Wednesday, August 29, 2007

The Catch 22 of Prosperity

The always reasonable Robert Samuelson weighes on the Blame Game over the slump in the housing market. It's always nice to hear from an adult when it comes to economic matters, as opposed to people like this guy who always reminded me of this guy Carmen Ghia from the original The Producers.

6 Comments:

Anonymous Randal Davis said...

I can summate what happened in simpler language… (Please forgive the length, Gil. No one else has posted here anyway.)

Filthy Socialist Liberals weeped that ‘not everyone was enjoying the American Dream’ (As if home ownership were some “right” afforded by the Constitution. It’s not.) and set about forcing creditors to extend mortgages to folks who had no business having them. They did this by employing their usual Modern Liberal methods of bullying and pressuring and with their favored implications of racism and classism to force creditors to extend credit to the lower class against their better judgment.

But Libs didn’t like the way lenders went about it so they began labeling the creditors that they had bullied into extending these risky loans as “predatory lenders” for their having charged these risky borrowers more than they charge the less risky, as if everyone should enjoy the very same interest rates, regardless of their credit history. Again with their Socialism and dishonest race and class accusations.

And then, just as predicted, these “subprime borrowers” could not repay the credit they should not have been given in the first place and they started defaulting on the mortgages and losing the houses they couldn’t afford and shouldn’t have had. The Libs stepped up and once again played their finger pointing games, casting blame for this mess, not at the deadbeats but at the creditors while hoping everyone forgot that it was the Libs themselves who created it.

The ripple effect of this misguided, touchy-feely Socialist Liberalism policy failure is reaching. Just as with every misguided Liberal scheme, they ended up hurting not only those who they were trying to help but everyone else in the process. But Libs like to spread the pain as much as they like to spread the wealth.

And you can bet that in the not too distant future, once everyone has long forgotten the Lib forces that created this housing market slump, they will claim that this all was the result of Bush’s poor economic policies. Lying Libs are like that. They love shifting blame for their own failures too. It’s a talent.

August 29, 2007 at 1:37 PM 
Anonymous Randal said...

One more thing...
As we have seen, such emotion-based Liberalism policy making that puts emotion above all else while casting a blind eye to realities –in this case economic realities- is harmful to our nation. There is no place for such touchy-feely Libism in such important economic matters any more than there is in the crafting of war policy.

August 29, 2007 at 1:41 PM 
Blogger David Diano said...

This comment has been removed by the author.

August 29, 2007 at 11:47 PM 
Anonymous Randal said...

Told you they'd try to blame it on Bush.

I had a knot in my shoelace this morning. Damn that Bush!

August 30, 2007 at 10:51 AM 
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