We had a mechanism in place to prevent people from over-extending themselves financially. It was called credit-worthiness. If you couldn’t afford a $300,000 loan, lenders would not give you a $300,000 loan.
Connect the dots, people. “This mess” was caused by government-mandated replacement of credit-worthiness with political correctness. Before the Democrats, and in particular, the Clinton administration, changed the rules, there was no sub-prime mortgage problem. People who could not afford loans were not given them.
Sep 22nd, 2008
by Warren.
As I wrote on September 13th, for many people, this presidential election is more about race than politics. This morning I was watching the news and the Big Question was: Why isn’t Obama way ahead of McCain in the polls? The statement was made: If Obama were white, he’d be way ahead of McCain in […]
Sep 13th, 2008
by Warren.
What will happen if people reject Obama’s socialist politics? What if people don’t vote for him because they judge him too inexperienced? What if voters deem him too radical because of his long association with Reverend Wright? What will happen if Barack Obama is not America’s First Black President?
The collapse of the housing market was inevitable and no surprise to those of us who were paying attention. It has its seeds in government intervention in the free market (as do most financial crises). In the Clinton years, government eager beavers discovered that people who could not afford homes could not get home loans. This, they […]
It’s simple economics: if you subsidize something, you’ll get more of it. Make something more affordable through subsidies and more people will buy into it. Government loves to subsidize things to encourage us citizens to act in certain ways. Government gives (or has given) tax credits — free money — to people preserving historic buildings, people who […]
