Wednesday, September 17, 2008


With all the bad news about Lehman, Merrill Lynch and AIG, we should have seen this one coming!

Well, why shouldn't Wall Street get in on the victimhood game? Taking responsibility for one's choices and actions is soooooo 20th century (or 19th, perhaps).

Meanwhile check this out if you want to understand how these irresponsible Wall Street firms lost their way in a Democratic wonderland:
But it was the Clinton administration, obsessed with multiculturalism, that dictated where mortgage lenders could lend, and originally helped create the market for the high-risk subprime loans now infecting like a retrovirus the balance sheets of many of Wall Street’s most revered institutions.

Tough new regulations forced lenders into high-risk areas where they had no choice but to lower lending standards to make the loans that sound business practices had previously guarded against making. It was either that or face stiff government penalties.

The untold story in this whole national crisis is that President Clinton put on steroids the Community Redevelopment Act, a well-intended Carter-era law designed to encourage minority homeownership. And in so doing, he helped create the market for the risky subprime loans that he and Democrats now decry as not only greedy but “predatory.”

This sort of thing will repeat itself ad nauseum if we ever are stupid enought to elect an unrepentant "community organizer" as President.

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