Posted on 09/23/2008 7:16:33 PM PDT by Iron Munro
Credit Is Not a Civil Right
I have no way of judging whether the Wall Street bailout is a necessary evil or an impending disaster. But we're in this mess, ultimately, because our political elites thought it was good social policy to encourage banks to give mortgages to uncreditworthy people, resulting in what Sailer months ago called the "Diversity Recession" (if this doesn't work, make that the Diversity Depression). In other words, if poor people in general, or blacks or Hispanics in particular, were less likely to be approved for a mortgage, the only possible reason was racism or classism or whatever. Thus "creditworthiness" was an illegitimate, dead-white-male concept, like middleclassness. Because, after all, isn't everyone entitled to credit? Therefore, I propose any bailout bill start with these words: "It is the sense of Congress that credit is not a civil right."
You will no doubt be bundled up and shipped off to a re-education camp to rid yourself of your outdated views and to be rehabilitated. It could take some time.
I’ll be on the bus with him.
I love the article title. Beautifully stated.
But credit has been a civil right as they practiced it, and I am sure that many an illegal alien bought homes well outside of their earning range while I never did.
Now they want me to pay for their homes in the name of financial stability, screw them.
My $$ says that (when the smoke clears) the pressure will still be on banks to make “affordable housing” loans—code word for subprime, diversity loans. Nothing will have changed, except that the taxpayers are the ones holding the bag. Think of it as backdoor reparations—for Liberals, its mission accomplished.
Sadly, the only thing that will change the agenda of these people is a firing squad.
Amen, and Amen. THIS, folks, is the crux of the whole mess we are in. This needs to get out there to the public. This mess was created for those who could not get a mortgage but were given one anyway and now we, the taxpayers, will have to foot the bill. Some bigwigs should go to jail over this. This is outrageous.
Why does he hate poor people? Sniff....
J.P. Morgan handled the Banking crisis ( men who risked their own money) and Thomas Mellon.
Never asked for a Government bailout but saved the country and their money.
Today its other people's money , so who cares.
Ditto.
Is this seat taken?
Every once in a while one runs across a statement that is so sublime and pure it defies justification.
It’s more than just giving loans to people who shouldn’t have received credit. It’s giving loans to people who could get credit and afford a loan, but chose to buy about 3 times more house than they could afford with the intent on flipping it in a few years for a profit.
I’ll be on the bus with him.
Yes, let them all pull themselves up by their bootstraps, and not expect government handouts and bailouts.
Is this what you are suggesting? If so I could not agree more.
If not, why not?
My son (A Marine with an 50%+ disability) was able to get a loan to purchase a modest condo - and we helped him with the closing costs etc.
He is able to make the payments - barely. He is looking for a job that pays a bit more, difficult in his circumstances. But he will, because he won't give up and he won't back down....
Is he one of the folks who shouldn't have gotten a home loan?
Illegals, flippers and speculators should be told to eat their bad choice.
NOT ONE DIME for that lot.
God bless you and your son.
Can’t we just get some rich people to put this on their “American Express” black card?? LOL. THey suppossedly don’t have any limits!! C’mon!! I promise we will make payments...How long could it take to pay of A Trillion bucks anyways....
This amounts to a government backed loan (ala GI Bill) without paying their dues.
I hope this free-ride of a mockery does not pass.
There were a lot of Caucasians who bought McManisons they couldn’t afford too... this was an equal-opportunity free-for-all.
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