Political Correctness and the Financial Crisis
So the bailout bill failed to pass in the House of Representatives and right away the finger pointing begins. The Republicans say it would have passed if Pelosi hadn't made such stupid, partisan comments. I say they were stupid because it is the speaker's job to unite the house and get a bill passed. If she had been more civil things may have turned out differently. The Democrats say, hey, it wasn't our bill, how can you expect us to pass a Republican bill? There were 95 Dems who voted against the bill so if they had really wanted to they could have passed it (it only lacked 12 votes). Personally, I'm glad it didn't pass because it was a piece of shit.
There's no doubt that there's plenty of blame to go around, on both sides of the aisle. Bush has been president for the last seven years and has done nothing. The Republicans controlled congress for six of those years, nothing was done. On the other hand, the Dems have controlled the house since 2006 and have done nothing. And lets not forget how slick Willie Clinton was the one who loosened the regulations under his "National Homeownership Strategy". He wanted all Americans to live the "American Dream" of home ownership, regardless of whether or not they could afford it.
It seems the Dem's golden boy Obama has blood on his hands too. Ever heard of ACORN? It's a supposed consumer advocate group aimed at securing loans for low income families. They're under several federal indictments for taking millions of gov't dollars to line their own pockets. Obama used to work for them as a lawyer teaching them how to pressure lenders into signing very high risk loans. Which brings me to the main point: political correctness. ACORN and its affiliates would bully, sometimes through picketing, financial institutions into loaning money with the threat of being labeled racist if they didn't comply. Everybody knows that being labeled a racist in today's ultra sensitive, politically correct world is a mark of death. Apparently it's more important to make politically correct loans than financially correct loans.
The bailout bill that failed would have paid $500 million a year to ACORN and its affiliates. Screw them. Fannie Mae and Freddie Mac are no better. They would loan money to just about anybody, including people who are not citizens. Hell, they would give loans to people who didn't have jobs. They called them 'displaced homeowners'.
Political correctness is the bane of this country. It is killing it from the inside out. This housing crisis is a perfect example. Don't get me wrong, I'm all for home ownership, IF YOU CAN AFFORD IT!
Sorry for the long blog but I had to vent.