Bad news or good news?

Of course, it is also good news for that second tier triumvirate of Mahmoud Ahmadinejad, Kim Jong Il, and Raul Castro who also are pulling for an Obama victory. I’m sure a chill is going up their collective little legs, with all the financial aggravation. A simple recap of the issue: several years ago, the Senate passed a federal law that “requires banks and savings and loan companies to offer credit throughout the entire market area and prohibits them from targeting only wealthier neighborhoods with their services.” (translation: only loans to those who could qualify.) The “purpose of the CRA is to provide credit, including home ownership opportunities to under-served populations and commercial loans to small businesses.” (translation: give loans to those who cannon qualify and are, thus, high-risk.) Fanny-mae not only backed these loans but bought the paper from banks that considered wanted to dump them as too risky. You see, they could buy these because Mother government was protecting them. Rather like the mayor of Las Vegas inviting you to gamble at will in his casinos, and that you could keep your winnings, but the town would cover your losses. In the 1990’s Clinton lowered the home loan requirement even more to allow inner-city home buyers into the market. (after all he was the “first black president.” Enter the sleazy burearcrats: Fanny Mae managers encouraged all loans because their bonuses were tied to the loan numbers. Manager Franklin Raines made $90 million in six years and is now a member of the Hussein Obama team. Democrat Congressmen Barney Frank, Chris Dodd (Fanny Mae’s number one campaign contribution recipient,) Charles Shumer, and Harry Reid blocked every attempt to investigate the mortgage corruption. John McCain authored a bill calling for a special investigating committee three years ago, and the DemPols blocked a full Senate vote. The sleazy, smarmy, fabricating gang of Frank, Dodd, Reid, and Shumer are now making the talking-head circuit blaming the financial mess on George Bush.