How Different Is This Than The Real Thing?
October 6th, 2008, 2:41 PM EDT
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How Different Is This Than The Real Thing?
By RPS 07/10/2008 at 11:12 amBefore the Democrats’ affirmative action lending policies became an embarrassment, the Los Angeles Times reported that, starting in 1992, a majority-Democratic Congress “mandated that Fannie and Freddie increase their purchases of mortgages for low-income and medium-income borrowers. Operating under that requirement, Fannie Mae, in particular, has been aggressive and creative in stimulating minority gains.”
Under Clinton, the entire federal government put massive pressure on banks to grant more mortgages to the poor and minorities. Clinton’s secretary of Housing and Urban Development, Andrew Cuomo, investigated Fannie Mae for racial discrimination and proposed that 50 percent of Fannie Mae’s and Freddie Mac’s portfolio be made up of loans to low- to moderate-income borrowers by the year 2001.
Instead of looking at “outdated criteria,” such as the mortgage applicant’s credit history and ability to make a down payment, banks were encouraged to consider nontraditional measures of credit-worthiness, such as having a good jump shot or having a missing child named “Caylee.”
Threatening lawsuits, Clinton’s Federal Reserve demanded that banks treat welfare payments and unemployment benefits as valid income sources to qualify for a mortgage. That isn’t a joke — it’s a fact.
When Democrats controlled both the executive and legislative branches, political correctness was given a veto over sound business practices.
In 1999, liberals were bragging about extending affirmative action to the financial sector. Los Angeles Times reporter Ron Brownstein hailed the Clinton administration’s affirmative action lending policies as one of the “hidden success stories” of the Clinton administration, saying that “black and Latino homeownership has surged to the highest level ever recorded.”
Meanwhile, economists were screaming from the rooftops that the Democrats were forcing mortgage lenders to issue loans that would fail the moment the housing market slowed and deadbeat borrowers couldn’t get out of their loans by selling their houses.
A decade later, the housing bubble burst and, as predicted, food-stamp-backed mortgages collapsed. Democrats set an affirmative action time-bomb and now it’s gone off.
In Bush’s first year in office, the White House chief economist, N. Gregory Mankiw, warned that the government’s “implicit subsidy” of Fannie Mae and Freddie Mac, combined with loans to unqualified borrowers, was creating a huge risk for the entire financial system.
Rep. Barney Frank denounced Mankiw, saying he had no “concern about housing.” How dare you oppose suicidal loans to people who can’t repay them! The New York Times reported that Fannie Mae and Freddie Mac were “under heavy assault by the Republicans,” but these entities still had “important political allies” in the Democrats.
Now, at a cost of hundreds of billions of dollars, middle-class taxpayers are going to be forced to bail out the Democrats’ two most important constituent groups: rich Wall Street bankers and welfare recipients.
Political correctness had already ruined education, sports, science and entertainment. But it took a Democratic president with a Democratic congress for political correctness to wreck the financial industry.
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How Different Is This Than The Real Thing?
By RPS 07/10/2008 at 10:49 amBarney Frank and freinds:
Who is at fault? It was Barney and budds
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How Different Is This Than The Real Thing?
By RPS 07/10/2008 at 10:46 amThe crisis explained
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How Different Is This Than The Real Thing?
By Um Cara 07/10/2008 at 8:59 amThey made fun of Biden in this clip as well as Palin. Granted, Palin is an easier target for these debate clips – but they got some digs in on Biden and Gwen as well.
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How Different Is This Than The Real Thing?
By T. Mason 07/10/2008 at 8:12 amApparently SNL/NBC somebody took down the only skit that slammed the dems after Saturday night’s show was posted on the web. Wonder what happened? :::sigh::: more control of the media. What a surprise.
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Naturally, SNL targeted most of the best zingers against Palin, but overall it was hilarious. Tina Fey is a great Palin. Sudeikis was awesome, too…”this is a guy I’d take a BULLET for!”
October 6th, 2008 at 2:45 pm
Queen Latifah was good, too. I expected a more anti-Palin sketch but it wasn’t horribly bad.
October 6th, 2008 at 2:48 pm
Did you eat too many paint chips when you were a kid?
October 6th, 2008 at 4:33 pm
How many is ‘too many’?
October 6th, 2008 at 5:34 pm
Awesome sketch.
October 6th, 2008 at 5:50 pm
After reading about the Two Hundred Million dollars slipped under the radar to Obama. All I can say the money came from the same people who brought us Sept 11th. This money has blood on it. The FBI is inveatigating.
October 6th, 2008 at 8:23 pm
Pretty close…say, saw where over 500,000 gals of crude is drifting into the marshes and swamps on the gulf coast because of damage to the drilling platforms. Glad it is safe to drill off the coasts these days.
I’m not sure, but I believe Sarah isn’t on the campaign trail today….it’s Tina trying out some new material…no, I guess she did that in the interviews with Katie.
Awesome sketch!!!
October 6th, 2008 at 8:29 pm
Funny, yes. But very different from the real thing. I thought Palin did exceptionally well for the VP debate, holding her own, and making some good points. What we need is to drill, and fast. The tree-huggers out there might not like it, but, facts are facts. Palin knows energy, and I believe the McCain/Palin ticket would solve that, as well as several other important issues. Such as winning the war, not backing out in defeat.
Oh, and Alan? I have a stack of facts here from non-biased sources I would love to share with you, on many different issues, if you or any others ever feel like debating with a middle-class oilfield worker.
Drop a line sometime.
CLGondran@hotmail.com
October 6th, 2008 at 9:39 pm
Casey,
good luck with that one. None of the libs here want to drill.
October 6th, 2008 at 9:42 pm
Tina Fey started out funny, but now she is an annoying moron.
October 7th, 2008 at 3:57 am
Apparently SNL/NBC somebody took down the only skit that slammed the dems after Saturday night’s show was posted on the web. Wonder what happened? :::sigh::: more control of the media. What a surprise.
October 7th, 2008 at 8:12 am
They made fun of Biden in this clip as well as Palin. Granted, Palin is an easier target for these debate clips – but they got some digs in on Biden and Gwen as well.
October 7th, 2008 at 8:59 am
The crisis explained
http://www.youtube.com/watch?v=1RZVw3no2A4
October 7th, 2008 at 10:46 am
Barney Frank and freinds:
Who is at fault? It was Barney and budds
http://www.youtube.com/watch?v=_MGT_cSi7Rs
October 7th, 2008 at 10:49 am
Before the Democrats’ affirmative action lending policies became an embarrassment, the Los Angeles Times reported that, starting in 1992, a majority-Democratic Congress “mandated that Fannie and Freddie increase their purchases of mortgages for low-income and medium-income borrowers. Operating under that requirement, Fannie Mae, in particular, has been aggressive and creative in stimulating minority gains.”
Under Clinton, the entire federal government put massive pressure on banks to grant more mortgages to the poor and minorities. Clinton’s secretary of Housing and Urban Development, Andrew Cuomo, investigated Fannie Mae for racial discrimination and proposed that 50 percent of Fannie Mae’s and Freddie Mac’s portfolio be made up of loans to low- to moderate-income borrowers by the year 2001.
Instead of looking at “outdated criteria,” such as the mortgage applicant’s credit history and ability to make a down payment, banks were encouraged to consider nontraditional measures of credit-worthiness, such as having a good jump shot or having a missing child named “Caylee.”
Threatening lawsuits, Clinton’s Federal Reserve demanded that banks treat welfare payments and unemployment benefits as valid income sources to qualify for a mortgage. That isn’t a joke — it’s a fact.
When Democrats controlled both the executive and legislative branches, political correctness was given a veto over sound business practices.
In 1999, liberals were bragging about extending affirmative action to the financial sector. Los Angeles Times reporter Ron Brownstein hailed the Clinton administration’s affirmative action lending policies as one of the “hidden success stories” of the Clinton administration, saying that “black and Latino homeownership has surged to the highest level ever recorded.”
Meanwhile, economists were screaming from the rooftops that the Democrats were forcing mortgage lenders to issue loans that would fail the moment the housing market slowed and deadbeat borrowers couldn’t get out of their loans by selling their houses.
A decade later, the housing bubble burst and, as predicted, food-stamp-backed mortgages collapsed. Democrats set an affirmative action time-bomb and now it’s gone off.
In Bush’s first year in office, the White House chief economist, N. Gregory Mankiw, warned that the government’s “implicit subsidy” of Fannie Mae and Freddie Mac, combined with loans to unqualified borrowers, was creating a huge risk for the entire financial system.
Rep. Barney Frank denounced Mankiw, saying he had no “concern about housing.” How dare you oppose suicidal loans to people who can’t repay them! The New York Times reported that Fannie Mae and Freddie Mac were “under heavy assault by the Republicans,” but these entities still had “important political allies” in the Democrats.
Now, at a cost of hundreds of billions of dollars, middle-class taxpayers are going to be forced to bail out the Democrats’ two most important constituent groups: rich Wall Street bankers and welfare recipients.
Political correctness had already ruined education, sports, science and entertainment. But it took a Democratic president with a Democratic congress for political correctness to wreck the financial industry.
October 7th, 2008 at 11:12 am