Tuesday Bush said he is taking action on the skyrocketing fuel prices and the dropping home values.

He talked about plans to help Freddie Mac and Fannie Mae by providing capital and possibly buying stock. Stocks fell through the bottom last week and fears have been raised that the housing lending market would shrivel up causing home prices to spin out of control.

Bush also said he wants to lift the ban on offshore drilling to increase our oil supplies. He wants more drilling allowed in Alaska and on both the east and west coasts.

'It's been a difficult time for American families," Bush said at a press conference. "We must ensure we can continue providing credit during this time of stress."

"The only thing standing between these vast resources and the American people is action from Congress," he said. "The sooner Congress lifts the ban, the sooner we can get these resources from the ocean floor to the refineries to the gas pump."

By Steve Hargreaves

I don't know how well Bush's plans to help the economy will work, I am glad to hear he finally realizes there is a problem in our country that simply isn't going to go away without government action.

Bush's Take on Mortgages and Offshore Drilling

[moneysense]

Will pouring money into Fannie Mae, and Freddie Mac be the answer, I think not. It will cause the value of the dollar to drop and drive home prices up.

And, what about North Dakota? Ive read that there are vast amounts of oil underground there but drilling there is not allowed. Why is that?

West Virginia, has many many gas well there. And more being drilled all the time, in fact people there that have gas wells on their property get free gas to their homes for cooking and heating.

Also consider the fact that some americans are becoming over night millionaires because of oil wells now on their properties, but the supply of oil from these new wells sure hasnt helped the price at the pump.

We need help yes, but I think a lot of care needs to be taken in how that help is given, because if not, the outcome could be worse than it is now.

[dimetime]

I have also heard that oil was found in many places in New York city, but as far as I know they have not started drilling there either.

I know we all need as much help as we can possibly get with oil, but I have one fear about them drilling the in oceans and on home owners properties. I worry about the environment. What will all of this drilling do? I mean it will help us all out with the gas prices hopefully, but what damage will or could it cause to the environment? Could we be trying to save ourselves one way and end up destroying ourselves in another way?

I am glad that the president is realizing and admitting that the people are in need of some help, and hope that there will soon be a safe solution.