Rats in Charge of the Lifeboat
The trillion dollar bailout proposal didn’t come with an apology from the government. That’s what angers the nation.
Until the Republican revolt in the House of Representatives, it appeared no one in Congress had the guts to say the proposed legislation didn’t solve the problem. It was a cover-up that exonerated the guilty. The Senate version passed last night was cut and run for cover legislation.
The $700 billion solution only served to continue the Democrats’ con started 31 years ago. To ingratiate its constituency they used selective statistics, collected by entities such as the Boston Federal Reserve, to prove the existence of institutionalized discrimination against minority borrowers.
The Federal Reserve had reported that the percentage of approved loans was lower for minority applicants than for their white counterparts. The evidence was indisputable. However, the credit unworthiness of the minority applicants, whose requests were denied, was omitted in the public report.
The Democrats ignored this fact. They blamed the lopsided, mortgage ratios on racial discrimination. This public hoodwinking allowed President Carter to sign the Community Reinvestment Act (CRA) in 1977.
The Democrats didn’t lie; they distorted the truth to subsidize the collateral of risky borrowers with de facto government guarantees. In effect, the CRA eradicated ethical standards for lending to correct a non-existent injustice. This was touted as Equal Opportunity Lending, which officially rebuked sound banking principles and inaugurated the era of no-collateral lending.
HUD, Fannie Mae and Freddie Mac were honed to encourage lenders to participate in this charade. Mortgage originators were given a license to steal, and steal they did. Twice the Bush Administration asked Congress to reign in this pillage. Rep. Barney Frank told them not to worry.
When the housing market (fueled by sub-prime mortgages) cooled, the toxic paper couldn’t be hidden by Barney’s friends. The Housing and Economic Recovery Act of July, 2008 threw $300 billion at Fannie Mae and Freddie Mac to continue the charade.
Not one paragraph in this legislation tightened the lending practices that produced the need for this bailout. Worse yet! This legislation funneled taxpayer money into militant, leftwing advocacy groups, such as ACORN, to promote the rape of the US taxpayers.
The failure of Fannie and Freddie dried up these Democratic slush funds. That’s why Pelosi, Reid, Dodd and Frank buried hundreds of millions of dollars for these outfits in the small print of the $700 billion bailout legislation.
So don’t be deceived. The rejected $700 billion bailout was never intended to reign in the lending practices that created the financial meltdown. It was a $700 billion taxpayer subsidy for no-collateral loans. It blessed the status quo.
Pelosi, Reid, Dodd and Barney Frank should be jailed for treason. And the executives that deliberately betrayed the public trust, or by omission, should be banned from the industry, if not hung.
And Obama? His association with Franklin Raines, Jim Johnson, Tim Howard, Bill Ayers and ACORN isn’t happenstance. These are his allies. These thieves financed his ascendancy to promote the distortions that empowered and enriched them.
Until the Republican revolt in the House of Representatives, it appeared no one in Congress had the guts to say the proposed legislation didn’t solve the problem. It was a cover-up that exonerated the guilty. The Senate version passed last night was cut and run for cover legislation.
The $700 billion solution only served to continue the Democrats’ con started 31 years ago. To ingratiate its constituency they used selective statistics, collected by entities such as the Boston Federal Reserve, to prove the existence of institutionalized discrimination against minority borrowers.
The Federal Reserve had reported that the percentage of approved loans was lower for minority applicants than for their white counterparts. The evidence was indisputable. However, the credit unworthiness of the minority applicants, whose requests were denied, was omitted in the public report.
The Democrats ignored this fact. They blamed the lopsided, mortgage ratios on racial discrimination. This public hoodwinking allowed President Carter to sign the Community Reinvestment Act (CRA) in 1977.
The Democrats didn’t lie; they distorted the truth to subsidize the collateral of risky borrowers with de facto government guarantees. In effect, the CRA eradicated ethical standards for lending to correct a non-existent injustice. This was touted as Equal Opportunity Lending, which officially rebuked sound banking principles and inaugurated the era of no-collateral lending.
HUD, Fannie Mae and Freddie Mac were honed to encourage lenders to participate in this charade. Mortgage originators were given a license to steal, and steal they did. Twice the Bush Administration asked Congress to reign in this pillage. Rep. Barney Frank told them not to worry.
When the housing market (fueled by sub-prime mortgages) cooled, the toxic paper couldn’t be hidden by Barney’s friends. The Housing and Economic Recovery Act of July, 2008 threw $300 billion at Fannie Mae and Freddie Mac to continue the charade.
Not one paragraph in this legislation tightened the lending practices that produced the need for this bailout. Worse yet! This legislation funneled taxpayer money into militant, leftwing advocacy groups, such as ACORN, to promote the rape of the US taxpayers.
The failure of Fannie and Freddie dried up these Democratic slush funds. That’s why Pelosi, Reid, Dodd and Frank buried hundreds of millions of dollars for these outfits in the small print of the $700 billion bailout legislation.
So don’t be deceived. The rejected $700 billion bailout was never intended to reign in the lending practices that created the financial meltdown. It was a $700 billion taxpayer subsidy for no-collateral loans. It blessed the status quo.
Pelosi, Reid, Dodd and Barney Frank should be jailed for treason. And the executives that deliberately betrayed the public trust, or by omission, should be banned from the industry, if not hung.
And Obama? His association with Franklin Raines, Jim Johnson, Tim Howard, Bill Ayers and ACORN isn’t happenstance. These are his allies. These thieves financed his ascendancy to promote the distortions that empowered and enriched them.
Labels: 2008 Senate bailout, ACORN, CRA, Franklin Raines, Jim Johnson, Rep. Frank, Senator Dodd, Senator Obama
posted by David at
7:54 AM
