I would not be able to bear the tragedy if there were not so much comedy in it.

The Congressional Democrats held a press conference to address the coming subprime mortgage disaster. Senate Majority Leader Harry Reid, citing a report from the National Consumer Law Center, put it this way—

If we do not act, subprime lending could end up eliminating more homeowners than it created, and the number of Americans foreclosed out of their homes could exceed the number of Americans from the Gulf Coast forced out of their homes by Hurricane Katrina.

So the Democrats want Bush to appoint a "mortgage czar" to help with the "crisis." Even if we assume the appointment of some sort of "czar" would have a measurable impact on the problem, the notion is ludicrous in light of Bush's record of appointments. In the Bush administration competence is the foremost ground for removal.

But wait! Representative Barney Frank, Chairman of the House Financial Services Committee, had a name to suggest—and a Republican, at that!

Talking to reporters after the press event, Frank named Jack Kemp, the former GOP vice presidential candidate, as his top choice for the role of mortgage czar, citing his career as a star quarterback: “You need to be an energizer. Jack would be great.”

Even now I can hear Kemp in the huddle, "Okay, guys. We've got to get this punt off before the clock runs out."

So whom would I favor instead? Personally, I think the Dallas Cowboy Cheerleaders may be the answer.

Related post
The subprime debacle continues at home and abroad (10/11/07)

Tags: * economy real estate housing market