The enigmatically brilliant reader, Barack Obama, brows knitted in concentration, espoused just this morning from his cozy, tax payer heated White House, having breathlessly de-planed his carbon belching, continent hopping, exhausted Nobel jetliner; but now comfortably ensconced behind swirling snow flakes, that those doggone Wall Street fat cats destroyed the U.S. economy by lending too much and now they are destroying our U.S. economy some more by not lending enough. Apparently one must affirmatively matriculate to Harvard University gliding on greased skids beholden to Saudi Arabian largess and graduate from Harvard Law to understand this level of economic obtusivity (a new word just invented by TKC – you’re welcome).
Let us clarify. The Carter Administration passes the Community Reinvestment Act (CRA) in 1977 (12 U.S.C. 2901) thereby implementing Regulations 12 CFR parts 25, 228, 345, and 563e, intended to encourage depository institutions (that would be banks) to help meet the credit needs of communities (that would be Democrat created slums) in which they operate. That is, in order for masked Progressives to creatively buy votes with other people’s money, an illegal quid pro quo by the way, our Neo-Marxist Federal government through elected criminals the likes of Barney Frank and Chris Dodd force banks to make loans to people having earning power insufficient to repay the loans. The borrower’s giddiness over receiving the otherwise impossible mortgage predictably engenders life-long Progressive support in the voting booth. This unconstitutional and delusional neo-Marxist Federal program is euphemistically and deceitfully referred to as “affordable housing” by elected Progressive con-men such as Barney and Chris. The Chronicle is not sure at this time, and apologizes for not caring nearly enough to investigate which universities Barney and Chris may have matriculated to when spawned from their respective rat holes some dark and economically fateful night.
Subsequently, when Congress later sent their bat wielding thugs to inform the financial industry of this great new voter registration scheme, the bankers, who frequently attend the highly regarded Stanford School of Business and hence understand such things, hesitantly complained to the elected, bat wielding Congressional thugs that such an irresponsible and short sighted lending policy would lead directly and immediately to bank failure. Congress tried vainly to think for a minute, couldn’t do it and responded cavalierly with – “not to worry”. We’ll have Fanny Mae and Freddie Mac buy the junk loan paper and you bankers will make metric tons of fees for simply processing the paper with $8 an hour clerks and no risk at all. Ain’t that great? All the risk will be borne by the unsuspecting, heavily dumbed down U.S. tax payer and we will get votes galore. The bankers, being not only smart, but also hungry and drooling for easy money immediately saw the light and a great plan was born.
Now, most importantly, though not stated in writing, but implicit in the plan as hatched was the understanding that when the proverbial poop hit the fan, which of course it eventually had to; the bankers and Congressional Members would bravely protect each other’s pocket books and vote rolls; but of course would valiantly, indignantly and very publicly and loudly, albeit harmlessly, vilify each other so the gullible tax payer, sometimes referred to in more coarse circles as the “mark” would remain suitably entertained, distracted and robbed.
Now you understand what the brilliant Obama was complaining about this morning as he pre-empted your favorite Saturday morning TV viewing with his soft, oft-times confusing baritone. As they sometimes helpfully say in prison, “don’t bend over”.