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Post a Comment On: Steve Sailer: iSteve

"From out of The Memory Hole"

5 Comments -

1 – 5 of 5
Anonymous beowulf said...

Also, I'm starting to realize that Bush's "faith-based initiatives" were not irrelevant to the mortgage meltdown.

You just reminded me of something a real estate developer told me a couple of years ago... He built subdivisions in an urban (i.e. black) part of town and his marketing campaign involved putting ministers on commission.

They'd stand in the pulpit and declare that buying a home is the first step of fulfilling the American dream and their Christian duty. Every church member who bought a house, the minister got a check.

It was all legal, apparently, if the payments were structured as part of a downpayment assistance program. Legal, that is, until the IRS took the punchbowl away in 2006.

Under these programs, a non-profit provides a downpayment to the buyer and is then reimbursed by the seller, often a home builder. In 2006, the IRS stripped several of these non-profits of their tax-exempt status, ruling that the programs benefit sellers more than buyers since sellers often raise their asking price to cover the amount they theoretically "donated."
http://news.corporate.findlaw.com/prnewswire/20080916/16sep20080949.html

11/24/08, 8:16 AM

Blogger Sebastian said...

I'm amazed no one's commented so far.

How do you ruin a good program with the best of intentions? Read the post again to find out.

Still, at least Fannie and Freddie loans had credit requirements. Wih wasn't true for the rest of the stuff the big banks and Wall Street were pushing.

My two cats could have gotten a loan through Countrywide.

11/24/08, 9:05 AM

Blogger kurt9 said...

No, Steve. Historians will refer to Clinton-Bush-Obama as a single era. On social economic issues, Bush has proven himself to be as "liberal" as Clinton or any democrat for that matter. McCain has also be very liberal on social-economic issues as well. Do remember than he co-authored a global-warming bill along with Lieberman in 2005. Had McCain been elected, he would most certain have been just as liberal as Obama is going to be. The difference is that, being a more skilled politician, McCain would have been more effective at moving legislation than Obama will be (I expect Obama will not to be very effective at moving legislation).

Bush's father was not that conservative on economic issues. The only economic conservative president we ever had was Reagan.

11/24/08, 11:21 AM

Anonymous Jeff Spicoli said...

I suspect Kurt9 is right about Bush and Clinton. Does anyone really believe that either Clinton thinks killing babies is okey-dokey? I'm pretty sure they don't, but they both know that abortion is a hot button for the left wing of their party, and you can't get the Democratic nomination without at least giving the appearance you're pro-abortion.

Same thing with Bush. He could have at least made some token gestures to the anti-abortion crowd during his two terms, but he hasn't had much to say, has he? Mexico and her people are way more important to Bush than abortion (and just about every other issue as well), so he spent his time and political capital fighting for amnesty.

The Clintons, Bush, McCain, and Obama are all from the same DC elite and share similar attitudes on most issues, which is to say they all share a certain contempt for middle America.

11/24/08, 12:35 PM

Blogger Sebastian said...

God caused the housing bubble! At least that god that THOSE people pray to!

LOL! I wonder how much Joel Osteen made. Whoops, I'm sorry Beo, you're trying to taint black people...er democrats.

Well there's one good thing. At least Countrywide and the other predatory lenders got enough religion to figure out how to exploit it.

11/25/08, 11:31 AM

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