I saw a news blurb go by yesterday that practically got me out of my chair in disbelief. Because it now seems, according to the incumbent's State of the Union address, that the administration plans to let the nation's biggest banks pay out billions to compensate for a raft of mortgage foreclosures. And, according to Fox News, the president's supporters credit him for his announced plans to investigate abusive lending via the Justice Department.
The other side, however, claims the administration is trying to fast track a deal amounting to extortion of banks that followed federal government rules to expand access to loans. Additionally, Judicial Watch announced this week it's suing the Department of Justice and the U.S. Department of Housing and Urban Development "in an effort to get more information about the settlement offer and the audits that purport to prove the banks defrauded consumers."
What I found so incredible though, is that I think I remember quite clearly how the mortgage lending crisis began. And, as I recall, it was the president himself, along with the likes of Chris Dodd and others who demanded that banks reduce their credit requirements to practically nothing for mortgage approval.
Their claim at the time was that everyone's entitled to financing even if they had no proof of ability to pay back at all. And in that way, they stuck the banks and other lenders with countless numbers of deals that went bad, to the extent that the public's still paying for their mistakes and moronic policies in what's now a worldwide financial crisis in the trillions. Consequently, the incumbent should actually have the Justice folks investigating him and his pals.
So, here we have once again an arrogant bunch of politicians who believe they can keep on bilking and fooling the public by simply moving their mirrors into different corners and shining different colored lights. But, this time around I'm not sure their scams going to work. And what would be the greatest comeuppance imaginable, is that the Feds actually did a real job of investigation and threw the incumbent and his cohorts into the slammer for so grossly insulting the intelligence of the voting public.
That's it for today folks.
Adios
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