“Do you remember that thing about how the banks wouldn’t lend to blacks and Hispanics because they were racists? And do you remember how they passed the Community Reinvestment Act so that banks were forced to reduce down payments practically to zero and lend to a lot of people they knew were bad credit risks? And do you remember how Wall Street bundled all these risky subprime mortgages and sold them to investors around the world so that when it became clear that those people weren’t going to be able to pay their mortgages banks everywhere were left holding the bag and all five of the Wall Street investment houses either went under or had to be bailed out by the federal government?”
Those days are over, right?
h/t john g
Ayn Rand rising. The eternal fight between inherent rights of the individual vs. the perceived rights of the group. Call it Capitalism vs. Socialism but ultimately nothing gets done without individual sacrifice. Atlas will shrug…
I’ve been a huge defender of the US for years. However, if they re-elect this sleazeball and his corrupt socialist administration for another term, they deserve to go down the toilet bowl.
Wake UP, America. This vote determines the future of your country, and the world’s best working example of free market capitalism (notwithstanding the last 4 years).
mhb23re
Force banks to lend to Blacks and Hispanics who can not afford a house and will end up losing the house,
then use the statistics on house ownership per race to make it seem like Blacks and Hispanics are victim of some outrageous injustice…
Then force banks again to lend to even more Blacks and Hispanics who can not afford a house and will end up losing the house,
then use the statistics on house ownership per race to make it seem like Blacks and Hispanics are victim of some injustice…
Then force banks again to lend to even more Blacks and Hispanics who can not afford a house and will end up losing the house,
then use the statistics on house ownership per race to make it seem like Blacks and Hispanics are victim of some injustice…
Then force banks again to…
Knight99 and The Phantom.
Thank you both for the comprehensive reply and I might add that I really did not know previously.
I feel my age when as a matter of interest, I remember a financial disaster for a well meaning government in Ontario.
Now it might have been in the 1970’s. Suddenly the mortgage rate zoomed upward. A miner in Blind River found his mortage doubled. He had a nice house at 300 dollars per month and it went to 600 dollars.
He moved into a converted school formerly for native children. Sub divided into little apartments. A fire broke out and 11 people died.
Government subsidised mortgages and paid half the required amount. People moved into better accomodation and got half the mortgage paid.
Two years later, the Governmment expected the residents to take up the slack. People just walked out of their obligations. The loss was said to be two billion dollars.
A public official was quoted as saying “if you give people and edge, they will take it”.
A bit of a ramble from me, but I know it happened. A number of persons appear to think that to outsmart government is to prove one’s intelligence.
I had telephoned my friend who was a locksmith by profession and he has put me right to a certain extent. For he was busy changing locks on persons houses who had been unable to meet the mortgage payments.
He said it was in the early 1980’s due to a recession. It was that the government did subsidise mortgages to tide people over. Not that they had doubled.
Still what I am getting at is that anytime government gets into the business world, it seems that too many people take advantage.
The Ontario business was a bell wether for any other government including the United States.
I entered a post at this time last night but it got caught in the filter, and is still there. So I’m going to re-post, but break it up into three sections to try to figure out what exactly the filter objects to (it’s not the first time on this particular topic).
1.
Here, once again, is the video on the origin of political correctness:
http: //www.youtube.com/watch?v=EjaBpVzOohs
Summary: “Political correctness” is an invention of 1920 Marxists who wondered why the working classes were not rising up to overthrow capitalism, as Marxist theory claimed they would (the reason: their standard of living was rising, as capitalism was very productive). So the Marxists hit upon the idea of recruiting minorities, immigrants, and the underclass in general as a substitute working class.
2.
Here is the standard Frankfurt School political correctness agenda:
1. the creation of racism offences
2. continual change to create confusion
3. the teaching of sex and homosexuality to children
4. the undermining of schools and teachers’ authority
5. huge immigration to destroy national identity
6. the promotion of excessive drinking
7. emptying the churches
8. an unreliable legal system with bias against the victim
9. dependency on the state or state benefits
10. control and dumbing down of media
11. encouraging the breakdown of the family
12. “community of women” to undermine patriarchy
13. the abolition of private property and of labor itself
Most writeups omit nos. 12 and 13, but even this expanded list has an air of incompleteness.
Many of these items are pure evil, no. 8 in particular. But the important ones for the issue at hand are no. 9 and no. 1. The former is essentially the impetus for the Cloward-Piven strategy of destruction.
3.
From the linked article at spectator dot org: “And do you remember how, when it was all over, liberals said it was actually the banks’ fault for ‘deceiving’ all those people into thinking they could afford to buy homes and that the banks should be punished for it and some of those people be allowed to keep their homes anyway?”
Summary: Liberals coerced the banks into making bad loans and then blamed the banks rather than their own dangerous legislation. This too shows how evil they are.
This is a prime example of the minorities-as-working-class-substitute recruitment plan.
This misuse of “discrimination” is very similar to the recent alleged Obama proposal re school discipline:
http ://www.smalldeadanimals.com/archives/020894.html
Republicans: PLEASE wake up!!!
Okay, so all three parts passed the filter individually, but not together.
Peter (Lock City) >
“A number of persons appear to think that to outsmart government is to prove one’s intelligence.”
Absolutely!
Never forget though that this whole American sum-prime lending is a financial ponzi scheme, a conspiracy between BIG government and BIG banks.
They use the black and Hispanic people as willing pawns in the game. #1. To loot the Middle Class. #2. To secure their votes.
As stated before, first they create phantom money for the loan on the Banks balance sheets, then make the loans. If they succeed in drawing the high sub-prime interest, fine with them, if not the home is foreclosed and the bank is compensated for its “losses” in a variety of ways.
In 2008 how much banker bailout money went from the Middle Class tax treasury to the “Too big to fails”?
Did the blacks and Hispanics lose their homes?
Indeed they lost the $500K – $700K Mcmansions with a pool they could never really afford, and today they live in modest apartments with 4 flat screen TV’s and a welfare check every two weeks.
It’s a scam.
@ Knight 99 at August 6, 2012 1:46 PM
“It’s a scam”
It certainly is and the repercussions are enormous. When the middle class is down to a given point the question will rise on the logic of even bothering to work for a living. We already have the “Obama will look after us” mentality among his supporters and the OWS crowd. The Federal police forces is their various forms are preparing for class warfare and the shrinking middle class is getting lip service while having their wallets emptied to support the “underclass”. Obama supports Agenda 21, the green movement and continues to push large government and the nanny state. Disarming America is high on his list of objectives. The rich are his target and even if they don’t run to foreign shores it would make no difference to the massive spending or the 16 trillion dollar debt China holds. Obama could seize every penny they have and it would not make a noticable dent compared to the runaway spending. It’s all a scam alright, of Hitler/UN and Stalin proportions and it will destroy the country if the man is re-elected. His support among the “takers” remains and he is working hard at destroying free enterprise as well as the middle class. Every freebee is another nail in the coffin of what once was a free country and the symbol of democracy. Bernie Madoff looks as pure as a choir boy compared to Obama.