As unbelievable as it may seem, Investors Business Daily has poosted a house editorial here (free subscription required) which blames the entire banking crisis on the mortgages made into distressed areas. The opinion piece begins with a line blaming the whole thing on Pelosi and the whole Democratic Congress during Carter's term:
Only, the risk-taking was her idea — and the idea of all the other Democrats, along with a handful of Republicans, who over the past 30 years have demonized lenders as racist and passed regulation after regulation pressuring them to make more loans to unqualified borrowers in the name of diversity.
More below the fold.
The opinion piece continues:
The original culprits in all this were the social engineers who compelled banks to make the bad loans. The private sector has no business conducting social experiments on behalf of government. Its business is making profit. Period. So it did what it naturally does and turned the subprime social mandate into a lucrative industry.
Of course, it was a Ponzi scheme, because they weren't allowed to play by their rules. The government changed the rules for risk.
In order to put low-income minorities into home loans, they were ordered to suspend lending standards that had served the banking industry well for centuries. No one wants to talk about it, so they just scapegoat Wall Street. Even John McCain has joined the Democrat chorus on this.
Empahsis mine.
So you see, the entire banking crisis is the fault of those terrible Deomcrats (and a few weak Republicans) in Congress in the 1970 helping their minority friends. What a completely despicable tactic. Again, I suspect, a complete lie. Wait for John McCain to repeat it tomorrow.
But apparently fun for the Republicans and their shills once again. Talk about playing the race care. Talk qbout waiving the old bloddy shirt from the 1970's. Talk about more lies. Well, this takes the cake.
Needs to be stopped. Really, most of the mortgages being foreclosed here in Colorado are not in Denver County but in the surrounding suburban counties. Is that true elsewhere?