Bush and the minority lending shakedown
Everyone knows about the Fannie/Freddie/Democrat minority lending racket. But as I’ve pointed out several times over the last year, the Bush administration was also guilty of pandering to the crony racial racketeers and exacerbating the mortgage crisis. (Background here, here, and here.)
Steve Sailer digs up another depressing example of how Bush pushed the feds to make bad loans in the name of diversity. Read it and weep.
Lesson: There will be no conservative counterrevolution without facing up to these inconvenient truths — and then electing and supporting GOP representatives who reject such reckless practices.
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There will be no conservative counterrevolution without real conservative leadership, which we have lacked for years. Otherwise, we’re just spitting on Rome as it burns (and the Democrats fiddle).
Yep.
OT..
Michelle..
you are still having some problems with your ads..
every now and then, I see Mike Huckabee pop up..
/
Yeah, I remember all his speeches about how great it is to have the highest percent of minority home ownership ev-er. Many of us knew the cost back then, but most of the idiot Obama voters still don’t know because the MSM won’t tell them.
Remember where most get their news from. NPR and PBS! I don’t know whether to laugh or cry.
They’ll figure it out when they’ve got neither a pot nor a window, our broke-arsed gubment has no more money to throw at them, and they have no budgeting skills because the gubment has spent years carrying their financial water.
Forewarned is forearmed. We know what’s coming, so at least we can take steps to protect our own families. It’s gonna be a bumpy ride.
Bush is no conservative. I really hate how he was packaged as a Reagan.
Spot on.
Open season on RINO’s, flush em outta the Bush and herd em into the Demoncat party where they can do some damage to someone besides us.
It’s gonna be a loooonnngggg 4 years…i pray the GOP can get reorganized back to their core values and ready to fight the good fight.
Amen to that. GWB is an oath-breaker.
I feel the same way. One thing is for sure: the GOP will not get one more penny (I know, I know: they prefer pesos) from me or ounce of support until they put real support into the likes of Sarah Palin.
By the time they finish printing enough money to cover the bailouts,we may be trading the dollar up for pesos!
Unfortunately, the alternatives (Al Gore, John Kerry) were no better but Americans are paying the price for electing a spoilt, AWOL, corrupt and a timid POTUS/Commander-in-chief. Now, Americans are too weak and divided to do the right thing: Impeaching Bush.
ofcourse, Americans will find excuses why Bush should not be impeached, much like the rats following the Pide Piper.
The Democrats are still fully invested in plantation owner politics and getting worse with media help and abetted by apathetic, immoral, bleating sheep citizens.
We lost due to absentee Republicanism, we need to get our message to many many more Americans and Americans must learn to be invested in liberty at least as much as sports.
Emphasis mine.
Sarah Palin can thank Juan ‘Amnesty’ McCain for her defeat, who in turn can thank Jorge ‘Amigo’ Bush and Teddy ‘Amnesty’ Kennedy (with a foot-note of thanks for Juan ‘my friend’ Hernandez).
RIP, GOP
Clean the damn house. No more unprincipled Republicans. We need men and women of honor who truly believe in our Constitution.
The above would make a great plaque suitable for framing (on people’s minds) along with “stop killing the messenger…”
Mr. Bush is gone. Our Liberals are now comparing Obama to Lincoln-careful there pundits. Lincoln closed down 300 newspapers and put journalist and publishers in jail without due process.
Clever lads may be more clever than they know.
—
Is NOW the time for the Second American Revolution?
The truth will set you free.
I think 43’s heart was in the right place for most of his presidency, unfortunately for the Republican Party, he washed ashore along with other well meaning Republicans. The ship of state that Reagan built could not stand up to the repeated torpedoing by the power-envy Democrats. No ship of state could.
The constant pounding, grousing, and manipulating by the Washington liberals, and their cohorts nationwide, led many basically good conservatives down a slippery slope. So many of them have been shown to be too weak, or unwilling to avoid.
Let this be a lesson to future conservative leaders. Liberalism kills. It corrupts. It is a degenerative disease which will prove hard to cure. It’s like a wolf in sheep’s clothing. It’s disguised as a caring, and nuturing matriarch, whose true nature reveals itself when it’s too late.
Let’s pray we have the strength and determination to elect leaders that will not fall prey to the charade of compromise. If we can’t, then we may well be doomed.
Why do we even have a border any more? Janet Napolitano to head Homeland “Security”?
I travel quite a bit all over the US, but just in case no one else has ever noticed, Mexicans tow vehicles with two red lights attached to the top-back of their towed vehicles. And they have always traveled in convoys spaced 1/4 to 1/2 miles apart heading south to towards the border. (I-25 South is big for that)
I’ve noticed over the last three years that the quality of the vehicles have gotten better. I hadnt seen as many of them the past few months as the economy got worse, but I have noticed recently that they dont even care about “hiding” anymore.
Now they just travel in back-to-back cars spaced about 20 ft apart. I knew the border war was lost about two years ago when I saw an empty 18 wheeler auto transport carrier with Mexican license plates heading north about 600 miles north of the border.
I-80 heading east to Chicago is big for van loads of immigrants. I-30 heading towards Dallas to I35 South and I-20 West is big for SUVs pulling trailers loaded with goods.
I remember one night 20 years ago driving in front of Texas Stadium in Dallas and a truck with a camper shell flipped over in front of me. To this day I have still never seen so many illegals pile out of that camper shell and scurry away like cockroaches.
What I see now is another Hoover (Bush)/FDR (Obama) era, with a recession in the works. I can only hope that we can survive another great depression, once these politicians commit the same mistakes that happened back in the 30s. When one wants to know the future, look to the past.
Good morning folks;
My father is now ninety five years old. We occasionally talk of the really bad economic times he’s seen. He describes his travels through the midwest dust bowl and the terrible plight of the farmers that were left with nothing. They weren’t prepared for the climate change nor the political controls that slowed economic recovery. His advise to me, was remove yourself from all debt and expect nothing from the government except problems.
SOUNDS LIKE SOUND ADVICE FOR TODAY
In the meantime, Obama is using his transition time to build a political machine.
http://www.mcall.com/news/local/all-a11_volunteers.6680143nov21,0,4412888.story
Socialist ideas like diversity and multiculturalism will never be as successful as Good Old American FREEDOM.
The GOP needs to focus on FREEDOM and success will follow. I doubt they will.
Bishma said(#11): “… Now, Americans are too weak and divided to do the right thing: Impeaching Bush.”
He hasn’t done anything that is impeachable; and with two months left in his term, there’s no point to even try to find anything.
The old GOP is dead. They just don’t know it yet. We must all start working at our local levels to make true reform happen. Most importantly is we elect people of values that talk strait and hold to their commitments. This starts from your town school boards and all through the political levels. We need to prepare our base to communicate Constitutional fundamentals and slam anyone who doesn’t participate with you. We need to form coalitions at our local levels so our ideas aren’t lost as a voice in the wilderness. Search your area for churches, anti tax groups and people within the present political party structure who want change.
This is all doable if we all get off our butts.
It’s all well and good to want things for people who can’t afford them. Inflating the prices of homes in addition to not requiring the ability to pay the mortgage doesn’t help people to afford home. I just don’t understand how these decision makers though this would work. The people trapped in these mortgages had no clue what home ownwnership requires. Both parties sold us out. Obama and ilk will sell us down sh!t’s sreek.
The GOP has simply lost track of when basic conservative principals need to be applied. I suspect in the next year or so, as the various directions of the latest federal government is presented, several new conservative voices will emerge.
the reality is that minority home ownership will always lag because of minority dependence on the welfare state. there’s no way for people to save for a house down payment while receiving benefits from the state.
a true conservative would work to fix THAT problem first.
Like I said, Americans are too weak and divided to do the right thing. They’s rather pretend 9/11 did not happen, that War-on-terror is against terrorists (with Pakistan ana Saudi Arabia, as allies! HA!), that Saddam has WMDs, that borders are secure, that Bush did not sell Americans to his illegal amigos, that thousands of Americans did not die in an un-provoked war, which has nothing to do with 9/11 or terror:
http://in.youtube.com/watch?v=19QAYXk0W_A
Even if Americans acknowledged the above, they would rather ‘Clinton was worse’ and/or ‘What’s the point?’ and go back to bed. No wonder politicians, except Tom Tancredo (Tom who??), spit on American faces and call it rain.
Lawdyy Michelle give it a rest.
Why the never ending Dubya/GOP bashing?
The woman I know you are was never one to gloat about being right.
sigh
I think president Bush and many “compasssionate conservatives” confuse private charity with public law.
Fair is fair. We know how the Democrats contributed to the economic crisis. We must also know what the Republicans did and publicize it too. Otherwise we learn nothing and come across as hypocrites.
Technically, the Obama administration can not use those emails. It is against the law. Now if those emails were used by a 3rd party … well that could be a big problem. P-E BO wants something passed. The orders are given (but not from BO’s lips) to encourage the followers to contact their House and Senate reps and let the phones ring off the hooks. And then the media will get wind of it and make headlines about the huge and loud public outcry for whatever the mission is.
OK, back on subject.
W’s Zero Down Payment Mural was just pandering to the special interest groups. Happens all the time in politics.
This is another reason I have lost respect for GWB… His stand on ILLEGAL IMMIGRATION made me mad as HELL… Then I learned, that in his QUEST for a legacy, the PRESIDENT with the HIGHEST percentage of home ownership in HISTORY, he backed the COERCION of lenders to make SUB-PRIME MORTGAGES… Again I say there is enough blame in this MORTGAGE CRISIS to go around…
Obama and company intend to fix the problem by providing more money from the state to those on welfare.
I believe the sheeple should also share a lot of the blame. To hear Maxine Waters tell it, all of this was perpetrated on the unknowing, innocent, victims who didn’t have a clue. She’s as dumb as a box of rocks if she thinks that.
You don’t have whole industries and television shows on how to “flip this house” without there being some complicity by greedy people in this mortgage mess.
Many jumped in hoping to make a fast buck. Like all pyramid schemes, the late-comers get caught holding the bag when it finally runs its course.
I’m sure there were innocents who bought into financing homes they couldn’t afford. There were a lot of stupid people too. For the most part though, greed was the common denominator.
WOW – just WOW. How is impeaching Bush the “right” thing? We already elected our enemies choice for POTUS and now we can make them even happier using a process that says our elected officials think he is criminal. Take about giving aid to the enemy!!! You have a library full of Jane Fonda movies don’t you? SHEESH.
With the price of homes these days, I don’t think the traditional 20% downpayment should be a fixed requirement. That is a hurdle many first time buyers can’t overcome.
But it defies all sensibility to allow someone to take a mortgage with NO money down (exception: I believe in keeping that option open for military veterans who are credit worthy) and every applicant should have to verify income and pass a credit check to determine they can service the debt.
Let’s review what happened as Carter / Clinton’s CRA, Mae / Mac, Christopher Dodd, Barney Frank, GWB, and a whole host of others tossed prudent lending practices out the window in an attempt to increase minority home ownership.
With 0% down, ARMs with ridiculous teaser rates, interest only payments, etc. gimmicks, home prices kept going up, up, up in a real estate bubble that was guaranteed to crash.
Along the way, many of those newly minted minority homeowners, who got there using gimmicks instead of doing it the old fashioned way (buying a house you can actually afford) are now in foreclosure and will no longer be homeowners. Some will get to stay in those homes at the cost to the American taxpayer of well over a trillion dollars.
How’s that goal of 5.5 million new minority homeowners by 2010 looking now? Why was it so important to reach a certain goal by 2010 that it was deemed acceptable to lower the barrier to entry of homeownership through reckless gimmicks that anyone with an IQ above room temperature should have been able to see would result in disaster? Minority homeownership has been increasing over time. But some stupid and / or morally bankrupt politicians in both parties decided it wasn’t happening fast enough.
Hey, crapweasels, think you can print money fast enought to bail everyone out of this mess you created? I don’t.
Just another example of bringing everyone down to the lowest common denominator. We do it in schools. We do it in youth sports. Why not the mortgage market? Everyone is equal!! Yay! Too bad “succesful” isn’t anywhere in that equation…
There were some comments on “illegal aliens” driving in tow cars South on I-25 from Denver to Albuquerque to El Paso to Juarez and into Mexico. Not all these drivers were illegal aliens. Here is the rocketman report on these cars and drivers.
Some of my ex Mexican (now U.S. Citizen) wife’s legal resident family members made their legal and honest livings this way. They bought two similar wrecked cars in U.S. junkyards and made one runnable car out of them–they did the mechanic work. Then they towed the car to Juarez, had it painted and upholstered, and sold it for a profit. This was usually fill in work when construction, landscaping, and other seasonal work was not available in the U.S. We all do what is necessary to make a living and to take care of our families.
The main reason they could make a profit was the 100 percent Mexican auto import tax on used cars–to protect the Mexican auto industry. Socialism 101 in action–the cars could enter Juarez and the 30 km. “frontera” (frontier) areas and only pay a 20 percent (?) tax. The DF “derechos pagados”–(all taxes paid) license plates indicated that the 100 percent tax had been paid and that the vehicle could drive all over Mexico. Without the DF plates the car with “frontera” (frontier) plates would be turned back at the internal checkpoints 30 km. South of the border.
As usual in Mexico–the “mordida”–(little bite–aka bribe) at the checkpoints made a lot of officials rich. They only got a low ($10. a day?) salary–but did much better with mordidas–they were rotated from one checkpoint / border crossing job to another to give all a chance at a better income.
It’s great to see Socialism in action. Mexico has smart, intelligent, hard working people. They live in a country with many of the same benefits we have in the U.S.A.–mineral / forest / petroleum / tourist resources. Their economy is much worse due to (1) corrupt government, and (2) very big families. They are working on (2) now, and many Juarez families send their children to attend U.T.E.P.–usually as night engineering, nursing, and business students–to get a better future. Some of these cars “in tow” on I-25 pay for school.
John Bibb
I don’t think you get it Bansharia. This is a critical issue. It’s not about “I told you so”.
We can’t have more republicans like Bush leading the party. Many of his policies were counter to conservative policies: steel tariffs, illegals’ amnesty, the prescription drug plan… and of course, support this horrendous lending policy. Not to mention his complete inability to argue his case on issues that he was actually right about. It cost the party big time… and it is costing America big time.
This is important and worth being reminded about as the republican party attempts to regroup. The same mistakes will be a disaster… or should I say Bigger disaster.
The ONLY way out of this morass is to strip DC of all the powers it has usurped from the states. The Fed long ago exploded past its Constitutional limits. It is time for states to reassert their 10th Amendment rights to rein in the Fed. The Libs love federal power because no one can escape their heavy handed regulation. If the states regain supremacy then bad laws can be escaped by moving. That is what the founders intended.
Thanks for that view of the story too! I dont fault any illegals for doing what they have to do in life. We all make choices. (However for any action there is a reaction) I would do the same things if I were on the other side too.
And where might we find such folks? That is the part that totally depresses me. I see no media outlet giving any face time to rising stars in the GOP. They can’t seem to get elected, or they can’t seem to get to the forefront so that we can even hope for such an installment of leadership.
*
Bob Beckel (who I’m so over) is spinning Obama’s appointment of croneys to his cabinet as “necessary experience in the face of the failed Bush policies”. Who from the left would dare call out Obama on his failure to even try to bring change? Nobody; that’s who.
Who in Washington can survive the woodchipper test? If they are only looking out for themselves and whizz on the Constitution they go in the woodchipper….
if you can name (5) I’d be impressed and you would probably be wrong.
This quote from Thomas Jefferson has always been one of my favorites:
“The principle of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale.”
The U.S. Government should be in only one mortgage enterprise-VA home loan guarentees. We Vets had to have three years of W-2’s, three months records of electric, phone, water, and gas reciepts. Three months of pay stubs and three months of bank statements. Now every loser, fraud, non-working minority millstone gets a mortgage just for being a bum! When will this farce end?