Sunday, October 12, 2008

The deep roots of the meltdown

It goes all the way back to 1977! Back to Jimmy Carter's affirmative action policies. And check out "community organizer" Barack Obama's role as radical left political action organization (ACORN) advocate and lawyer.

Whenever things go to hell look for socialists and socialism as inevitable root causes.


Anonymous said...

Absolutely correct. Diana West had a great comment on how social engineering is at the heart of the liquidity crisis (giving sub-prime mortgages to people you KNOW can't pay for them).

This race-based social engineering--right out of the Marxism that treats human beings as plastic game counters that can be forcibly distributed according to a totalitarian playbook--was foisted onto banks in the interest of "affirmative action lending" in order to boost home ownership for minorities. To implement this policy, banks had to overlook traditional markers of good and bad risk--credit histories, employment, down payments, etc.--thus opening up the housing market to loan customers (of all races) who were not economically qualified, from naive novices in over their heads to deadbeats to speculators to illegal immigrants. Government-sponsored Fannie Mae and Freddie Mac-- which Dick Morris has called a retirement community for old Democrats, and which, of course, made Obama their Number 2 beneficiary of campaign contributions in the Senate--institutionalized these practices by buying up the resulting risky loans and selling them on the world market.

JR said...

Frank, Thanks for that link. The sickening thing is that any inquiry into the meltdown won't be extracting any accountability from the real culprits - the politicians. On second thought any inquiry is unlikely to even point a finger in their direction.

Anne in swON said...

That explains how a college student could offer to buy a million dollar home in California to share with a couple of his buddies through a real-estate agent barely out of his teens. I saw this on an HGTV program called Million Dollar Listing or something similar this past week. I'm assuming the program was taped well before the meltdown. Sheer lunacy!