The Nixon Playbook

George W. Bush: Big giant dummy head. You think I exaggerate? Think again:

WASHINGTON (Reuters) – President George W. Bush is expected to outline on Thursday a plan to freeze mortgage rates for five years for many U.S. homeowners facing sharp increases in their monthly payments, industry sources said on Wednesday.

Final details of the plan are still being worked out after a trade group that represents large mortgage investors presented its framework for implementing a broad rate freeze to the Treasury Department late on Tuesday, the sources said.

What the “sources” didn’t say is that loan-wary banks are going to become even warier, as their expected high-risk rewards vanish in a puff of unintended consequences. Now that‘s how you tank an economy, you big giant dummy head. I haven’t seen a Republican pull an economic move this stupid since Nixon’s wage/price freeze back in ’72. And Bush’s could be every bit as disastrous.