Petruno says Bush plan won't work

LAT columnist Tom Petruno, who has predicted market collapse all during the boom that began in 2003 and has continued since, now argues that the new subprime mortgage plan introduced this week by President Bush and Treasury Secretary Paulson has no chance. Investors are too greedy and will not do what they agreed to do, he seems to suggest. Therefore, the plan will collapse, like the market has apparently. Presumably, Petruno thinks government mandates, with penalties for failure to comply, are necessary to make bad old investors do what is in their interests. It's in the liberal soul: government must make rules and assess penalties.