Politicians in general and democrats in particular never learn. In the aftermath of the recent housing collapse, you’d think they would have learned a few lessons. Like the lesson that people who can’t afford a mortgage shouldn’t be given a mortgage. But they learned no such lesson. While all eyes and ears were fixed on the health care debate and the war in Afghanistan, and Obama’s Full Monty of weekend interviews, the House Financial Services Committee was quietly plotting a repeat of the housing disaster.
Thanks to Byron York for bringing this to our attention.
At the hearing, and in others across Capitol Hill, Democratic majorities are pressing hard to expand some of the very policies that led to the reckless home lending that in turn helped lead to the great financial meltdown. If Chairman Barney Frank and his fellow Democrats have their way, we’ll do it all again — and more.
At issue last week was H.R. 1479, the Community Reinvestment Modernization Act of 2009, sponsored by Democratic Rep. Eddie Bernice Johnson. It would expand and strengthen the 1977 Community Reinvestment Act, which required banks to make loans in low-income areas that many lenders had traditionally shunned.
And who will ultimately back these risky loans? You and I of course! All risk and no reward. Lucky us.
Heads up Peeps!
The Dems will push and push, on and under the table, up front and in the back room UNTIL WE ELCT THEM OUT OF OFFICE.
Many of them see this coming and are scambling to quickly (and quietly) push stuff through while they can still get away with it.
Keep in mind: Many Repubs need to go too. At worse they are guilty of the same..at best they just don’t oppose, or are ineffective in opposition.
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