|The Christian Solution||C   S  |
|Home Page   About TCS   Contact Us  |
February 25, 2009
Flashback to 1999:
Green Cars, Green Energy and Green Highways
Source: STEVEN A. HOLMES Published: September 30, 1999 NY Times
Fannie Mae Eases Credit To Aid Mortgage Lending
Rick Santelli is right -- Cuba used to have a robust economy of individuals, but is now a collectivist hell-hole 90 miles from Florida.
A country that our government initially supported and then never did anything about, once the communism of Castro shown through. We never did anything about Castro back-stabbing us throughout the years, while we were fighting communism in places like Korea and then Vietnam, way on the other side of the world.
Strange enough that we never won against either Korean communists nor Vietnamese communists, but we didn't even try to fight against Cuban communism. We can't fight communism right in our own back yard? Yeah, right!
One fact remains -- Communists NEVER tell you they are communist, until it is too late to fight them.
Before we tackle the Obama communist takeover of America, let's review how we got here:
--Steven Holmes, Sept 30, 1999
Even before the Internet bubble, the seeds of the housing bubble were being formed. (Obama is planting and liberally fertilizing the seeds of the "Green Bubble" right now.)
The problem was not capitalism. The problem was not President Bush or the Republicans (,although they did nothing at all to stop it). The problem was created by Clinton Administration -- The same people who are in the Obama Administration today.
Demographic information on these borrowers is sketchy. But at least one study indicates that 18 percent of the loans in the subprime market went to black borrowers, compared to 5 per cent of loans in the conventional loan market. --Sept 30, 1999
Not only that, but it had started at the beginning of the Clinton Administration. Black man Franklin Raines had been race baiting -- accusing white bankers of being racists, of red-lining black neighborhoods.
So, after crashing our entire financial system and taking the rest of the country with it trying to help poor blacks with bad credit, can we say that we have been punished enough for our evil slavery days?
'From the perspective of many people, including me, this is another thrift industry growing up around us,' said Peter Wallison a resident fellow at the American Enterprise Institute. 'If they fail, the government will have to step up and bail them out the way it stepped up and bailed out the thrift industry.' -- Sept. 30, 1999
Great! They knew in advance that it would all crash in on itself. Now if we can only get our politicians to admit the same for Social Security.
This is how the banks got sucked into this. The government took all the risks. --- Or so they thought!
In contrast, the number of non-Hispanic whites who received loans for homes increased by 31.2 per cent.
The results speak for themselves. The government wanted to spread the wealth and they succeeded. Even White-Americans and Asian-Americans were helped.
The change in policy also comes at the same time that HUD is investigating allegations of racial discrimination in the automated underwriting systems used by Fannie Mae and Freddie Mac to determine the credit-worthiness of credit applicants. --Sept 30, 1999
So, there you have it.
The Federal government used the "carrot" of allowing more lending business, without the risk, in order to encourage risky lending practices that the banks would have not otherwise have done, and then used the "club" of race-baiting against private business who did not play the game the way the government wanted.
Then the Fed created a culture of easy money after the internet bubble crash of 2000-2001, which just put fuel into the already primed housing bubble.
This started a false housing bubble with this fountain of loaning money suddenly available. And it was being given to the worst possible borrowers.
The government's handwriting is all over this, but capitalism is being blamed and "the masses" are looking for the government for their "opiate".
In President Obama's speech last night, he laid out his "five-year plan" for the economy.
GM will make "green cars", Exxon will make "green energy", while our government will be making "green highways".
Anyone see any troubles down the road?
Article located at:
Last Hope for America
Christian Libertarian: Harmonious Union
Church and State
The Christian Solution ©             First Release: March 15, 2008