“That the Dog returns to his Vomit …” Obama Administration Has Learned Nothing From The Minority Mortgage Meltdown
There’s a saying, popular with members of Alcoholics Anonymous, that “Insanity is repeating the same thing over and over, expecting a different result.” Kipling, following Proverbs 26:11, preferred “That the Dog returns to his Vomit,” which refers to the habit of some dogs of trying to re-eat something they couldn’t keep down in the first place.
As an example of this kind of behavior, two stories highlight the fact that the Obama administration is still trying to get bankers to lend more money to minorities–minorities who by definition aren’t credit-worthy, or the bankers would want to lend to them. (Japanese-Americans, by contrast, have little difficulty getting mortgages.) Hans Bader writes at Examiner.com that
Obama backs corrupt status quo in financial rules overhaul
The mortgage crisis was caused largely by the reckless government-sponsored mortgage giants Fannie Mae and Freddie Mac, and by federal affordable-housing mandates. But Obama’s proposed financial rules overhaul does absolutely nothing about Fannie and Freddie, admits Obama’s Treasury Secretary, tax cheat Timothy Geithner, even though he admits that “Fannie and Freddie were a core part of what went wrong in our system.” Worse, Obama’s plan is “largely the product of extensive conversations” with two lawmakers responsible for the corrupt status quo, Chris Dodd and Barney Frank, and it expands the reach of regulations that have been used by left-wing groups to extort pay-offs from banks.
(Fannie Mae engaged in massive fraud and political bullying to thwart reform. It and Freddie Mac lost so much money gambling on the housing market that they were taken over by the Federal Housing Finance Agency, which took them over in the name of ending their risky practices, but instead actually increased their purchases of risky mortgage loans in an effort to artificially prop up the housing market. Obama made Freddie Mac lose $30 billion more after the takeover in order to write off mortgage loans to delinquent mortgage borrowers.)[More]
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"That the Dog returns to his Vomit ..." Obama Administration Has Learned Nothing From The Minority Mortgage Meltdown
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One Comment on ““That the Dog returns to his Vomit …” Obama Administration Has Learned Nothing From The Minority Mortgage Meltdown”
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Maybe it’s intentional. Perhaps Barney Frank and Dodd, want to bring America down? How would anyone really know? Everything today is so secretive in Washington D.C. I thought Obama was going to be “open”. That’s what he said during his campaign.
P.S. Isn’t Dodd the guy who has arrived at the Senate Chambers smashed more than once. What a disgrace he is to his father. As for Barney Frank, God, no comment, what can one say about this so called “representative that hasn’t been said before”. Idiot.