Who is to Blame for This Meltdown?

Investors Business Daily:

Obama in a statement yesterday blamed the shocking new round of subprime-related bankruptcies on the free-market system, and specifically the “trickle-down” economics of the Bush administration, which he tried to gig opponent John McCain for wanting to extend.

But it was the Clinton administration, obsessed with multiculturalism, that dictated where mortgage lenders could lend, and originally helped create the market for the high-risk subprime loans now infecting like a retrovirus the balance sheets of many of Wall Street’s most revered institutions.

Tough new regulations forced lenders into high-risk areas where they had no choice but to lower lending standards to make the loans that sound business practices had previously guarded against making. It was either that or face stiff government penalties.

The untold story in this whole national crisis is that President Clinton put on steroids the Community Redevelopment Act, a well-intended Carter-era law designed to encourage minority homeownership. And in so doing, he helped create the market for the risky subprime loans that he and Democrats now decry as not only greedy but “predatory.”

Yes, the market was fueled by greed and overleveraging in the secondary market for subprimes, vis-a-vis mortgaged-backed securities traded on Wall Street. But the seed was planted in the ’90s by Clinton and his social engineers. They were the political catalyst behind this slow-motion financial train wreck.

And it was the Clinton administration that mismanaged the quasi-governmental agencies that over the decades have come to manage the real estate market in America.

As soon as Clinton crony Franklin Delano Raines took the helm in 1999 at Fannie Mae, for example, he used it as his personal piggy bank, looting it for a total of almost $100 million in compensation by the time he left in early 2005 under an ethical cloud.

Other Clinton cronies, including Janet Reno aide Jamie Gorelick, padded their pockets to the tune of another $75 million.

Raines was accused of overstating earnings and shifting losses so he and other senior executives could earn big bonuses.

In the end, Fannie had to pay a record $400 million civil fine for SEC and other violations, while also agreeing as part of a settlement to make changes in its accounting procedures and ways of managing risk.

But it was too little, too late. Raines had reportedly steered Fannie Mae business to subprime giant Countrywide Financial, which was saved from bankruptcy by Bank of America.

At the same time, the Clinton administration was pushing Fannie and her brother Freddie Mac to buy more mortgages from low-income households.

The Clinton-era corruption, combined with unprecedented catering to affordable-housing lobbyists, resulted in today’s nationalization of both Fannie and Freddie, a move that is expected to cost taxpayers tens of billions of dollars.

(Bold is mine. Pay particular attention to this aspect, going forward. It’s going to come up again, I promise you.)

I said over at OTB yesterday:

The problem is governmental involvement in the loan industry in the form of Fannie and Freddie, A holdover from the socialist meanderings of FDR and an expansion of same, the failure of which was accelerated by serious governmental mismanagement, to the point of malfeasance.

Government caused this problem. They should be the ones to pay to fix it. The people involved should be in jail, and then going forward, government should keep it’s hands off home loans.

Figuring out how to not allow it to happen again doesn’t involve more government but less.

Nice to see IBD agrees with my read as to the cause. As to the cure:

Government needs to acknowledge, I think that it is government that is to blame for the current meltdown… not because of too little influence in the housing loan industry, but far too much. All in the name of not being seen as ‘racist’. The recent meltdowns would seem to suggest that the  issues that the banks had with lending to some areas, had nothing to do with racism, but were in fact based in sound business  practice after all, as I’ve been writing for longer than this blog has been up. I’ve said for years that there was a price eventually to be paid for listening to the race huxters, and what we’ve seen so far, I fear is only part of it.

Consider Detroit. What sane person would lend money anywhere near the place?  Before you answer, check out this site. .  New Orleans, same question. Of course I’ll be called racist for even asking these questions. I know this going in. However, I have to tell you that anyone making the case for loaning to such areas is going to have a hard sell at least. Yet this is exactly the kind of nonsense the banks were forced into, and on a much larger scale. 

I say again, as I dd at OTB: Government caused this problem. Not by inaction but by too much involvement. They should be the ones to pay to fix it. Such should be an official acknowledgement of guilt in the matter,  The people involved should be in jail, and then going forward, government should keep it’s hands off home loans, however well intended the relgulations are.  Figuring out how to not allow it to happen again doesn’t involve more government, but less.

I note Hawkins has a nifty little list up…. the 20 Most Obnoxious Anti-Palin Quotes (So Far )

Some examples:

20) “What is the difference between Palin and a Muslim fundamentalist? Lipstick.” — Juan Cole at Salon

15) “If the media reaction is anything, it’s been literally laughter in many places across newsrooms.” — Eleanor Clift, the McLaughlin Group

10) “They shouldn’t have the right to call themselves Christian, for they have no Christ-like attributes. I am a feminist and a Christian – and when I see Sarah Palin – I see neither. And it is official. She is evil.” — Margaret Cho

4) “A few years ago, CBS gave serious consideration to a reality series called The Real Beverly Hillbillies. The idea was to “transplant genuine Appalachian natives into the world of Los Angeles glitz and glamour.” It never happened. But now it has, with a twist – Alaskan hillbillies have been transplanted into the world of Washington politics.” — John Doyle at the Globe and Mail

2) “Sarah, I’m calling you a liar. And not even a good one. Trig Paxson Van Palin is not your son. He is your grandson. The sooner you come forward with this revelation to the public, the better.” — Daily Kos diarist ArcXIX

Go and read. Oh, and tell John you read BitsBlog. (Yes, I’m still a little annoyed.)

So, now it starts. Soren Dayton:

I just got an email from Barack Obama’s campaign urging me to drive to Pennsylvania. The thing is… I live in Virginia. Virginia is supposed to be a swing state. They would rather have me knock on doors in Pennsylvania than Virginia? That sounds like they are abandoning Virginia.

It does, and I’ll tell you something else it sounds like:

Obama knows he’s in serious trouble in Pennsylvania. That’s a state he had a lock on until recently. No longer, and he knows it.

Betty Friedan is dead.  Gloria Steinem is seveny-four and gender feminists are as relevant as dinosaurs.  Lisa Schiffren, National Review, expalns why:

NOW will be endorsing Barack Obama for the Presidency of the United States. The committee carefully considered other options, but was especially impressed by Obama’s ability to knock off Senator Hillary Clinton in the primaries; his willingness to use sexist language and allusions when necessary, and his inability to overcome his personal feelings and put Mrs. Clinton — who, by the way, is a woman with a long feminist history, but also a major vote-getter â€” on the Democratic ticket

The NAG’s claim to represent all women.  Well I suppose all women have been born.  Yet most women don’t hate men.

Another busy day, here in Busytown.

• In case you didn’t notice, the Markets went UP today. Bigtime, up. Meanwhile, Oil goes below $92/BBL. I guess we can reschedule the end of the world, huh?.
• If Iran, who likes to boast that they are huge powerful and can control the Gulf, could do so, why haven’t they?  Ever see a housecat puff themselves up trying to look bigger than they are to frighten everyone in it’s area? eventually, you learn that it’s reacting out of FEAR… and mostly those fears are not rational.  You also learn they’re not nearly as tough as they’d like you to think. Same goes with Iran, all points. Add to that, that if they could do all they’re claiming, their fanatical mindset would have had them actually doing it long ago, not just talking about it. They’re playing from a busted flush, folks. Yes, eventually, Nukes will be an issue with them, particularly given their long-known desire for them. But the fact is they’re not there yet, or conditions in the region would be far different.
• A first place for the Boss, and an honorable mention for YetAnotherJohn, at OTB’s Caption Contest.
• I see Right Wing News has it’s version 3.0 list up for the  favorite blogs. I’d be a liar if I didn’t say I’m a little disappointed BitsBlog isn’t on it.
• Why is it the only time we’re supposed to take seriosuly the political wishes of he uber-rich is when they spend their money on a Democrat? Hollywood is not our freind, people.
• Speaking of Uber-rich, do you remember that walking train-wreck, Jamie Gorelick? Yeah, the one that set up a wall between our law enforcement agencies, a move that led directly to 9/11’s attacks?  Would it shock you to learn that she was on the board over at Fannie Mae, during which time she oversaw a 10 Billion Dollar scandal, records falsification for one thing, which helped her get her total take home to $26 million? Now, it appears she may have had some input to AIG’s current troubles, as well, given their investment in FannieMae. Read more, here. I have to tell you I’d be far more comfortable with telling AIG to stuff their bailout, if the government were not up to it’s eyeballs in creating their current problems, via this woman, and others like her. Fannie and Freddie are government operations, regardless of the claims to the contrary.  Is there any company who will be willing to trust government deals again after this?
• Nice to see Sister Toldjah doing a post that looks remarkably like a Ramble… (grin) Just kidding Sis.
• US Weekly, despite their lack of success with their first several attempt, a boycott US movement, and a subscription fall off that would kill most publications, is still breathlessly trying to pull down Sarah Palin with stuff like: ‘She installed a tanning bed in the house with her own money‘… Is this really so unusual? I can only assume US to playing to what few subscribers they have left.
• You will doubtless recall that there was a little flap over sex ed for kids who couldn’t yet read.  Byron York steps into the mess and says McCain got this one right. And you know what? He’s right. McCain WAS telling the truth.
• Another place he was telling the truth, today is when he accused an MSNBC infobabe of being an Obama supporter. Of course, that’s like fishing in a barrel, so no great smarts required for that.
• I’m not so sure, about this one, Billy. That’s certainly one way to read the thing, but there’s two take-aways here for me. First, that the regulation they’re sidestepping in this case, should likley never have existed, since it clearly stands in the way of AIG’s recovering from it’s current issues… and secondly, that AIG has more in the way of freinds in New Yorks government than Lehman did. Those two points should be setting off alarm bells, particularly among libertarians.
• The Chosen one has apparently decided that working without his teleprompter is just too costly in terms of votes, so he’s bringing it with him wherever he goes, now.
• This can’t be good for Obama. I notice Five-Thirty-Eight this monring, saying John McCain with 287 electoral votes to Obama’s 250.  Now, since this is well beyond the convention bounce… well, YOU figure it out. I see theguy who swore he’d bring a new political era to America is using the same old tired thuggish Chicago-land politics,  and, according to this, there a majority of voters think Biden is more qualified to be POTUS than Obama is. Given Biden’s rather thin resume, and the number of times the voters have rejected him, what does this say for The Obamessiah?   You’ll note the new bumpersticker to the right, shamelessly stolen from DocWeasel’s place pretty much covers it.
• Oh, and did I mention, NY state is in play in this election? Maybe I did… I see traffic coming in here with that label on it.
• That moron in Philly I cited for trying to incite a race war, has decided to up the ante. In a sane world this person would be in jail.

The Charlie Rangel thing I mentioned yesterday is getting hotter.

Glenn mentions it this afternoon.

 if I were the GOP I’d put together an ad featuring Biden’s credit-card connections, Dodd’s sweetheart mortgage scandal, and Rangel’s ongoing problems and run it all over. I can’t believe they won’t do something like that, since it’s a gimme, and I’m surprised that the Dems couldn’t get him out of the picture. Then again, I said the same thing about the Republicans and Ted Stevens . . . .

Well, it’s like I said yesterday, Glenn; They’ve already got one black democrat up to his elbows in slime…  William “Cash in his freezer” Jefferson. Two, and you’d have a pattern.. uncomfortable at least given the top of the ticket at the moment.

Nothing at all on Memeorandum, nor tis there much to speak of in the dinosaur media, except for a plea from the New York Times for Rangel to step aside or be pushed out. An odd position historically for them to take after expending so much press on people of the opposite party before calling for their ouster.

Personally, I don’t want him pushed out, yet. I’m not worired about backlash over Ted Stevens, myself. I’m with Glenn, here; I’d like to see the Republicans making a lot of noise about Rangel and Jefferson, and how Pelosi swore she was going to drain the swamp. Place Rangel’s picture along side Jefferson’s, and  Obama’s.

Let the electorate figure it out.

Others: Q&O, Politico KJL, Patterico Right Wing News,

Barack Obama’s camaign is pumping in record amounts of cash.    Meanwhile back at the ranch, the Democratic National Committee has a mere fraction of the cash on hand as does the Republican National Committee.   Rick Moran, American Thinker: 

The Republican National Committee has nearly 6 times the amount of money on hand at the end of August as their Democratic party counterparts:

Is the Obama campaign pumping the democrat money wells dry?   It appears so.   With the republican brand showing new signs of life, it could make for an interesting fall.   Ed Morrissey, Hot Air, wonders if New York State might be in play:

According to the New York Post, internal polling by both Democrats and Republicans show Barack Obama beginning to fade in New York.  Once considered an unassailable bastion for Democrats, the Empire State has narrowed to a potential catastrophe for them, all the way down the ticket

If BO has to battle for blue states like New York and Minnesota, the campaign ship Hope is sunk.

Update and bump:

John Bresnahan, Politico, writes “Cash-poor Obama says no to [Dirty Harry] Reid:”

Earlier this month, Senate Majority Leader Harry Reid made a personal appeal to Barack Obama: Help me grow the Democrats’ Senate majority by sharing some of the $77 million you’ve got in the bank.

Obama’s campaign said no

The Obama campaign is pumping in record amonts of money and is yet effectlvely broke.   Evidenlty BO call for shared sacrifice, does not extend to sharing his campaign loot.  Who would have thought?

 We went for a two day run over to Golden Hill State Park. The Campground was a great one. Facilities were good, even the rest rooms were pretty well kept, not that we really needed it with our current rig. they even have a laundry, there. The place is very laid back.  If you’re looking for an alternative to the crowded camps around Niagara falls and yet only a short hop to the Falls…  say 40 miles or so, this is a great option.

Here’s a look at the site, and the park.

I really wanted to get the lighthouse in operation, but could never get the angle and the lighting just right.

A nice park; we’ll be back.

I note in my morning rounds, this from Glenn:

SOEREN KERN: Anti-Americanism in Europe Fueled by Ignorance. “Those who know the least about America seem to hate it the most.” Thank state-controlled media for both.

OK, they at least have that excuse. But what about our own left? Where do THEY get all this hate from?

Oh… and…. Is this what they mean when they say we should be more like the Europians? We should hate America more?

This a must see video. BO is caught telling two different stories about his relationhip with the terrorist Bill Ayers. With Bill O’Reilly, BO described Ayers just one of thousands of people he knew.  When BO was running for Congress, me cited workiing for Ayers as a campaign credential.

[wp_youtube]D-45A6I-N5I[/wp_youtube]

I mean how many poeple do you know who hired you to spend fifty million dolllars? If somebody hired me to spend that much money, I would remember. So why does BO apparently forget?

Hat tip:  Infidels are Cool.

First day back from the camping trip. And yes, I’ll get to those pics; I promise. But there’s lots going on.

• Offshore drilling is coming up for a vote. Democrats are finally being forced by political reality, and by a deadline on old legislation expiring, to vote on drilling as close to 50 miles from shore, in both tha Talantic and Pacific basin. The sooner the oil drilling ban dies the quick and nasty death it deserves, the better off this country will be. But watch, now. Remember how Clinton used to get out in front of the lynch mob and pretend it was a parade he was leading? I’m telling you, kids, Pelosi and Ried will try the same nonsense… and the press will let them get away with claiming our progress in energy is because of Democrat leadership… in spite of the fact that our being stonewalled on energy for the last 50 years can be traced directly to the same Democrats.
• Woe is Sitemeter. They tried putting up a new system over the weekend, and the response was almost universally negative. Wanna know, though, what I really find problematic with Sitemeter? Accuracy. Let me show you something you may not know about. I do monitor BitsBlog from several different angles, using a few different tools. My internal monitor that I run at the florack.us server, shows the following numbers for the last year:

OK, first let’s be fair and define this stuff a bit. Hits on this chart are when the server response to a request. Because of the way the system is designed, it’ll get several requests per page resolution. What we’re about is ‘visits’, here. These are unique visits, which are regarded by Sitemeter as Note, please , that for the last year or so BitsBlog’s daily unique visit rate has been at a minimum, ~1600 visits per day, often reaching over 2500 HPD on average for the month. Now, let’s drill in just a bit, to the month of September which is only half done:

Total Hits	343247
Total Files	304244
Total Pages	149962
Total Visits	22621

Again, pay the closest attention to the total visits.Working the numbers we’ve seen an average of 1508 unique visits per day. Remember, ‘visits are what Sitemeter supposedly counts as ‘hits’. Checking Sitemeter, I only see 6175 visits for the last 15 days. That’s an average of 411HPD. That’s a difference in hits of 16,446 for the month to date, and 1097 HPD… and we may assume if the trends hold, that the difference will be on the other of 30,000 hits by the time October rolls around. Am I the only one uncomfortable with this? Drilling deeper, I find average visits for each month for the last year also shows similar varience.. Do you suppose there’s an accuracy issue with one of them? Now, look; I know full well that Sitemeter is not counting RSS feed requests… and my own monitoring sytstem is… which I like…and is not counting bots such as Google, and AV and so on, which I’d not want it doing. I wouldn’t want it counting bots anyway, I suppose… but I cannot imagine that wild variance is all taken up with “botted” requests. Anyway, at least the RSS feeds should be included to get accurate readership figures. Hell, if I’m getting that big a discrepancy, I can’t imagine what places like OTB, Q&O, and yes, Glenn Reynolds are missing out on. We’re talking real money, here, in the end. I’m forced to ask as a matter of logic, why we in blogdom are using Sitemeter as the gold standard for Blog importance in places like TTLB, for example, (which is becoming alas, outdated itself.) Now, per the unsuccessful attempt yesterday to make itself more relevant, I applaud the attempt, if not the result. But may I suggest that we in the blogging world look closely at the numbers we’re getting for accuracy before we rate blog followings based on the output of Sitemeter?

• Let’s see. On the one hand we have the leftist site “Think Progress” (Which in reality is neither) poking some fun at Karl Rove because he doesn’t trust supposedly neutral ‘fact checking’ orgs)On the other, we have Leftie Apologist Steve Benen pointing at Rove saying that McCain’s ads went too far. Guys do us all a favor, would you? Figure out between you if you’re going to assume credibility on the part of Rove, or not, will you? . (Rove has it right, BTW… I have problems with them too. Remember when news orgs were considered ‘fact checkers’? That era, apparently is long gone. What makes anyone think that the current fact checkers can’t be biased like the news people are?
• I’m watching this business out in California with the rail accident. I’ll caution you to not jump to conclusions about the cause… including that the Engineer sent a Text Message before the crash’…. There’s something more going on here, I suspect… something systemic. That point aside, this does say something for heavy trucks and increasingly smaller, lighter, flimsier cars occupying the same space on the highway. I’m by no means suggesting we eliminate trucks. But the reason for the high death and injury rate here is the weight differential.
• Galveston, and for that matter, all of eastern Texas is basically out of action for a while. Interesting, how we’ve heard nothing from Louisiana, and particularly New Orleans, whose refugees were welcomed in Texas with open arms. Now Texas is in need and where is NOLA?
• Gasoline continues to fall in price, even in the face of the outcome of the storm. I’ve been out of pocket for a couple days, but the operational disruptions down there appear to be very short lived, and we’ll see prices falling again shortly. I paid $3.64 over the weekend, and saw it cheaper still. Oil’s at $96 and change per BBL as of this monring,(I’m seeing some reports of $93) and looks to continue dropping, as I told you it would, last June. Anyone now willing t bet against me when I say it’ll be in the middle 70’s by years end?
• Caught a fairly decent storm here outside Rochester last night.. the remenants of Ike. 60MPH gusts, they say. A number of radio stations went dark last night, inclduing one up on Bristol Mountain.
• Send some hgood thoughts to Pat Hayden.
• Had an interesting accident here last week. I didn’t see much about it in the papers, but it’s worth the telling. Had a truck full of junk cars miss a turn on I-490 the local freeway, and dump his entire load, of about 20 cars. Imagine with me the look on the face of the first cop that shows up, seeing fattened cars all over the freeway and a truck in the middle of them, downside up. Messed up traffic in the city all morning, that did… and the cop, I’ve no doubt, had to get his pants cleaned.
• Billy... I shoulda figured you’d have already seen the bit with Mortin Sobell,  I was going to mention it in Friday’s Ramble  but you’d beat me to it before it went up. His story was eaten up by the left because it matched the mantra of the US as the big old meanie… the image the USSR had been pushing for decades by that point. And we needn’t bother discussing why the New York Times, the paper of Walter Duranty ate it up, huh?
• Seems ACORN is behind fraudulent voter applications. Gee, who’d have figured on that? Now, can we start asking more serious questions about Obama’s relationship with them? For example,w hy ACORN is featured on his website?
• Huff and Puff is still making noises about Hillary Clinton being the VP choice... replacing Joe Biden, even at this late stage. .In all candor, I don’t think it’ll happen, but at the same time I have to wonder if the comments from Biden about how Hillary Clinton might have been a better choice, weren’t signaling something of the sort in the works behind the curtain?
• And what’s this about Obama trying to get the Iraqi government to stall on troop withdrawals?  Here’s yet another example of simply creating a law doesn’t really deal with a situation… in this case the Logan act.
• Will someone pleae explain to me why anyone gives a damn what this walking trainwreck, Lindsey Lohan, has to say about Sarah Palin?

MELBOURNE: Scientists have discovered that going veggie could be bad for your brain-with those on a meat-free diet six times more likely to suffer brain shrinkage.

Vegans and vegetarians are the most likely to be deficient because the best sources of the vitamin are meat, particularly liver, milk and fish.

So says the Times of India.

My understanding of the matter is that most vegans are leftist. As an example, Dennis Kucinich is a vegan, as I recall.

Much is explained.

So, on top of all of the rest of it, Chalie Rangel is now caught taking trips on the dime of lobby types without declearing it as such, which is what the Democrat’s own rules… rules Rangel himself helped to write… say he should be doing? Yes, says A Blog for All who says, correctly:

It is quite telling that the top Democrat on the House Ways and Means Committee doesn’t bother paying attention to the rules, including the tax law (which he helps write in his Committee) and the ethics rules. Of course, it’s systemic in that other Democrats don’t seem to know the rules either.

Rangel has accumulated the sixth highest amount of PAC money among all members in the House for reelection purposes even though he’s never had a credible opponent in the general or primary elections. All that money ends up getting funneled to other Democrats around the country.

Rangel clearly believes that the rules do not apply to him. Then again, it’s not entirely clear whether he has a command of the facts either – as he keeps changing facts and figures to the point where no one quite knows what’s going on, including Rep. Pelosi, who claimed a higher figure for the villa than had previously been disclosed. Maybe that’s all part of a plan to keep him out of trouble, but it should be reason enough for Pelosi to send him packing as the Chair of the Ways and Means Committee.

Indeed. Thing is, you know as well as I that’s not happening. They’ve already got one black democrat up to his elbows in slime…  William “Cash in his freezer” Jefferson. Two, and you’d have a pattern.. uncomfortable at least given the top of the ticket at the moment.  Hey, Nancy, what’s this about an ethical congress? Remember how you said you’d drain the swamp?

Megan McArdle on the Atlantic/Jill Greenberg photo nonsense:

Magazines have to extend their writers and photographers a great deal of trust. The editors can’t follow people around to make sure that they don’t make up quotes or stage photographs, any more than the department chair can follow around historians to ensure that they do accurate research. Occasionally, writers like Stephen Glass or Jayson Blair, or photographers like Jill Greenberg, violate that trust. But that isn’t because the editors lack integrity, or endorse their reprehensible actions. In cases like this, all a magazine can do is refuse to employ Ms. Greenberg again–a course that I suspect will be followed by any magazine with integrity.

As best I can tell, Megan, the problem here is systemic; The Atlantic has been left leaning for  longer than you’ve been writing for them. I understand, of course why you’d not want to say that,but think, now… put a left leaning photographer from a left leaning mag, out on any Republican…  and what does anyone with two braincells to rub together suppose the outcome will be, huh?

Look, even leaving aside the images she put up at her own website, I suggest that in terms of what The Atlantic wanted, Greenberg did exactly what she was expected to. Witness, please;  The Atlantic saw the photos and put them in the layout, anyway, not asking for a re-shoot. This makes their practiced denials at The Atlantic out as the lies they are.

And her bragging about the dirty tricks strikes me as in keeping with what we’ve seen out of the left.. she thought… correctly… that she’d be getting accolades this morning, if not from her employer, from her fellows on the left.  This kind of juvie nonsense is what passes for critical thinking among the alums of DU, KOS, and so on.

As Shannon Love over at Chicago Boyz… (A site I really have to watch more closely)  says, and corectly:

Politics is an ugly business and dirty tricks abound. Individuals from every part of the political spectrum stoop to low tactics to win. What we see on the contemporary far Left, however, is a lack of shame about doing so and complete unwillingness to punish those who go too far.

We should worry if that mindset really does gain power.

Indeed.

(Edit for clarity, Bit)

Bank of America buys up Merrill, AIG’s looking for cash to stay afloat, and Lehman is basically dead on it’s feet. I’m no more worried now than I was a few months ago about our financial sector.

Why? Look, people, this is nothing new. What we’re dealing with now is consequences set into motion literally years ago. These failures are the direct result of the government ‘encouraging’ lenders to lend to underqualified applicants in the name of ‘racial fairness’.

Next time, what say we keep the government out of the home-loan industry, huh?