Exactly right!
The current lament by Barney Frank and friends that the power to regulate
Fanny Mae and Freddy Mac was stripped out by conservatives is just a BIG FAT
LIE.
They had the power. Instead of making sure that lenders exercised common
sense, Barney and friends applied pressure to relax standards instead.
In fact, I viewed a clip where Frank said- on video tape- that he would
prefer to ROLL THE DICE in favor of expanded home ownership.
Don't interpret this as an exoneration of Republicans. Repubs went
along and in the case of Chris Cox, helped lead the charge.
On the other hand, had the Repubs even had the gonads to oppose the
crazy lending, it would have been political suicide.
Why? Because they would have been painted as anti-minority racists,
that's why.
Political correctness so far has cost our economy untold trillions,
and untold misery in the form of lost fortunes, lost jobs and broken dreams-
and it isn't over, yet folks.
Most people don't have the knowledge to blame political correctness
for this economic meltdown (yes greed was a factor too, but the main driver
was PC). Ironically, this disaster will hurt minorities more than any other
group!
I predict that it will take the loss of many, many lives before our
government and our people decide to rethink PC. The application of PC
practices will perhaps allow a massive terrorist attack to succeed, for example.
I don't believe in offending people and groups unnecessarily- but
there are worse things than being offended- like being broke - and worse-
being dead.
In a message dated 7/24/2009 10:19:55 A.M. Pacific Daylight Time,
madameguyon@embarqmail.com writes:
BCarStew was saying just the opposite. He said that more government
regulation caused the standards to be relaxed. A conservative friend
who worked for a bank also told me that the current crisis was caused
by such forced discriminatory lending.
For those whose memories only function for a few months, these policies
were implemented during a Republican presidency and a Republican congress.
During this time, liberals had no ability to make conservatives do anything
they didn't want to do. In this case, conservatives adhered to their "less
regulation is good" philosophy, so relaxing requiements for loans met with
their agenda. As usual, when both sides agree on anything (albeit for
completely different reasons), the result is disaster.
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