Tuesday, November 27, 2007

The Joys of a Complete Lack of Memory

Correct me if I'm wrong (although I know that I'm not), but wasn't it just a few years ago that liberals were all in a tither about banks not giving loans to "low-income" (just like "inner-city", "low-income" is Libspeak for "minority") borrowers?

The Libs, ignoring the reality of the situation as they always do, were up in arms because loan applications from minorities were being rejected more often than those from non-minority applicants (which, as usual, includes Asians, who are a minority in this country). It never occurred to these Leftist morons that the banks were rejecting applications based on income and credit status and not on race.

And so, under threat of legislation and penalty, lenders were forced to give home loans to people who really had no business buying a house, regardless of race.

And now the housing market has gone bad (or, more accurately, back to normal), interest rates have risen, equity has plummeted, and people with Adjustable Rate Mortgages are being foreclosed upon because they can't pay their mortgages. Why? Because many of them are...low income earners!

So who's fault is it that these people took out loans that they couldn't afford? Is it Jesse Jackson and the rest of the left-wing race-industry's fault for strong-arming banks into giving these people loans that they should never have taken out in the first place?

Don't be silly. Nothing is ever the result of bad decisions made by liberals. Their role in the whole matter has been thrown down the memory-hole, never to be seen again.

No, it's all the fault of "predatory lenders" who were "greedily" fooling stupid low-income people into buying houses that they couldn't afford. The borrowers weren't at fault. In the eyes of the Left, poor equals stupid and easily-fooled (they do, after all, vote for Democrats). They just didn't know what they were getting into. There were too many words on the papers that told them what would happen if they didn't pay the loan.

The Liberal/Democrat Party should really rename itself the Wile E. Coyote Party: they get a bright idea, implement it, and it backfires with disastrous results. And, like Wile E. Coyote, the damage is immediately forgotten and it's on to the next foolish idea - which will also blow up in their face and be forgotten. Ad infinitum.

The only difference is that Wile E. Coyote doesn't blame the ACME company for his bad decisions.

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