In what has to be the stupidest move we have seen out of Washington in decades (and that is truly saying something), president Obama has his administration pushing banks to make home loans to people with weak credit. For those of you who find this surprising, here is the story in the Washington Post. What Obama is doing is bringing back the SUBPRIME MORTGAGE but changing the name.
We have just spent five years suffering the effects of the subprime mortgage debacle. Millions lost their homes. Millions lost their jobs. Millions are in poverty. We owe all that to the last time that the government encouraged banks to make home loans to people with weak credit. We cannot go through all that again.
Supposedly, the Dodd-Frank bill that the Democrats pushed through Congress was going to prevent banks from ever again going down this path. Of course, the provisions of Dodd-Frank had little to do with such loans. Now we see the proof that Obama and the Obamacrats were never serious about stopping the practice of subprime loans at all.
What an utter disaster!
We have just spent five years suffering the effects of the subprime mortgage debacle. Millions lost their homes. Millions lost their jobs. Millions are in poverty. We owe all that to the last time that the government encouraged banks to make home loans to people with weak credit. We cannot go through all that again.
Supposedly, the Dodd-Frank bill that the Democrats pushed through Congress was going to prevent banks from ever again going down this path. Of course, the provisions of Dodd-Frank had little to do with such loans. Now we see the proof that Obama and the Obamacrats were never serious about stopping the practice of subprime loans at all.
What an utter disaster!
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