By INVESTOR'S BUSINESS DAILY September 30, 2008
Election '08: Have Americans been so lulled by Barack Obama's smooth talk that they don't realize his plans would expand government into a massive socialist behemoth? His is a soft-spoken, hard-left agenda...
But the subprime crisis Washington is dealing with is the result of three decades of the federal government pressuring banks — via the regulatory demands of the Democrats' 1977 Community Reinvestment Act, which was expanded by Bill Clinton — to make tens of billions of dollars in bad loans to poor people with lousy credit ratings.
It was Democrats' regulatory and litigious assaults upon the mortgage market in pursuit of "social justice" that left our economy in its precarious position of today; indeed as an attorney, Obama himself in 1994 represented a client suing Citibank, accusing it of systematically denying mortgages to blacks.
But if the taxpayer rescue of Wall Street and Uncle Sam's taking over the banking system scares you, the broader socialism planned by the Democratic presidential nominee should leave you petrified.
Here are a few examples, with price tags provided by the National Taxpayers Union Foundation:
4 comments:
Sartia,
This whole housing crises is story right out of Atlas Shrugged.
Investor's Bussiness Daily has a series showing how the crises grew from seeds planted by Jimmy Carter.
IBD calls it "Crony Capitalism", but the principle behind it is Altruism. Ayn Rand wrote about characters like the Clinton aide Franklin Raines (James Taggert - Atlas Shrugged), who took Fannie Mae's helm as CEO in 1999, took in nearly $100 million by the time he left in 2005 aid. How organizations like ACORN (Friends of global progress - Atlas Shrugged) racked in fees from banks who were forced to lend to uncreditworty individuals.
IBD says in several places that all this started from the best of intentions, helping the poor to become homeowners.
So the motivating principle is our old friend: Altruism - Altruism is the philosphy that drives liberals and the Democratic party.
My question is, why aren't the Republicans, especially McCain talking, shouting, screaming these facts. McCain has the most to gain, he actively tried to bring Fanny Mae and Freddy under control. Instead they are whimpering that they are saving their free-market principles by jettsoning them with the 700 billion bailout! Why are they keeping silent. Someone please tell me. Richard
I forgot to put the link to the Investor's Business Daily article its called "What Caused the Loan Crisis?"
http://www.ibdeditorials.com/series11.aspx
Thanks Richard, your correct about altruism being a primary source of all our ills but also pragmatism or compromise. Tara Smith has a great article called The Menace of Pragmatism in "The Objective Standard" where she writes about this insidious philosophy.
Sarita
The Leviathan is coming. Unfortunately I think that many people need to actually see Socialism fail with their own eyes to believe it doesn't work.
Too bad it looks like liberal fascism is hot on the heels of Socialism. But if Obama win the election, it's better that Socialism fail with a Democrat in office. Way better.
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