Without going into partisan politics, one has to wonder about Obama's comment to Katie Couric on the 9/16/08 nightly news. She inquired, in wake of the massive current financial problems, such as with Merrill Lynch and AIG, what he would do to "fix the problem." Obama's response was "I would overhaul the regulatory system." Though I don't always agree with John Stossel on 20-20, this has to fall in the category of "Gimme a break!" Everyone knows that the current financial crisis is the result of liberal lending in the housing sector. Much of this lending was the direct result of subprime lending. Much of subprime lending was instigated by politicians, such as Obama, under the delusion of that "subprime borrowers" can be magically converted responsible borrowers, "if they only have a chance."
If anyone thinks that a liberal Democrat in office will ever do anything to sharply restrict lending to marginally qualified borrowers, which are coincidentally oftentimes minority borrowers....come see me about some property out in West Texas. The policy of "every American deserves to own a home" is the very policy that leads down this road of ruin. No, every American does not "deserve" a home. They deserve what they earn, not what they are given. One way is socialism, and the other is capitalism. Yes, the regulatory system does need overhaul. But, do not expect that to be part of the "change" Obama will bring. This trend began with Clinton, when he successfully lowered the emphasis on the income of a married couple to apply equally to "any two persons acting as co-borrowers." (Don't believe me, ask a government housing program person when the definition changed). The Republicans never had the strength or resolve to stop a train that was already in motion, and one that the financial community was happily feeding on.
Who will actually fix the problem? Good question. Maybe it will take a pitbull with lipstick.
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