Skip to comments.The quotes that explain the entire financial meltdown
Posted on 10/12/2008 9:23:28 AM PDT by flyfree
For those who want a smoking gun to show the genesis of the financial collapse, this short sequence from a longer video I posted this week will do it. Clinton HUD Secretary Andrew Cuomo announced a settlement of a lending discrimination complaint with Accubanc, a Texas lender whose prerequisites for mortgages came under attack from community organizers at the Fort Worth Human Relations Commission and the city of Dallas. I clipped out this sequence to underscore its importance:
(video at link)
CUOMO: To take a greater risk on these mortgages, yes. To give families mortgages that they would not have given otherwise, yes.
Q: [unintellible] that they would not have given the loans at all?
CUOMO: They would not have qualified but for this affirmative action on the part of the bank, yes.
Q: Are minorities represented in that low and moderate income group?
CUOMO: It is by income, and is it also by minorities? Yes.
CUOMO: With the 2.1 billion, lending that amount in mortgages which will be a higher risk, and Im sure there will be a higher default rate on those mortgages than on the rest of the portfolio
The Democrats decided, as Michelle says, that mortgages were a civil right, and wouldnt cost the American taxpayers a dime. How well is that working out, America? And now, the question you have to ask yourselves is this: Do you want the nations economic policies run by Obama, Pelosi, Reid, Dodd, and Frank for the next four years?
(Excerpt) Read more at hotair.com ...
Heckuva job there, Andy!
No more talk of “reparations.” Reparations have been paid many times over.
right on the button, this shoud be the next tv ad
Keep this news to yourself, since McCain said he would consider Coumo as an advisor.
Socialists do stick together, don’t they?
McCain + Coumo = no surprise
I wish I could type while I'm dreaming.
I know... geeeezzzzzzzzz
If those people in Michigan, who couldn’t pay for their dream after their jobs were traded somewhere, are the cause of this world wide financial crisis - well maybe we should be doing something about creating some of those high paying jobs promised by ‘free trade’.
Or perhaps Michigan shall continue to sow what it shall reap by continually voting Democrat in state and national elections.
Imagine what it will be like if the Divine One wins-massive wealth transfer. In California a Black Federal judge is imposing an eight billion dollar prison health care cost bill upon an already bankrupt state.
You know, in the long run they didn’t do these families any favors. They now have a foreclosure on their credit history, losing a home is tough emotionally (so I’ve heard) and kids who began to put down roots in a new neighborhood and school were displaced, again. Better for them to just have rented somewhere. “The American Dream” doesn’t always include home ownership.
Michigan killed itself a decade ago when it pased “living wage” legislation. I believe our’s here in Ohio that was put into the state Constitution is much the same. Each year they re evaluate what the inflation was in September and make the minimum wage higher in January that kills small buisnesses. Ohio will be Michigan in 8 years. The idiots who voted for this didn’t even bother to rad the bill and understand that it was a yearly thing not just a one time raise. Since it is in our Constitution now it will be nearly impossible to get out. We won’t be able to afford to retire here with this on the books.
The crux of the problem in nine words.
Exactly like the way that affirmative action in higher education sets up minorities to fail.
As Charlie Reese recently said, “ Politicians are the only people in the world who create problems and then campaign against them”.
I deserve at least that much and it's "time to share" eh!
I wonder if McCain had a senior moment and confused Cuomo father and Cuomo son. They are both criminal leftwing a-holes but the old man is about McCain's age--they are probably fast friends.
Therein lies the root of all this trouble--many people have no idea what, historically, the "American Dream" has always meant. Growing up in the fifties, when we took these things seriously, it was clear that "the American Dream" meant that you were free to follow your desires and ambitions and go as far as your talent, energy, persistence and grit would carry you. The government's role was to make sure everyone played by the rules and otherwise, wouldn't get in your way. It wasn't perfect but it made sense--and in no way did it have anything to do with a right to a home or anything else you didn't earn.
“The Democrats decided, as Michelle says, that ... wouldnt cost the American taxpayers a dime.”
Wrong. The statist Donks KNEW it would a fiscal disaster requiring a massive taxpayer bailout and government takeover of the financial institutions. After all, that - aka socialism/facism - WAS THEIR GOAL ALL ALONG!