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Start with illegal aliens needing a place to live. Millions of them needing a place to live. You know, the ones we let come across the border every night. The ones Social Security is so restrained about helping to catch. Then there's the social assistance programs for them. Housing, medical, food stamps, schools, college scholarships, you name it and we are giving it to the illegals. Add in the Border Patrol and ICE costs. What would you do if you were the puppet in the White House?

Start a Federal plan of paying their downpayments on house purchases using ARM Loans and the Liar loans, the undocumented ones where they can come in off the street saying here's my ID Number, I don't have an SSI number. They say they make $6,000 a month, you write it down.

After all these are poor immigrants from foreign countries and all the odds are against them, so be compassionate, dammit! They can't even get a drivers license. Everybody is prejudiced against them! They're just looking for some way to support their families so I don't want to hear of you questioning what they tell you, got that?

You will make your 15% from the loan when you sell it off to the hedge fund buyers, so shut up. The real estate agent makes their 6%. The property taxes get paid and the cities are happy. The Feds paid the downpayment and everybody is happy. real happy because there's money flowing like wine. Even the stupid American taxpayer who doesn't know he's getting it in the butt every payday is happy.

We got these people a job building new homes, driving trucks, in darn near every kitchen and fast food joint in the country, working illegal narcotics and the economy is doing just great. Their kids are in school with a free breakfast and lunch. The parents come by and pick them up at 4:30 or 5:00PM and all is going just great. Until ........

Those damn ARM loans start to hit the rollover dates into standard loans and the mortgage payments go from $600 a month to $1400 a month and the poor undocumented immigrant folks can't pay it.

The excuses start, I just bought a new pickup, Senor’, my wife had another baby and I don't have the money. Nobody told me this was going to happen (which is probably true in most cases). It wouldn't have mattered in most cases because they still don't qualify for a standard real estate loan of any size or type!

Where was America going to get the workers we needed to do the manufacturing jobs, huh? Oh, that's right with NAFTA we sold off or moved most of the heavy manufacturing plants and those jobs out of the country to Mexico or China. Then there's the 3% of illegal aliens who work in agriculture, they're not home buyers though, so they don't count in this picture either.

We're going global with the trade agreements. Remember the first four years of Bush? Done, so now we are stacking workers around the country to step in as the older Americans retire. Are you still wondering why McCain is going to give them an amnesty?

That's called social engineering.

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palmer; NoLibZone; river rat; Aunt B; Tennessee Nana, you got anything to add in here?

That's a nice little essay on one facet of the problem. If the credit market functioned properly, there would be no cheap credit for illegals or any other potential deadbeats. The primary reason for the cheap credit is loose central banks, and Greenspan in particular. The secondary reason was creative securitization that spread the risk of deadbeats but ended up creating systemic risk instead.

The systemic risk was freezing the financial system, requiring AIG bailouts, etc. If you paid off the mortgage of every deadbeat and every potential deadbeat (a lot less than 700B), the systemic risk would not go down one iota. We have been screwed by Greenspan and his financial industry, not by social engineers.