Trot out the clichés about closing the barn door for news today that the Federal Reserve is cracking down on shady lending practices to home buyers and President Bush is fighting high gas prices by lifting a ban on offshore drilling for oil.
As Americans drown in bad economic news, these daring rescue moves are the equivalent of throwing them concrete life preservers.
The Fed’s new rules to protect the public against predatory lenders of subprime mortgages are too little for future home buyers and too late for the millions who are losing their homes at the highest rate in history.