Posted
by rycK on Sunday, March 16,
2008 1:13:25 PM
Revised
In
an article entitled Through Bush-Colored Glasses [1]
we read the same, stale old leftist plot about the Republicans. Here the Times,
known as the Walter
Duranty Papers, and a compliant platform for any Marxian fluff moans
about Bush with a reading of his economic failures. As with all propaganda
screeds by the NYT, we have to sift through the verbiage and filter out some of
the distortions.
“President Bush admitted on Friday that times
are tough. So much for the straight talk.”[2]
“Mr. Bush went on to paint a false picture of the economy. He dismissed virtually
every proposal Congress is working on to alleviate the
mortgage crisis, sticking to his administration’s inadequate ideas. And
despite the rush of serious problems — frozen credit markets, millions of
impending mortgage defaults, solvency issues at banks, a plunging dollar — he
said that a major source of uncertainty today is whether his tax cuts,
scheduled to expire in 2010, would be extended.”
There
is a lot of effluvial discharge here so let us take the mortgage crisis as a
starter:
On the Issues of Mortgages:
The
leftists, otherwise known as Marxists or perhaps some of their familiars, or New York Times stooges, or
criminals and others, actually intimidated legislators to force banks into
making loans in minority sections of the cities to people who could not afford
them. The (reverse) alleged process used by banks was known as [3]
Redlining
after a practice that many used to isolate certain neighborhoods from getting
loans since the credit rating of such areas were very poor. The question was:
should banks be forced to make bad loans to those with poor credit or not jobs and
then assume the loss? Of course!! Liberalism in action.
The
free-mortgage barkers are situated in Berkeley ,
CA
Here
is what they forced the banks and others to do:
[1] Training staff to
use judgment to assess risk when opening accounts.
This
means giving out an assessment without regard to facts. This means: be
emotional.
[2] Setting minimum
limits to activate the use of ChexSystems
[3] Considering the
possible override of a customer denial for
situations that are beyond the customer’s control, such as a prolonged illness
This
must be translated as follows: as long as these people had lousy credit or were
felons, the Greening System[6] could get them
credit that could lead to obtaining a mortgage. Welcome to socialism and the
subsidy of chaos.
The banks were forced into:
[a] Disregarding all
ChexSystems entries greater than three years old provided the entry is not
fraud-related.
So, being a dead beat is not fraud. That sounds fair.
[b] Disregarding all
ChexSystems entries greater than one year old if the consumer has repaid the
debt
All the debt?
Just one debt?
[c] Disregarding certain
other ChexSystems entries if the consumer has repaid the debt and completes a
course in financial responsibility
It is okay if
you are a dead beat as long as you take a course in ‘financial responsibility.’
Pay off one debt and take a course and get the loan.
[d] Increasing the loss
threshold for reporting closed accounts from $50 to $100 in overdrafts .
Let us mask
people who cannot handle their finances.
[e] Increasing the
length of time a customer has to repay the debt
Can I get a
300 year mortgage with bad credit? How about a 1000 year mortgage with good
credit? I would like to pay $1.00 per
year until lit is paid off.
This
is a political exercise. This is some latent form of Marxism.
We
need to add in here the recent New York Times suggestion that:
““Lenders object that by giving homeowners the
right to modify
their mortgages under court supervision, the bankruptcy amendment
would raise the cost of mortgages for everyone, forever. That concern is surely
overstated, but not entirely without merit. To address it and other industry
worries, lawmakers have proposed constraints, such as limiting the bankruptcy
relief to junk mortgages of the past few years.”[7]
[8]
Wouldn’t
it be nice if some deadbeat just howled and went to courts, with lawyers paid
for by the taxpayer, to get some or all of their payments forgiven and the
lenders would pay for this social privilege. Wouldn’t that be wonderful??
Can
I do this with taxes?
The
Times concludes this article with:
“The fiscal stimulus passed by Congress, and
touted by Mr. Bush on Friday, could juice growth for a quarter or two later
this year. But the economy’s fundamental weaknesses indicate that Americans are
ill-prepared for hard times. That makes the need for
clear-eyed policies all the more urgent. We need them from the
president, Congress and the contenders for the White House.”
‘Clear
eyed’ here means government control of mortgages and envisions subsidized or
free housing for those who would then vote for Democrats.
What
else do we expect from the far left and their Marxian overseers?
Liberal
politics at its worst. This is just another cheap, slimy way of hiking taxes
and buying votes for the leftists.
rycK
Comments:
ryckki@gmail.com
[1] Through Bush-Colored
Glasses Editorial by the New York Times.
Published:
March 16, 2008 .
http://www.nytimes.com/2008/03/16/opinion/16sun1.html?_r=1&hp&oref=slogin
[2] Note: all quotes in this
article are from this NYT article unless otherwise footnoted and any colors or
other emphasis are mine.
[6] A financial wing of the EcoNazis.
[7] Getting Real About the Rescue.
Editorial Published: February
27, 2008 . http://www.nytimes.com/2008/02/27/opinion/27wed1.html?_r=1&hp&oref=slogin
[8] Krugman of the New York
Times Slaps His own Face over a New Theory to Raise Taxes.
Posted
by rycK on Monday, March 10,
2008 11:19:13 AM
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