Saturday, September 27, 2008

Bill Clinton, Goerge Bush, and Financial Blame


Bill Clinton is all about one thing- Bill Clinton. Recently the hyper-narcissist claimed that if members of his own party had listened to him about Fannie Mae and Freddie Mac then taxpayers would not have had to (and we didn't anyway) bail them out. He was supposed to join other Democrats and blame eight years of G.W. Bush, but he keeps breaking from the script. Its almost as if he wants Obama to lose or something!

There is plenty of blame to go around for the wider banking crises. George Bush has been in charge eight long years, including years when his party had control of both houses of Congress. He could have fixed any Clinton blunders. In a moment you can read what he did instead.

Now for the real un-PC root cause of the sub-prime crisis: AW has heard whispers from bankers (not that they would go public with something as non-PC as what they may say in private) that Clinton put in place a rule that said 21% of new mortgage loans had to go to minority neighborhoods! Later that quota was upped by Bush to over 30%! One banker claimed he was so far behind on his "quota" that he had to purchase millions of dollars worth of home loans from Los Angeles!

This would make the sub-prime crises an illegal immigration crises. Bankers were shoveling all this money to people who were not even in the country legally, and who did not have a reliably credit history, and in some cases likely never intended to pay on the loan in any case. Bush would not say that because he has sold us out to the globalists, and has consistently and treacherously taken the side of illegal aliens over the GOP base that elevated him to the Presidency.

Instead of ending Clinton's mad effort to legislate the laws of economics, Bush increased them. He announced he was going to alter programs to make it easier for minorities to own homes. Now minorities with no ability to make mortgage payments could get zero-down home loans! In other words, he did not fix Clinton's Affirmative Action Home Loan Mess, he added to it! For a more detailed analysis of the Bush-Clinton administrations Affirmative Action Mortgage Train Wreck, squeeze here.

Now of course, he wants legal citizens of this country to bail out every corporate boat that his colossal fiscal mismanagement put holes in.

Government intervention, specifically telling banks they had to make a certain percentage of home loans to minorities when there were not that many minorities who were good credit risks, has precipitated this crisis. Now they want more government intervention to fix it. Just say no. No bailout, and change the insane home mortgage regulations that helped force us into this crisis.

17 Comments:

Anonymous Anonymous said...

The government requirement to make these minority area loans was central to this crisis, now think about this: HAS BUSH ACTED TO END THIS BAD POLICY? HAS CONGRESS?

NO. They only want to bail out the boat, not patch the hole that is letting the water in. They are either insane, idiots, traitors, or some combination of the three.

11:57 AM, September 27, 2008  
Blogger F. Prefect said...

The term 'illegal' doesn't seem to be a necessary assumption in this case. Why do you make it?

Certainly, illegals would exacerbate the situation, but there isn't any evidence that happened.

12:32 PM, September 28, 2008  
Anonymous Mark Moore said...

The biggest home price collapses have occurred in heavily Hispanic cities such as Las Vegas, Miami, Phoenix, and Los Angeles.

I have on-the-ground confirmation of this linkage by going to my friends house in east Springdale. It was a new subdivision that rapidly filled up with non-English speaking hispanics and now has homes up and down its streets in foreclosure.

I don't overlook the extension of loans to other people with a poor repayment history, but what amounts to loan quotas will have the same pernicious effect wherever and whenever it is tried. The non-performing loans will be disproportionate to groups that got credit extended through government intervention in the market.

12:49 PM, September 28, 2008  
Blogger F. Prefect said...

So your argument is that all Hispanics are illegal?

11:04 AM, September 29, 2008  
Blogger Mark Moore (Moderator) said...

I don't see where you got that. Certainly the proportion of Hispanics that are illegal is a large part of the whole, but those are not numbers that the ruling class is anxious for us to know.

The one study I saw on it- which otherwise was Pro "immigrant" was that 51% of Hispanics in Arkansas were "undocumented". Those are the ones that usually don't speak English well, and those are the ones I have seen with my own eyes go into houses that are later foreclosed.

I mentioned before that I saw it with my friend's neighborhood in Lowell, but now that I think about it there is a tiny subdivision that never really took off- only six houses got occupied- and two of those were to Spanish speakers who went away and got foreclosed on. This is only two blocks away.

I would be shocked if you can get me to change me view on this one- I mean I have experiential local knowledge of this happening. I have to believe the evidence of my own eyes in my own locale over whatever stats or philosophical rhetoric you might put forth.

I am looking at the reason right outside my window practically. Multiply it by the whole nation and you get a large part of our trouble.

2:47 PM, September 29, 2008  
Blogger F. Prefect said...

"The one study I saw on it- which otherwise was Pro "immigrant" was that 51% of Hispanics in Arkansas were "undocumented". Those are the ones that usually don't speak English well, and those are the ones I have seen with my own eyes go into houses that are later foreclosed."

Ok, so 51% of whatever percentage Hispanics make of the population may be illegal. What percentage of those got loans, and what percentage defaulted on their loans?

The fact is, there were lots of bad loans, and an unknown number may have been made to illegal immigrants.

Minority neighborhoods may have gotten an overwhelming number of bad loans, but illegals are just a small part of the whole, and don't really deserve to be scapegoats.

4:11 PM, September 29, 2008  
Anonymous Anonymous said...

Are you interested in finding out just how many bad loans went to illegals, or are you just wanting to play the race card?

Yeah, I thought so.

7:56 PM, September 29, 2008  
Blogger Mark Moore (Moderator) said...

I am not the only one saying this. Vdare fleshes out the idea a lot more than have.....

http://www.vdare.com/sailer/080928_rove.htm


p.s- it's not scapegoating if they're guilty.

10:20 PM, September 29, 2008  
Anonymous Anonymous said...

My comment at 7:56 was intended for fprefect.

5:22 AM, September 30, 2008  
Blogger F. Prefect said...

"I am not the only one saying this. Vdare fleshes out the idea a lot more than have....."

I see lots of references to poor minorities, but no basis for the assumption that illegals are to blame. Certainly some of those people are illegal, but there is no way of knowing how many, let alone how many got loans.

12:22 PM, September 30, 2008  
Blogger Mark Moore (Moderator) said...

The basis for the assumption is both the law of averages and what I see in local neighborhoods with my own eyes. YOU may not see the basis for the assumption BUT I HAVE SEEN IT. You really can't claim there is "no basis" unless you somehow have the power to tell me what I have seen.

It is true we don't have the exact figures on how many loans to hispanics were loans to illegals- indeed it would be hard to score even if they kept such stats since many anglos bought homes thinking they could rent each of them out to four or five families of illegal alien workers. Still, the law of averages along with the administrations efforts to skirt immigration law show that the number must be quite large.

Did you read the VDARE link? Among other stats...

USA Today reported in 2007:

"Across the nation, black and Hispanic borrowers helped fuel a multiyear housing boom, accounting for 49% of the increase in homeowners from 1995 to 2005, says Harvard's Joint Center for Housing Studies. But Hispanics and African-Americans were far more likely to leverage the American dream with subprime loans — higher-cost products for buyers with impaired credit — that are now going bad at an alarming rate. "

Now look at this map....

http://www.vdare.com/images/092808_ss1.jpg

Except for the Detroit area, the big clusters of defaults are Hispanic areas with lots of illegal aliens. And those California homes are about triple the price of homes here, so with the same number of defaults they cause a much larger problem.

1:00 PM, September 30, 2008  
Blogger F. Prefect said...

"The basis for the assumption is both the law of averages and what I see in local neighborhoods with my own eyes. YOU may not see the basis for the assumption BUT I HAVE SEEN IT. You really can't claim there is "no basis" unless you somehow have the power to tell me what I have seen."

You have seen Hispanics, but have surely not seen their papers, or lack thereof.

9:05 PM, September 30, 2008  
Blogger Mark Moore (Moderator) said...

"you have not seen their papers"

and neither has ICE, because these non-English speaking Hispanic folks from an area where the majority of Hispanics are illegal aliens, go away right after an immigration raid.

So what is your beef here? What idealogical doctrine are you trying to defend? You are trying real hard to deny something that is very hard to deny. Sure we can't provide meta-physical certitude here, but the evidence is still so strong that you have to try pretty hard to NOT see it.

Usually people do that when the evidence impacts on some other belief they have. What's yours?

5:44 AM, October 01, 2008  
Blogger F. Prefect said...

"So what is your beef here?"

Just that your logic seems to be a bit lacking, as you assume minorities are illegal, and assume illegal immigrants can get (and have already got) loans. You've basically begged the question:

(1)"21% of new mortgage loans had to go to minority neighborhoods!"
(2)(assumption that these minorities are illegal and have got loans)
(3) "This would make the sub-prime crises an illegal immigration crises.")

The only ideology I'm supporting here is clarity.

6:24 PM, October 01, 2008  
Blogger Mark Moore (Moderator) said...

You don't add to clarity by challenging what is being witnessed on the street by demanding unproduceable documentation. You only get people to doubt their eyes and ears for a bit longer.

Tell us, do you support the right of nations to secure their borders against trespas?

4:57 PM, October 02, 2008  
Anonymous Anonymous said...

http://kfyi.com/pages/money-matters.html?feed=268721&article=4364653

5 million illegals bought homes w/o ss# according to HUD.

5:31 PM, October 07, 2008  
Blogger Mark Moore (Moderator) said...

http://www.englishfirstfoundation.org/illegals_mortgage_brief.pdf

17 page pdf file that lays it all out- the illegal alien economy played a huge role in the sub prime crisis.

6:55 PM, October 27, 2008  

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