Right now the Obama Administration and the Democrat Congress are, once again, demonizing Wall Street and attempting to impose further regulations and accountability on them.
Yeah, blahblahblah greed. Whatever. Please. Not one frickin time since the begining of this recession have these politicians EVER shouldered ANY of the burden of guilt for this recession. THEY did this.
The Community Reinvestment Act passed in 1977 opened up the way for people who could not qualify to purchase a home under the strict standards of the time. Though, considering that we were about to go into 30% interest on mortgages under Carter’s malaise, I don’t know who could afford a mortgage back then.
This paragraph in the Forbes article linked above explains my understanding well:
According to one enforcement agency, “discrimination exists when a lender’s underwriting policies contain arbitrary or outdated criteria that effectively disqualify many urban or lower-income minority applicants.” Note that these “arbitrary or outdated criteria” include most of the essentials of responsible lending: income level, income verification, credit history and savings history–the very factors lenders are now being criticized for ignoring.
That isn’t a free market run amok. That is an overbearing government meddling in the market with no accountability and the results we get are about the same as if you gave your four year old your credit card and an internet connection with links to the toy store. Financial ruin.
If the government is going to impose some new restrictions and accountability on a body, they need to do it on themselves. Until then I will oppose anything they do. ANYTHING. I am sick of the blame shifting, sick of the meddling, the lying, the money they get from special interests and denial of taking money from special interests. I mean it, WTF? Obama got nearly ONE MILLION dollars of Goldman Sachs money during the campaign. Wanna know which Wall Street firm has seen a 90% jump in profits during his regime? Goldman Sachs. Remember that the current court case brought against Goldman Sachs is a civil case only, not criminal. The level of proof of guilt required in a civil case is much lower than in a criminal case. Don’t even get me started on the unions and how they and Democrat politicians pretty much service each other in a Biblical way for power, votes and helpful legislation. Revolting.
What am I saying here? I’m saying I do not trust the government to get it right when it comes to regulating our financial system properly and profitably. I do not trust my government farther than I can throw it on any subject. I do not believe most of them are in politics to “serve the people”. I believe they are there to serve themselves and to gain power for themselves. Just look up how many bloody things are named after politicians. Do a search of stuff named after that former member of the KKK, Robert Byrd. Explain to me how all of that is not self serving? Please, try. Explain to me how John McCain was a maverick yesterday but not today and how he’s a totally rock solid kind of guy who would never flip flop to get a vote and remain in power.
These jackasses will never change. Vote them out. ALL of them. Start fresh with people who actually love this country for more than as lunch.