- In 1999, 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
-
- Democrat Libs caused the financial collapse
-
- Charlotte Thomson Iserbyt
- Former Senior Policy Advisor
- U.S. Department of Education
-
- http://www.deliberatedumbingdown.com/
- http://www.americandeception.com/
-
-
- THEY GAVE YOUR MORTGAGE TO A LESS QUALIFIED MINORITY
- http://www.anncoulter.com/
-
- September 24, 2008
-
- By Ann Coulter
-
- 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.
-
- Alter couldn't be expected to know that: As usual, he
was lifting material directly from Kausfiles <http://www.kausfiles.com>www.kausfiles.com
. 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."
-
- 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, 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
-
- /////////////////////////////////////////////////////////////
-
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-
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-
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