Gordon Gekko Has Left the Building >>

If there is one thing I hate, it is listening to McCain and Palin devolve into populist rhetoric about “the greed on Wall Street.”

Let’s be honest folks, Wall Street has always been greedy, and that has not always been a bad thing. People make money off of the sharks in that business, and they would not exist if they served no function. That has been the case since speculators began the spice routs from Europe to the colonies of the world. What has changed to cause this? Mortgages do not originate on Wall Street, they are simply sold as bundled claims in the form of securities, sold to the highest bidder on the open market. Rather, mortgages originate with banks that lend to their surrounding communities. Bad Carter and Clinton policies created this mess.

In the name of social fairness as well as poor and minority elevation from poverty, Democrats consistently pushed to lower lending standards to those who could not afford to pay. They forced the hands of lenders, placing orange cones in the parking lot and steering the driver into a brick wall. Can’t pay? No problem! Your welfare income can add to your loan app! Some people are just not ready for a house. Period. That is why I rent right now; I can’t afford jack under Speaker Pelosi’s “NO DRILLING” policy. In fact, if you look at homeownership throughout American history, you shall see that it has, more or less, risen regardless. Times have gotten better over the past several decades regarding that. But apparently to some, that is not enough.

I appreciate AND hate the bailout plan at the same time. Regardless of appending oversight or installments to the bill, a Mount Everest of taxpayer dollars will be handed to Wall Street. All other stipulations will be satellite to that expensive Jupiter.

• I want the bailout because not doing so would castigate Wall Street for obeying the DNC-operated Fannie Mae and Clinton Treasury Dept. to the letter.

• I am against the bailout for the fact that we are not Soviets.

The Community Reinvestment Act is to blame for this current crisis, and the irony is that it is costing Republicans points in the polls. People need to do their homework. Obama’s record has been to push for lower lending standards as a Community Organizer, and these toxic loans are partly his Frankenstein.

To Bush’s credit, he warned that Fannie Mae was dangerously imperiling tax payers to lewd risk back in 2003, and the New York Times characterized Bush’s plan as “the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.” This is an excerpt from the article:

‘‘These two entities — Fannie Mae and Freddie Mac — are not facing any kind of financial crisis,’‘ said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ‘‘The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.’‘

Representative Melvin L. Watt, Democrat of North Carolina, agreed.

‘‘I don’t see much other than a shell game going on here, moving something from one agency to another and in the process weakening the bargaining power of poorer families and their ability to get affordable housing,’‘ Mr. Watt said.

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This is a damning statement as to who is responsible for this crisis, and I hope it comes to light. In any case, this is what happens when you infuse affirmative action into lending. >>