Posted on 12/16/2020 4:34:52 AM PST by Rummyfan
The current crisis did not begin with Trump, contrary to the vain repetitions of the Never Trump crowd. The Left’s woes didn’t begin with Alexandria Ocasio-Cortez. The political turmoil on both the left and right started a couple election cycles back with Bill Clinton and Chuck Schumer. What began with government good intentions and notions of correcting injustice caused one short-term fiscal calamity and continues as a rolling cultural catastrophe.
Twenty-five years ago, the premise was this: minorities were being discriminated against when trying to buy homes. Black people, single women, and other marginalized folks were being blocked from access to credit to buy homes and therefore being deprived a piece of the American Dream. Was this true? Maybe. If it was true, the cure to this problem was worse than the disease, a cure which very nearly killed the American body.
Chuck Schumer, the ranking senator on finance and representing the great state of New York and Wall Street, pushed rules onto lenders forcing them to liberalize their lending practices. He was joined in his folly by Barney Frank, Democratic Congressman from Massachusetts. Together, the Democrats through threats and rules encouraged bankers to start giving loans to anyone and everyone. For more background on this mess and who is to blame, read this by Theodore Houseman. He quotes Barney Frank, who said this:
I have seen nothing in here that suggests that the safety and soundness [of Fannie Mae] are at issue, and … it serves us badly to raise safety and soundness … when it does not seem to me to be an issue.
(Excerpt) Read more at spectator.org ...
We are doing the same scenario now...everyone needs a house, must own a house, must buy up to their limit of what they can afford...I’ve seen prices in some neighborhoods where I know when they sell the house, they’ll never get what they paid for it.
When a law’s title begins with “affordable”, we’re doomed...
Equality of outcome rather than equality of opportunity.
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Pogo, the opossum, ventured into the swamp searching for the enemy. Upon discovering the enemy he reported back, “We have found the enemy and he are us.”
This is a good article.
Today’s Left
The proverbial ‘hand basket’.
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