RIGHT WING SCAPEGOATING

I subscribe to this Right Wing editorial, just so I can judge for myself, how they SPIN every crisis to benefit their agenda (i.e. 911/ the War- The Patriot Act - The Bush Doctrine - Tax Cuts for the Rich - etc, etc). Now it's the "unqualified minorities" fault for the Economic crisis?????

True, the Clinton administration worked with Fannie and Freddie to make loans more accessible to middle class Americans, because, at the time our financial markets were flourishing, and there was plenty of capital to go around.

The plan was a smashing success, with more middle income families realizing the American dream, finally owning a home, and incomes were steadily rising. But in comes the current Administration, with their "less Gov't" mantra, deciding to loosen regulations, and letting the financial companies run amok, artificially driving up the costs of real estate, oil, etc, etc, WITHOUT CONTROLS.

Meanwhile they outsourced jobs (for the sake of profit), and hundreds of thousands of middle class Americans lost their ability to "consume"the way we have in the past. Last week, I learned that the "uptick" rule, which prohibited short sellers from betting against certain stocks, was lifted. Even though the writing was on the wall.

Also, new bankruptcy laws were enacted which only benefitted the "Rich/Wall Street" and not Main Street (contrary to current posturing on the campaign trail). For example, if you only owned one home, a judge would have a diminished ability to arbitrate your case, but a developer, or someone who owned multiple homes, would still have protections in place, in the event of hardship. Sound likes ELITISM to me.

How the hell did median home prices go up so fast, so quickly, everyone knew this was eventually lead to a big problem. How did oil go from $1.79 to nearly $5.00, in 4 years? They were manipulating the markets for PROFIT, and with limited ("less Gov't) oversight, they got wreckless with it. But guess who they need to rescue America now, that's right, the tax payer.

Unfortunately, I do believe Congress needs to bail out Wall Street, but the bill must have "strict"regulation, oversight, provisions for the taxpayers, and the homeowners on the brink of foreclosure. No windfall profits/bonuses should be distributed to shareholders or CEO's, until the taxpayers are reimbursed every penny, first.

Once people are working, and have greater disposable incomes, Wall Street will be back again, with a vengeance. We must rebuild confidence in our economy from the BOTTOM UP. We already tried it from the TOP DOWN, and it obviously does not work. When will they learn? Wealth distribution, and a strong workforce, will only lead to a healthier economy, which will help to keep inflation down, and keep our disposable incomes trickling up into the financial markets and the tax coffers.

This is by far more of a National Security concern than Iran/Iraq/Afghanistan, etc, etc. McCain's knee jerk reaction to announce the "suspension of his campaign" appears Patriotic to the naive, but exactly what Economic expertise does McCain bring to the table? NONE!!!!!!!!!!

After all, he has consistently said "Economics is not his strong suit, and that he needs to be educated on the topic", and up until last week, he believed that the"fundamentals of the Economy were strong". What a difference a dip in the polls make....

Now all of the sudden, a week later, you do a complete 360 and portray yourself as a "Maverick", putting your campaign on hold, and going to Washington to resolve the Economic crisis. PLEASE!!!!!

Leave it to the ECONOMIC EXPERTS, Congress, and the current "COMMANDER in Chief", who's policies got us into this mess in the first place, to bring about some resolution, and start healing the COUNTRY. The next Commander in Chief will be sworn in soon enough, and he will have a boatload of crap to deal with.PM A.K.A. BLAQ OPS

http://blaqops.blogspot.com/
http://www.myspace.com/reciprok8


They Gave Your Mortgage to a Less Qualified Minority
by Ann Coulter
09/24/2008

On MSNBC this week, Newsweek's Jonathan Alter tried to connect John McCain to the current financial disaster, saying: "If you remember the Keating Five scandal that (McCain) was a part of. ... He's really getting a free ride on the fact that he was in the middle of the last great financial scandal in our country."McCain was "in the middle of" the Keating Five case in the sense that he was "exonerated." The lawyer for the Senate Ethics Committee wanted McCain removed from the investigation altogether, but, as The New York Times reported: "Sen. McCain was the only Republican embroiled in the affair, and Democrats on the panel would not release him."So John McCain has been held hostage by both the Viet Cong and the Democrats.
Continued
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Alter couldn't be expected to know that: As usual, he was lifting material directly from Kausfiles. What is unusual was that he was stealing a random thought sent in by Kausfiles' mother, who, the day before, had e-mailed: "It's time to bring up the Keating Five. Let McCain explain that scandal away."The Senate Ethics Committee lawyer who investigated McCain already had explained that scandal away -- repeatedly. It was celebrated lawyer Robert Bennett, most famous for defending a certain horny hick president a few years ago.In February this year, on Fox News' "Hannity and Colmes," Bennett said, for the eight billionth time:"First, I should tell your listeners I'm a registered Democrat, so I'm not on (McCain's) side of a lot of issues. But I investigated John McCain for a year and a half, at least, when I was special counsel to the Senate Ethics Committee in the Keating Five. ... And if there is one thing I am absolutely confident of, it is John McCain is an honest man. I recommended to the Senate Ethics Committee that he be cut out of the case, that there was no evidence against him."It's bad enough for Alter to be constantly ripping off Kausfiles. Now he's so devoid of his own ideas, he's ripping off the idle musings of Kausfiles' mother.Even if McCain had been implicated in the Keating Five scandal -- and he wasn't -- that would still have absolutely nothing to do with the subprime mortgage crisis currently roiling the financial markets. This crisis was caused by political correctness being forced on the mortgage lending industry in the Clinton era.Before the Democrats' affirmative action lending policies became an embarrassment, the Los Angeles Times reported that, starting in 1992, a majority-Democratic Congress "mandated that Fannie and Freddie increase their purchases of mortgages for low-income and medium-income borrowers. Operating under that requirement, Fannie Mae, in particular, has been aggressive and creative in stimulating minority gains."Under Clinton, the entire federal government put massive pressure on banks to grant more mortgages to the poor and minorities. Clinton's secretary of Housing and Urban Development, Andrew Cuomo, investigated Fannie Mae for racial discrimination and proposed that 50 percent of Fannie Mae's and Freddie Mac's portfolio be made up of loans to low- to moderate-income borrowers by the year 2001.Instead of looking at "outdated criteria," such as the mortgage applicant's credit history and ability to make a down payment, banks were encouraged to consider nontraditional measures of credit-worthiness, such as having a good jump shot or having a missing child named "Caylee." (More racist/elitist rants.... No surprise)Threatening lawsuits, Clinton's Federal Reserve demanded that banks treat welfare payments and unemployment benefits as valid income sources to qualify for a mortgage. That isn't a joke -- it's a fact. When Democrats controlled both the executive and legislative branches, political correctness was given a veto over sound business practices.In 1999 (before the housing market went biserk), liberals were bragging about extending affirmative action to the financial sector. Los Angeles Times reporter Ron Brownstein hailed the Clinton administration's affirmative action lending policies as one of the "hidden success stories" of the Clinton administration, saying that "black and Latino homeownership has surged to the highest level ever recorded."Meanwhile, economists were screaming from the rooftops that the Democrats were forcing mortgage lenders to issue loans that would fail the moment the housing market slowed and deadbeat borrowers couldn't get out of their loans by selling their houses.A decade later, the housing bubble burst and, as predicted, food-stamp-backed mortgages collapsed. Democrats set an affirmative action time-bomb and now it's gone off.In Bush's first year in office, the White House chief economist, N. Gregory Mankiw, warned that the government's "implicit subsidy" of Fannie Mae and Freddie Mac, combined with loans to unqualified borrowers, was creating a huge risk for the entire financial system.Rep. Barney Frank denounced Mankiw, saying he had no "concern about housing." How dare you oppose suicidal loans to people who can't repay them! The New York Times reported that Fannie Mae and Freddie Mac were "under heavy assault by the Republicans," but these entities still had "important political allies" in the Democrats.Now, at a cost of hundreds of billions of dollars, middle-class taxpayers are going to be forced to bail out the Democrats' two most important constituent groups: rich Wall Street bankers and welfare recipients.Political correctness had already ruined education, sports, science and entertainment. But it took a Democratic president with a Democratic congress for political correctness to wreck the financial industry.