Fw: Fwd: Another Coulter

>
> THEY GAVE YOUR MORTGAGE TO A LESS QUALIFIED MINORITY
> by Ann Coulter
> September 24, 2008
>
> On MSNBC this week, Newsweek's Jonathan Alter tried to connect John
> McCain
> to the current financial disaster, saying: "If you remember the
> Keating
> Five scandal that (McCain) was a part of. ... He's really getting a
> free
> ride on the fact that he was in the middle of the last great financial
> scandal in our country."
>
> McCain was "in the middle of" the Keating Five case in the sense
> that he
> was "exonerated." The lawyer for the Senate Ethics Committee wanted
> McCain
> removed from the investigation altogether, but, as The New York Times
> reported: "Sen. McCain was the only Republican embroiled in the
> affair, and
> Democrats on the panel would not release him."
>
> So John McCain has been held hostage by both the Viet Cong and the
> Democrats.
>
> Alter couldn't be expected to know that: As usual, he was lifting
> material
> directly from Kausfiles. What is unusual was that he was stealing a
> random
> thought sent in by Kausfiles' mother, who, the day before, had e-
> mailed:
> "It's time to bring up the Keating Five. Let McCain explain that
> scandal
> away."
>
> The Senate Ethics Committee lawyer who investigated McCain already had
> explained that scandal away -- repeatedly. It was celebrated lawyer
> Robert
> Bennett, most famous for defending a certain horny hick president a
> few
> years ago.
>
> In February this year, on Fox News' "Hannity and Colmes," Bennett
> said, for
> the eight billionth time:
>
> "First, I should tell your listeners I'm a registered Democrat, so
> I'm not
> on (McCain's) side of a lot of issues. But I investigated John
> McCain for a
> year and a half, at least, when I was special counsel to the Senate
> Ethics
> Committee in the Keating Five. ... And if there is one thing I am
> absolutely confident of, it is John McCain is an honest man. I
> recommended
> to the Senate Ethics Committee that he be cut out of the case, that
> there
> was no evidence against him."
>
> It's bad enough for Alter to be constantly ripping off Kausfiles.
> Now he's
> so devoid of his own ideas, he's ripping off the idle musings of
> Kausfiles'
> mother.
>
> Even if McCain had been implicated in the Keating Five scandal --
> and he
> wasn't -- that would still have absolutely nothing to do with the
> subprime
> mortgage crisis currently roiling the financial markets. This crisis
> was
> caused by political correctness being forced on the mortgage lending
> industry in the Clinton era.
>
> Before the Democrats' affirmative action lending policies became an
> embarrassment, the Los Angeles Times reported that, starting in
> 1992, a
> majority-Democratic Congress "mandated that Fannie and Freddie
> increase
> their purchases of mortgages for low-income and medium-income
> borrowers.
> Operating under that requirement, Fannie Mae, in particular, has been
> aggressive and creative in stimulating minority gains."
>
> Under Clinton, the entire federal government put massive pressure on
> banks
> to grant more mortgages to the poor and minorities. Clinton's
> secretary of
> Housing and Urban Development, Andrew Cuomo, investigated Fannie Mae
> for
> racial discrimination and proposed that 50 percent of Fannie Mae's and
> Freddie Mac's portfolio be made up of loans to low- to moderate-income
> borrowers by the year 2001.
>
> Instead of looking at "outdated criteria," such as the mortgage
> applicant's
> credit history and ability to make a down payment, banks were
> encouraged to
> consider nontraditional measures of credit-worthiness, such as
> having a
> good jump shot or having a missing child named "Caylee."
>
> Threatening lawsuits, Clinton's Federal Reserve demanded that banks
> treat
> welfare payments and unemployment benefits as valid income sources to
> qualify for a mortgage. That isn't a joke -- it's a fact.
>
> When Democrats controlled both the executive and legislative branches,
> political correctness was given a veto over sound business practices.
>
> In 1999, liberals were bragging about extending affirmative action
> to the
> financial sector. Los Angeles Times reporter Ron Brownstein hailed the
> Clinton administration's affirmative action lending policies as one
> of the
> "hidden success stories" of the Clinton administration, saying that
> "black
> and Latino homeownership has surged to the highest level ever
> recorded."
>
> Meanwhile, economists were screaming from the rooftops that the
> Democrats
> were forcing mortgage lenders to issue loans that would fail the
> moment the
> housing market slowed and deadbeat borrowers couldn't get out of their
> loans by selling their houses.
>
> A decade later, the housing bubble burst and, as predicted,
> food-stamp-backed mortgages collapsed. Democrats set an affirmative
> action
> time-bomb and now it's gone off.
>
> In Bush's first year in office, the White House chief economist, N.
> Gregory
> Mankiw, warned that the government's "implicit subsidy" of Fannie
> Mae and
> Freddie Mac, combined with loans to unqualified borrowers, was
> creating a
> huge risk for the entire financial system.
>
> Rep. Barney Frank denounced Mankiw, saying he had no "concern about
> housing." How dare you oppose suicidal loans to people who can't repay
> them! The New York Times reported that Fannie Mae and Freddie Mac were
> "under heavy assault by the Republicans," but these entities still had
> "important political allies" in the Democrats.
>
> Now, at a cost of hundreds of billions of dollars, middle-class
> taxpayers
> are going to be forced to bail out the Democrats' two most important
> constituent groups: rich Wall Street bankers and welfare recipients.
>
> Political correctness had already ruined education, sports, science
> and
> entertainment. But it took a Democratic president with a Democratic
> congress for political correctness to wreck the financial industry.
>
>

4 comments:

Potato Head said...

Never mind that minority loans made under the anti-redlining Community Reinvestment Act had a BETTER than average repayment rate, or that until things blew up, the Republicans up to and including Alan Greenspan were positively BRAGGING about the increase in low-income home ownership (aka "The Ownership Society"), or the obvious fact that Wall Street is a Republican constitutency; forget all that: the darkies and liberals are now behind it all. Eastasia has always been at war with Eurasia.

The naked racism of this piece is typical of Coulter, and I must admit she's a very good demagogue. As the economy shattered by Republican incompetence and ideology sucks more and more American families down the tubes, expect the scapegoating from the Right to get more vicious and frenzied. It's going to get really ugly. Makes me glad I got our family the fuck out of this country when we saw the writing on the wall 4 years ago.

Potato Head said...

I should also note how funny it is to read Coulter attesting to McCain's rectitude in this piece, while denouncing the Clintons. She apparently figures her followers are too stupid to remember her promising loudly and publicly to vote for Hillary Clinton if the vile McCain got the Republican nomination.

Coulter then: "She lies less than John McCain," Coulter continued. "She's smarter than John McCain, so that when she's caught shamelessly lying, at least the Clintons know they've been caught lying. McCain is so stupid he doesn't even know when he's been caught."

Three more weeks and possibly a veto-proof Senate, and then watch these hypcritical weasels shriek and spit....I think we all should just respond with laughter and derision.

SJT said...

Actually PH, anyone who is a Coulter follower probably is that stupid.

I am not Star Jones said...

Also, I wish Coulter could explain when exactly CEOs such as John Thain, Richard Fuld became minorities.

 
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