A major part of Obama's 2008 victory was the meltdown of the housing market. Bad loans written to people who never had a hope of meeting their obligations were bundled with A-paper in instruments known as derivatives in the hopes of reducing the risk but the bad paper overpowered the A-paper especially with institutions such as Fannie Mae where little or no oversight and tax-funded insurance of the debt exploded.
Liberals have blamed every one except the borrower. The blamed AIG, Goldman-Sachs etc for buying the derivatives but they never explained how all those poor people would have been able to buy their houses if the banks couldn't bundle the loans and sell them off to AIG et al.
So then liberals blamed the bankers who issued the loans and then they blamed the mortgage brokers for deigning to even talk to poor people. These brokers should have disregarded the legal instruments fabricated by the liberals' all-powerful, all-knowing, benevolent government and using those instruments to put people in houses.
Of course refusing to try to get someone in a house because you don't like the cut of their jib is called "red-lining" and not only is it illegal--by demand of liberals--but Obama was an attorney on one such case back when he was a community organizer working with ACORN.
But let us return to this idea of people assuming debt which, by all relevant calculations, they will never be able to re-pay.
By liberals' own yammering in the wake of the crisis anyone who tries to sell you an instrument putting you into such a hopeless position is immoral and should probably be investigated and if found to be doing it for profit and/or illegally and/or unethically they should be punished.
Ditto for anyone who issues the money to be borrowed and anyone who buys the securitization instruments.
That's the liberals' own rules for their game.
Got it?
...
...
...
Okay, so what about the congress that wants to sell us ever-increasing national deficits we can never re-pay?
What about the mint that keeps issuing the money?
What about the treasury department that keeps selling bonds, T-bills etc?
What about the damn borrower (democrat constituencies) who are buying something we cannot afford?
What do you do with this gang of immoral criminals, Dear Lurkers?
And don't give us this, "conservatives would have us all living in the metaphorical street" horse-hit. Conservatives have no intention of being homeless but we do want a home we can afford even if we have to roll up our sleeves and make a few repairs ourselves when the sink backs-up or the gutters need cleaning. Not only do we lhave houses we like them so much we want to keep them, not spend so much money on cruise ship vacations we are foreclosed on.
Now do you see the difference between us and you?
