The quotes that explain the entire financial meltdown

hotair ^ | Ed Morrissey

[flyfree]

For those who want a smoking gun to show the genesis of the financial collapse, this short sequence from a longer video I posted this week will do it. Clinton HUD Secretary Andrew Cuomo announced a settlement of a lending discrimination complaint with Accubanc, a Texas lender whose prerequisites for mortgages came under attack from “community organizers” at the Fort Worth Human Relations Commission and the city of Dallas. I clipped out this sequence to underscore its importance:

(video at link)

CUOMO: To take a greater risk on these mortgages, yes. To give families mortgages that they would not have given otherwise, yes.

Q: [unintellible] … that they would not have given the loans at all?

CUOMO: They would not have qualified but for this affirmative action on the part of the bank, yes.

Q: Are minorities represented in that low and moderate income group?

CUOMO: It is by income, and is it also by minorities? Yes.

CUOMO: With the 2.1 billion, lending that amount in mortgages — which will be a higher risk, and I’m sure there will be a higher default rate on those mortgages than on the rest of the portfolio …

The Democrats decided, as Michelle says, that mortgages were a civil right, and wouldn’t cost the American taxpayers a dime. How well is that working out, America? And now, the question you have to ask yourselves is this: Do you want the nation’s economic policies run by Obama, Pelosi, Reid, Dodd, and Frank for the next four years?

[hinckley buzzard]

“The American Dream” doesn’t always include home ownership

Therein lies the root of all this trouble--many people have no idea what, historically, the "American Dream" has always meant. Growing up in the fifties, when we took these things seriously, it was clear that "the American Dream" meant that you were free to follow your desires and ambitions and go as far as your talent, energy, persistence and grit would carry you. The government's role was to make sure everyone played by the rules and otherwise, wouldn't get in your way. It wasn't perfect but it made sense--and in no way did it have anything to do with a right to a home or anything else you didn't earn.

[piytar]

“The Democrats decided, as Michelle says, that ... wouldn’t cost the American taxpayers a dime.”

Wrong. The statist Donks KNEW it would a fiscal disaster requiring a massive taxpayer bailout and government takeover of the financial institutions. After all, that - aka socialism/facism - WAS THEIR GOAL ALL ALONG!