One of the bright spots in the national economy had been
the tremendous gains in home prices and construction. President Bush has
declared that his ownership society policies have worked. Now foreclosure rates
are soaring and even wealthy investors are losing billions of dollars. As the
country gears up for an election, Washington is scrambling to calm the crisis,
but will politics help or make things worse?
Also, President Bush travels to Baghdad
to assess progress in Iraq
and, on Reporter's Notebook, with North Korea
backing away from nuclear confrontation, the US has to decide if this new
cooperation is sincere. Jim Sterngold guest hosts.
President George W. Bush stands with Secretary Alphonso Jackson, of the Department of Housing and Urban Development, and Secretary Henry Paulson Jr, of the Department of Treasury, during a statement August 31, 2007, in the Rose Garden regarding homeownership financing. White House photo by Shealah Craighead.