“The principle of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale.”

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.

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.

On November 21st, 2008 at 10:04 am, rocketman said:

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.

bansharia said:

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 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.

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

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.

On November 21st, 2008 at 12:29 am, Bhishma said:
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.

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.

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.