The Real Culprits Of Our Subprime Mortgage Mess
Barack Hussein Obama, the socialist, affirmative action Donk candidate, would have us believe that this whole subprime mortgage mess is the fault of the big bad Republicans, and their evil rich backers who made their fortunes “off the backs” of the poor.
But that’s simply not the case. If you look at the facts, you’ll see it’s all about the lefty obsession with “equality of outcome” that got us into this mess. In other words, if minorities, or other poor people don’t own homes, it’s just discrimination/institutionalized racism.
This is the mentality that the government used to force lending institutions to offer mortgages to people who were clear credit risks. Jimmy Carter and Bill Clinton are mostly to blame for that awful Community Reinvestment Act. And there’s also the Community Redevelopment Act. Whorehey Open Borders Bush is not innocent either.
Anyway, here’s more.
Obama in a statement yesterday blamed the shocking new round of subprime-related bankruptcies on the free-market system, and specifically the “trickle-down” economics of the Bush administration, which he tried to gig opponent John McCain for wanting to extend.
But it was the Clinton administration, obsessed with multiculturalism, that dictated where mortgage lenders could lend, and originally helped create the market for the high-risk subprime loans now infecting like a retrovirus the balance sheets of many of Wall Street’s most revered institutions.
Tough new regulations forced lenders into high-risk areas where they had no choice but to lower lending standards to make the loans that sound business practices had previously guarded against making. It was either that or face stiff government penalties.
September 19th, 2008 at 5:54 am
With all the hand-wringing, finger-pointing and calls for oversight, has anyone determined if any laws were broken by any of the companies the guvmint sees fit to “bail out”? Or any of the others who teeter on the brink?
Seems to me that if there’s so much wrong, laws must have been broken. If there weren’t such laws broken, why not? If there were, where are the arrests? Or do all such people get velvet handcuffs and no media?
September 19th, 2008 at 3:39 pm
My post at http://www.stop-obama-now.com/2008/09/clinton-and-tod.html details how the CRA was jacked up in the mid-90s by Clinton and was the beginning of the end, as we know it. Guess who was the first bank to get into securitized subprime mortgages? Bear Stearns.
September 29th, 2008 at 1:14 am
This is just conservative propaganda. The crisis is more complex than the CRA or Clinton. Deregulation, which enabled many of these firms to conduct predatory lending, is a concept pushed by conservatives. The underlying problems stretch back to Bush Sr., and were exacerbated by Clinton and Bush Jr. Let’s just face the facts that both parties (and the private sector) messed this up.