What has caused the - to use an alarmist media term - “carnage” in the financial markets and the attendant drop in the Dow Jones? Why has Lehman Brothers, one of the oldest financial institutions in America filed for bankruptcy?
The press and the Democrats will tell you it is because of greedy bankers, poor management, greed, or maybe even that George Bush and Dick Chaney did it. There is always a real story behind the fictitious one the liberals and media (really one and the same) circulate. Lehman is heavily invested in mortgage loans. The congressional Democrats, with the media helping them along with a steady stream of propaganda for the public, enacted legislation, the Community Reinvestment Act, after the typical tedium of self-serving speeches about fairness and feel-goodness, that forced lending institutions to grant below-prime loans to people who would not normally qualify. The Socialist-minded Democrats did this in the name of fairness, concern for the less fortunate, and equality of outcome which Liberals confuse for equality of opportunity. Now, thousands of those bad loans have defaulted, and the fallout has affected our economy and the stock market. Banks do not like to make bad loans; they turn rotten, the bank has to foreclose, their stockholders lose money, and the banks have to increase costs to customers to make up for the losses. Banks may fail, the economy may take a while to recover, personal and private bankruptcies will occur, the Dow Jones will slump, millions of investors will see their savings sink, but the responsible Democrat Congressmen, people like Senators Chris Dodd and Barney Frank, who caused the problem will continue to sit on their fat butts in Washington and never have to answer for what they did.
One Guy's Opinion on the Political Scene By: Jim Herndon
