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Mail Bag: I’m Behind, I Know

I’ve gotten a lot of great comments and e-mails over the last few weeks, and I’m behind on posting them.  So this “Mail Bag” is probably going to be pretty lengthy.  Thanks everyone that commented and sent e-mails!

Here is something Matt C. e-mailed me that I thought was pretty great.  The message details what happened pre-George Bush that played a big part in the financial crisis:

I keep hearing that the Bush economic policy was to blame for the economic crisis we now face. Lord knows Bush’s budgets were way out of line, even though he had 9/11, Wars, Katrina, Power Outages in NYC and the like (secondary causes of recession). The fact is that the primary culprit behind the economic crisis was the statist policies from Carter & Slick Willy that Bush inherited:

1977 CRA Community Reinvestment Act – The act provided that banks have an “affirmative obligation” to meet the credit needs of the communities in which they are chartered.

1989 Congress amended the Home Mortgage Disclosure Act requiring banks to collect racial data on Mortgage applications.

1995 Treasury Department issued regulations tracking loans by neighborhoods, income groups, and races to rate the performance of banks. The ratings were used by regulators to determine whether the government would approve bank mergers, acquisitions, and new branches. It also encouraged statist-aligned groups, such as the Association of Community Organizations for Reform (ACORN) and the Neighborhood Assistance Corporation of America, to file petitions with regulators, or threaten to slow or even prevent banks from conducting their business by challenging the extent to which banks were issuing these loans. With such powerful leverage over banks, some groups were able, in effect, to legally extort banks to make huge pools of money available to the groups, money they in turn used to make loans.

The Banks and community groups issued loans to low-income individuals who often had bad credit or insufficient income. And these loans, which became known as “Subprime” loans, made available 100% financing, did not always require the use of credit scores, and were even made without documenting income. Basically, the government insisted that banks abandon traditional underwriting standards if the bank wanted to grow. Not to mention that in 1992 Freddie Mac and Fannie Mae were pressured by the HUD to purchase large bundles of these loans for the conflicting purposes of diversifying the risk and making even more money available to banks to make further risky loans.

Congress also passed the Federal Housing Enterprises Financial Safety and Soundness Act which eventually mandated that these companies by 45% of all loans from people of low and moderate incomes. The Treasury Department also established the Community Development Financial Institutions Fund, which provided banks with tax dollars to encourage even more risky loans.

When you add derivatives and Greenspan into the mix, you have an economic crisis, not just a housing/banking crisis. This cannot be blamed on Just President Bush by any stretch of the imagination. I am not at all excusing Bush from any responsibility. He made his share of mistakes. But to insist that he was entirely to blame ignores years of damaging statist government intervention.

Internet sensation Susan Boyle also sparked much discussion at The Conservative Journal:

Joel & Brenda said:

GOD bless her!  oops!!  HE already has!!!

Chrisee said:

As they say when God closes a door he opens up a window,it is said that she told her mother upon her death bed that she would enter this contest,and as they also say it is so,you see it doesn’t matter what anyone else thinks of you in life, What he has out there for you, nobody can take away or stop you,the people were laughing in the beginning,but that was his child out there as we all are,but he who laughs first most certainly will laugh last,See you in concert,Ms.Susan Boyle,most of us can’t wait,for all those people who picked on you in life,he said he would make your enemy your footstool,believe me it has already happened,wish I could be at your next high school reunion

Sharlee said:

It just goes to show that you should NEVER judge a person by there looks alone!! Think of the talent we would have missed if they didn’t give her a chance. BRAVO Susan. Toronto Ontario, Canada.

Shirley S. had this to say about Levi Johnston:

Levi Johnson states that people think his family is white trash??  I am a believer based on his and their choice to expose personal information about their governor’s family.  In fact, the Johnsons seem to be working overtime to set a new standard for trashy.  How disgusting to talk like that about someone he was supposed to love.  As they say, he has had his 15 minutes.  Now it is time for him to shut his big mouth and move on.
Obviously, he has no consideration for what his child will endure in the future because of his “revelations”, and also obvious is that he does not care.  It doesn’t have anything to do with who the Palins are.  They are people just like the rest of us.  Most people only see now what a jerk he has become or probably always was.  Bristol just did not realize it.  What I find amusing is how he thinks this will help his relationship with his son.   He sure saved Bristol’s life by turning his back on her, and he sure gave the right reason.  What a grossly immature person Levi Johnson is.

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