You’ve been Data Mined

A key part of President Obama’s legacy will be the fed’s unprecedented collection of sensitive data on Americans by race. The government is prying into our most personal information at the most local levels, all for the purpose of “racial and economic justice.”

Unbeknown to most Americans, Obama’s racial bean counters are furiously mining data on their health, home loans, credit cards, places of work, neighborhoods, even how their kids are disciplined in school — all to document “inequalities” between minorities and whites.

This Orwellian-style stockpile of statistics includes a vast and permanent network of discrimination databases, which Obama already is using to make “disparate impact” cases against: banks that don’t make enough prime loans to minorities; schools that suspend too many blacks; cities that don’t offer enough Section 8 and other low-income housing for minorities; and employers who turn down African-Americans for jobs due to criminal backgrounds.

Big Brother Barack wants the databases operational before he leaves office, and much of the data in them will be posted online.

So civil-rights attorneys and urban activist groups will be able to exploit them to show patterns of “racial disparities” and “segregation,” even if no other evidence of discrimination exists.

“There are no doubt complexities that come with White Americans working for racial justice. White privilege can lead to a chronic case of undiagnosed entitlement, creating poor listeners, impatient speakers who talk over others, and people unaccustomed to taking orders. Nevertheless, the movement for racial justice needs more White Americans to get involved. And it’s our responsibility to help each other get involved–and get involved productively,” Jon Greenberg  (High School Teacher) wrote, linking to a blog post that claims quoting Dr. Martin Luther King, Jr., to black women is a violent and “cisheteropatriarchy” act.

Apparently that $5 word means: Cis- Hetero Patriarchy is class based oppression of gender and sex and racism is the class based  oppression of nationality and race and apparently they use “rape” analogies a lot. So quoting Dr. King to a black person is ‘mind rape’, apparently.  😦

Greenberg was the recipient of the Courage in the Pursuit of Social Justice Award from the the University of Washington chapter of the American Association of University Professors.

The fabric of our society, and consequentially our organizing spaces, are weaved together by the ongoing legacies of colonization, genocide, slavery, white supremacy, and cis-hetero-patriarchy. (Praxis)

So, Yea

I’m Male.

I’m White.

But I’m not a Christian.

But I dislike the Gay Leftist Control Freak Mafia.

I am a Fan of “The Dukes of Hazzard”

I value The Constitution.

So please, data mine this…

The granddaddy of them all is the Affirmatively Furthering Fair Housing database, which the Department of Housing and Urban Development rolled out earlier this month to racially balance the nation, ZIP code by ZIP code. It will map every US neighborhood by four racial groups — white, Asian, black or African-American, and Hispanic/Latino — and publish “geospatial data” pinpointing racial imbalances.

The agency proposes using nonwhite populations of 50% or higher as the threshold for classifying segregated areas.

Federally funded cities deemed overly segregated will be pressured to change their zoning laws to allow construction of more subsidized housing in affluent areas in the suburbs, and relocate inner-city minorities to those predominantly white areas. HUD’s maps, which use dots to show the racial distribution or density in residential areas, will be used to select affordable-housing sites.

HUD plans to drill down to an even more granular level, detailing the proximity of black residents to transportation sites, good schools, parks and even supermarkets. If the agency’s social engineers rule the distance between blacks and these suburban “amenities” is too far, municipalities must find ways to close the gap or forfeit federal grant money and face possible lawsuits for housing discrimination.

Civil-rights groups will have access to the agency’s sophisticated mapping software, and will participate in city plans to re-engineer neighborhoods under new community outreach requirements.

“By opening this data to everybody, everyone in a community can weigh in,” Obama said. “If you want affordable housing nearby, now you’ll have the data you need to make your case.”

Mortgage database

Meanwhile, the Federal Housing Finance Agency, headed by former Congressional Black Caucus leader Mel Watt, is building its own database for racially balancing home loans. The so-called National Mortgage Database Project will compile 16 years of lending data, broken down by race, and hold everything from individual credit scores and employment records.

Mortgage contracts won’t be the only financial records vacuumed up by the database. According to federal documents, the repository will include “all credit lines,” from credit cards to student loans to car loans — anything reported to credit bureaus. This is even more information than the IRS collects.

The FHFA will also pry into your personal assets and debts and whether you have any bankruptcies. The agency even wants to know the square footage and lot size of your home, as well as your interest rate.

FHFA will share the info with Obama’s brainchild, the Consumer Financial Protection Bureau, which acts more like a civil-rights agency, aggressively investigating lenders for racial bias.

The FHFA has offered no clear explanation as to why the government wants to sweep up so much sensitive information on Americans, other than stating it’s for “research” and “policymaking.”

However, CFPB Director Richard Cordray was more forthcoming, explaining in a recent talk to the radical California-based Greenlining Institute: “We will be better able to identify possible discriminatory lending patterns.”

Credit database

CFPB is separately amassing a database to monitor ordinary citizens’ credit-card transactions. It hopes to vacuum up some 900 million credit-card accounts — all sorted by race — representing roughly 85% of the US credit-card market. Why? To sniff out “disparities” in interest rates, charge-offs and collections.

Employment database

CFPB also just finalized a rule requiring all regulated banks to report data on minority hiring to an Office of Minority and Women Inclusion. It will collect reams of employment data, broken down by race, to police diversity on Wall Street as part of yet another fishing expedition.

School database

Through its mandatory Civil Rights Data Collection project, the Education Department is gathering information on student suspensions and expulsions, by race, from every public school district in the country. Districts that show disparities in discipline will be targeted for reform.

Those that don’t comply will be punished. Several already have been forced to revise their discipline policies, which has led to violent disruptions in classrooms.

Obama’s educrats want to know how many blacks versus whites are enrolled in gifted-and-talented and advanced placement classes.

Schools that show blacks and Latinos under-enrolled in such curricula, to an undefined “statistically significant degree,” could open themselves up to investigation and lawsuits by the department’s Civil Rights Office.

Count on a flood of private lawsuits to piggyback federal discrimination claims, as civil-rights lawyers use the new federal discipline data in their legal strategies against the supposedly racist US school system.

Even if no one has complained about discrimination, even if there is no other evidence of racism, the numbers themselves will “prove” that things are unfair.

Such databases have never before existed. Obama is presiding over the largest consolidation of personal data in US history. He is creating a diversity police state where government race cops and civil-rights lawyers will micromanage demographic outcomes in virtually every aspect of society.

The first black president, quite brilliantly, has built a quasi-reparations infrastructure perpetually fed by racial data that will outlast his administration. (NYP)

It’s a Government Day in the Neighborhood

The government’s problem-reaction-solution strategy to buy votes was summed up best by the late libertarian Harry Browne: “The government is good at one thing. It knows how to break your legs, and then hand you a crutch and say, ‘See if it weren’t for the government, you wouldn’t be able to walk.’”
The government deliberately causes problems in order to elicit their desired reaction from the public and then offers their “solutions” that will inevitably earn politicians the undeserved trust of naïve voters. (PO)
The low-information, unenlightened narcissism one and the the highly informed narcissistic ones who aren’t as naive but they do like to be bribed. They expect to be bribed.
After all, buying votes is the Democrat way.
The other is “fairness”….
If any question remained about the Obama White House’s appetite for running everyone’s life from Washington, it should be settled now. This administration even wants to dictate neighborhood makeup.Like your neighborhood? Don’t get used to it. The Obama Department of Housing and Urban Development might decide it wants to dictate changes. HUD is, according to Fox News, considering “a new rule that would allow the feds to track diversity in America’s neighborhoods and then push policies to change those it deems discriminatory.”

The proposed rule, disclosed last month by HUD Secretary Shaun Donovan at the NAACP’s convention in Florida, has been entered into the Federal Register.

But it can’t become a regulation that carries the weight of law until after a 60-day public comment period. Should it get that far, it could be used to manipulate and manage the makeup of neighborhoods.

We see nothing wrong with diversity among neighbors. Racial, ethnic, religious, educational and economic mixtures can be enriching. People from different backgrounds and experiences can learn from each other and meld together as one.

But humans, not just Americans, often make housing choices that don’t advance the government’s definition of diversity. Is it the government’s job to deny those choices and impose its idea of appropriate diversity?

Affirmatively furthering “fair housing,” as HUD is eager to do, requires government to act with magisterial powers. That’s not the role of the state in a free society. Overseeing neighborhood makeup isn’t a function of a legitimate government, but of an oppressive one.

It makes us nervous to know government might be compiling demographic data from every neighborhood in the country, especially when that information will be used by Washington to, as the rule states, “assess fair housing issues, identify the primary determinants that account for those issues, and set forth fair housing priorities and goals.”

Studies have found that black and white Americans tend to stay within their racial groups when they move to a new neighborhood. But, says one researcher, self-segregation itself “is not necessarily a problem.”

The issue, University of Washington sociologist Kyle Crowder told livescience.com, is a matter of “school quality, crime and access to health care and those sorts of things.”

These are legitimate concerns. But they’re not ones resolved by rules, regulation, bureaucracy, government decree, public housing, welfare programs or a community organizer.

In fact, those are impediments to more Americans having access to the benefits of living in good neighborhoods. All drain rather than boost the economy. Each chokes rather than increases opportunities. Every one of them is an instrument of harm.

There’s nothing Donovan and his department can do to promote access to “good schools, safe streets, jobs, grocery stores” for those in disadvantaged neighborhoods — except get out of the way.

Americans are not children who need teachers to enforce seating arrangements in classrooms.

They’re not helpless creatures in need of a nanny to make sure they behave in a civil fashion.

Neither are they subjects to be ordered about like pawns.

But this administration thinks they are.

When we first wrote about this rule just last month, we pointed out that Donovan had a “scheme to map ‘racist’ suburbs for targeting by diversity cops” and is willing to take on a project that “could degrade the lifestyles of tens of millions of Americans — including hard-working middle-class minorities — who moved to the suburbs to get away from crime and bad schools.”

That may not be tyranny in most people’s understanding of the word. But it sure moves us a step closer to it.

After all, Government knows best and Government is best at enforcing what’s best for you.
It’s Only “Fair”. 🙂
Political Cartoons by Bob Gorrell

 Political Cartoons by Steve Kelley

Political Cartoons by Eric Allie

The New America

Political Cartoons by Chuck Asay

John Stossel: The Obama administration now proposes to spend millions more on handouts, despite ample evidence of their perverse effects.

I would argue that that is exactly WHY HE IS DOING IT and he knows exactly why he’s doing it. As usual, it’s political, not economical.

The more dependents, the more votes for more dependents, the more addicts for the never-ending hamster wheel to the promised land.

Shaun Donovan, secretary of the Department of Housing and Urban Development, says, “The single most important thing HUD does is provide rental assistance to America’s most vulnerable families — and the Obama administration is proposing bold steps to meet their needs.” They always propose “bold steps.”

In this case, HUD wants to spend millions more to renew Section 8 housing vouchers that help poor people pay rent.

Isn’t it curious 🙂 that Section 8 housing just happens to be named similar to : The term Section 8 refers to a category of discharge from the United States military when judged mentally unfit for duty.  (It’s what Klinger was trying for for 11 years on M*A*S*H).

Coincidence? I doubt it. 🙂

The Section 8 program ballooned during the ’90s to “solve” a previous government failure: crime-ridden public housing. Rent vouchers allow the feds to disperse tenants from failed projects into private residencies. There, poor people would learn good habits from middle-class people.

It was a reasonable idea. But, as always, there were unintended consequences.

“On paper, Section 8 seems like it should be successful,” says Donald Gobin, a Section 8 landlord in New Hampshire. “But unless tenants have some unusual fire in their belly, the program hinders upward mobility.”

Goo, because then the low-information drug addicted voter votes to keep the gravy train going. That’s good for the politician. And what’s good for the politician MUST be good for all of us because they “care” and it’s only “fair”.

Gobin complains that his tenants are allowed to use Section 8 subsides for an unlimited amount of time. There is no work requirement. Recipients can become comfortably dependent on government assistance.

Isn’t that the goal? 🙂

In Gobin’s over 30 years of renting to Section 8 tenants, he has seen only one break free of the program. Most recipients stay on Section 8 their entire lives. They use it as a permanent crutch.

Government’s rules kill the incentive to succeed.

But who cares, they vote for the politicians who best kisses their ass. Success and struggle are over-rated when you can get others to do it for you. 🙂

Section 8 handouts are meant to be generous enough that tenants may afford a home defined by HUD as decent, safe and sanitary. In its wisdom, the bureaucracy has ruled that “decent, safe and sanitary” may require subsidies as high as $2,200 per month. But because of that, Section 8 tenants often get to live in nicer places than those who pay their own way.

Well, isn’t that “fair”?

True, the worst rent I ever had was $1,200 a month in very nice neighborhood (allegedly I had 2 roommates to share the burden with at the time but I guess they thought I was the government and I had to do all on my own–that didn’t last).

They deserve it right, because it’s only “fair”. 🙂

Kevin Spaulding is an MIT graduate in Boston who works long hours as an engineer, and struggles to cover his rent and student loans. Yet all around him, he says, he sees people who don’t work but live better than he does.

“It doesn’t seem right,” he says. “I work very hard but can only afford a lower-end apartment. There are nonworking people on my street who live in better places than I do because they are on Section 8.”

But if you complain about it, you’re just a mean old capitalist who just wants them to be homeless! You cad!

It’s not “fair”! 🙂

Spaulding understands why his neighbors don’t look for jobs. The subsidies are attractive — they cover 70 to 100 percent of rent and utilities. If Section 8 recipients accumulate money or start to make more, they lose their subsidy.
 “Is there a real incentive for the tenants to go to work? No!” says Gobin. “They have a relatively nice house and do not have to pay for it.”

Then you have your Obama Phone, Your Obama Internet, Your Obama Food Stamps, Your Obama Welfare Check. Why would you ruin a good thing like that with something as hard and mean as a JOB!!  <<shudder in terror>>

That’s ridiculous. Besides, the world owes me . Why? Just Because the politicians I voted for said so! 🙂

Once people are reliant on Section 8 assistance, many do everything in their power to keep it. Some game the system by working under the table so that they do not lose the subsidy. One of Gobin’s lifetime Section 8 tenants started a cooking website. She made considerable money from it, so she went to great lengths to hide the site from her case manager, running it under a different name.

Now see, that’s capitalism! Gaming the system, everyone does it. Especially “rich” people so why shouldn’t I do it. It benefits me, and that’s all that matters.

It’s a lot easier than the alternative.

“Here’s a lady that could definitely work. She actually showed me how to get benefits and play the system,” says Gobin.

Just like “rich” people, right? But with less struggle and less discrimination. 🙂

Although Section 8 adds to our debt while encouraging people to stay dependent, it isn’t going away. HUD says it will continue to “make quality housing possible for every American.”

Because that’s “fair” and you don’t wanna be mean and see all these people homeless now do you? 🙂
Despite $20 billion spent on the program last year, demand for more rental assistance remains strong. There is a long waitlist to receive Section 8 housing in every state. In New York City alone, 120,000 families wait.

Some are truly needy, but many recipients of income transfers are far from poor.

America will soon be $17 trillion in debt, and our biggest federal expense is income transfers. They are justified on the grounds that some of that helps the needy. But we don’t help the needy by encouraging dependency.

Government grows. Dependency grows.

And that’s Exactly why they do it in the first place. That’s a good thing for everyone involved in the incestuous relationship.

It’s just not good for everyone else.

Screw You!  I got mine and YOU get to pay for it! that’s the New American Motto.

In case you thought there was no risk of your taxes going up again, think again. Washington isn’t done with you yet.

Democrats, led by President Barack Obama, want lawmakers to consider a fresh set of tax increases in the next several weeks when they discuss whether to cut spending. 

Think about that for a moment. While they are discussing cutting spending (which they won’t do) they want more tax increases.

But much of what Obama is talking about is raising tax revenue without actually raising tax rates. In Washington-speak, lawmakers will try to collect more tax money by closing tax loopholes, perhaps limiting popular tax deductions and to some degree changing the way citizens pay into the popular Medicare and Social Security programs. (mcclatchydc).

The Tax that isn’t a tax so they can say it’s not a tax per se.

Sounds like Gaming the System. Just like the Section 8 housing.

Funny how that happened…

After all the “fiscal cliff” deal is expected  to raise about $600 billion over 10 years. That’s 60 Billion a year. At the current rate of over-spending that pays for 12 days!

What a Deal! Stick it to “the rich” for virtually nothing and then come back for more!

And if you’re denied just complain, again, that you’re opponent is a “rich” loving asshole!

Funny how that happened… 🙂

According to the CBO, deficits in just the first three months of this fiscal year already add up to $293 billion.

Which means that, despite Obama’s massive tax hikes, deficits will likely top $1 trillion for the fifth year in a row, and Obama will have added $7.5 trillion to the nation’s debt since taking office.

The problem isn’t just that the country is borrowing too much.

It’s that Washington is spending too much on programs that increase dependency on government. (IBD)

But that’s why they ARE doing it. The incestuous drug-addicts are killing everyone else but they don’t care because it benefits them NOW.
And after all, that’s all that matters. What benefits ME, right here, right now. Screw everyone and everything else!

A new Heritage Foundation study finds that the number of people getting federal benefit checks — through Medicare, Social Security, food stamps, subsidized housing, tuition aid or countless other entitlement programs — has shot up 62% since 1988.

That’s more than twice the rate of population growth.

As a result, more than four in 10 Americans are dependent on the federal government for financial help of one sort or another.

And they Vote!

Welcome to the Have-Not Drug Addicts and their “fair” political fellow drug addicts running the asylum.

All you suckers out there slogging along working hard trying to make something of yourself, keep doing it, because grandma needs a new flat screen, SUCKER! 🙂

Political Cartoons by Bob Gorrell

Political Cartoons by Gary Varvel

 

The Fakevoer

Michael Ramirez Cartoon

Our dear President is out on the Campaign trail yet again, touting how great he is. And he saved America! Rejoice!

It’s Hope 2.0!

<<barf bag on standby>>

They passed a sweeping Financial Reform bill. But like the Health Care bill where one the biggest problems was totally ignored for political reasons, Tort Reform, in the Financial Reform bill, Fannie & Freddie and the shadow of the subprime mortgages still out there, was ignored.

The Democrats, who created this mess, want to ignore the 800 lb Gorilla Cancer in the body.

With good reason, they were the main force behind creating it!

You can’t talk about the housing crisis or reforms without talking about the affordable-housing goals HUD slapped on Fannie and Freddie. That is, unless you’re Tim Geithner.

The Treasury secretary hosted a summit Tuesday to discuss redesigning the mortgage-finance system — 75% of which is still controlled by Fannie and Freddie, which are still bleeding billions at taxpayer expense.

Geithner vowed to fundamentally “change” the failed government-sponsored mortgage giants. Yet, suspiciously, he didn’t offer how. Nor did he explain why they lowered their underwriting standards and collapsed under the weight of subprime loans and securities. So here’s a refresher:

• In 1996, as part of Clinton housing policy, HUD required that 42% of Fannie’s and Freddie’s mortgage financing go to “underserved” borrowers with unproven or damaged credit.

• To help them meet that goal, HUD, their regulator, authorized them to relax their lending criteria.

• HUD also authorized them to buy subprime securities that included loans to uncreditworthy borrowers.

• Unhappy with the results — despite Fannie and Freddie committing trillions in risky low-income loans — HUD in 2000 raised its affordable-housing target again, this time to 50%.

• By 2008, HUD’s target had topped out at 56%. And Fannie and Freddie had drowned in a toxic soup of bad subprime paper.

HUD Secretary Shaun Donovan insists that affordable-housing goals aren’t to blame. “We should be careful not to learn the wrong lesson from this experience,” he said, “and sacrifice an important feature of the current system: wide access to mortgage credit.”

This is revisionist history. Fannie and Freddie e-mails confirm that executives then were under huge pressure to meet “HUD goals.”

But as Orwell warned, whoever controls the present controls the past. And right now, the people who pushed Fannie and Freddie — along with our entire financial system — off the cliff in the name of “affordable housing” are running the show.

Just look at some of the experts Geithner invited to his Potemkin summit. Like ex-Clinton aide Ellen Seidman, who became head of the Office of Thrift Supervision. She aggressively enforced Clinton’s beefed-up Community Reinvestment Act, which codified the “flexible” underwriting that Fannie and Freddie adopted.

You can’t talk about the housing crisis or reforms without talking about the affordable-housing goals HUD slapped on Fannie and Freddie. That is, unless you’re Tim Geithner.

The Treasury secretary hosted a summit Tuesday to discuss redesigning the mortgage-finance system — 75% of which is still controlled by Fannie and Freddie, which are still bleeding billions at taxpayer expense.

Geithner vowed to fundamentally “change” the failed government-sponsored mortgage giants. Yet, suspiciously, he didn’t offer how. Nor did he explain why they lowered their underwriting standards and collapsed under the weight of subprime loans and securities. So here’s a refresher:

• In 1996, as part of Clinton housing policy, HUD required that 42% of Fannie’s and Freddie’s mortgage financing go to “underserved” borrowers with unproven or damaged credit.

• To help them meet that goal, HUD, their regulator, authorized them to relax their lending criteria.

• HUD also authorized them to buy subprime securities that included loans to uncreditworthy borrowers.

• Unhappy with the results — despite Fannie and Freddie committing trillions in risky low-income loans — HUD in 2000 raised its affordable-housing target again, this time to 50%.

• By 2008, HUD’s target had topped out at 56%. And Fannie and Freddie had drowned in a toxic soup of bad subprime paper.

HUD Secretary Shaun Donovan insists that affordable-housing goals aren’t to blame. “We should be careful not to learn the wrong lesson from this experience,” he said, “and sacrifice an important feature of the current system: wide access to mortgage credit.”

This is revisionist history. Fannie and Freddie e-mails confirm that executives then were under huge pressure to meet “HUD goals.”

But as Orwell warned, whoever controls the present controls the past. And right now, the people who pushed Fannie and Freddie — along with our entire financial system — off the cliff in the name of “affordable housing” are running the show.

Just look at some of the experts Geithner invited to his Potemkin summit. Like ex-Clinton aide Ellen Seidman, who became head of the Office of Thrift Supervision. She aggressively enforced Clinton’s beefed-up Community Reinvestment Act, which codified the “flexible” underwriting that Fannie and Freddie adopted.

Seidman argued that Fannie’s and Freddie’s support for “low-income and minority communities” — especially now amid a wave of foreclosures — is “absolutely critical.” She wants government to take an even larger role in pushing housing for “underserved markets.”

The “underserved” were the poor, and minorities, that couldn’t pay them anyhow. But what the hell, if you can get a million dollar house with a multi-thousand dollar mortgage and a job at 7-11 for nothing down, why not. 🙂

Let’s buy some votes. Then when it all blows up in our face, blame it on “the rich” and George W. Bush!!

Yeah, that’s the ticket!! 🙂

Comment on the article: It’s simple! Underserved means undeserved but we will give it to you anyway in exchange for your vote. Problem is it works, for the short term but with h*** to pay in the long term.

Seidman argued that Fannie’s and Freddie’s support for “low-income and minority communities” — especially now amid a wave of foreclosures — is “absolutely critical.” She wants government to take an even larger role in pushing housing for “underserved markets.”

“The private sector will not do it on its own,” Seidman said, “and we should just stop having that debate.”

Excuse us, but homes aren’t a right. People who lost their homes can go back to renting. There’s no shame in that. The shame came when government pushed them into homes they couldn’t afford. And the housing bubble it created hurt everybody in the end.

Echoing Seidman, Geithner asserted that whatever replaces Fannie and Freddie must continue to “provide access to affordable housing for lower-income Americans” and to guarantee loans.

In other words, Fannie and Freddie aren’t going anywhere. They’ll just be absorbed into the government, most likely Treasury or HUD, or both.

Why must taxpayers continue subsidizing homeownership through a government-guaranteed secondary mortgage market run by a government-protected duopoly?

Within the proper framework, we’re confident that private firms can originate and securitize mortgages more efficiently — and do so without the politically injected risk or taxpayer liability.

Wells Fargo, for one, would gradually replace Freddie and Fannie with private “mortgage conduits” that buy loans on the primary market and roll them into a common mortgage-backed security.

They’d assume the risk on the underlying mortgages, while the government would guarantee only the MBSes. To protect taxpayers, the conduits would pay into an insurance fund.

The plan maximizes the use of private capital while limiting Washington’s role to assuming catastrophic risk.

Other charter privileges enjoyed by Fannie and Freddie would be eliminated, including their Treasury line of credit, state and local tax exemptions, and weak capital requirements.

Above all, the plan would curb HUD’s interference in the mortgage market. No more unrealistically high affordable-housing goals. No more NINJA — no income, no job or assets — loans.

After years of dissembling and denial, Rep. Barney Frank has finally come out. He now says bankrupt government mortgage giants Fannie Mae and Freddie Mac “should be abolished.” Better late than never.

‘There were people in this society who for economic and, frankly, social reasons can’t and shouldn’t be homeowners,” Frank said in an interview with the Fox Business Network and sounding a lot more like an elephant than a donkey. “I think we should, particularly, stop this assumption that you put everybody into homeownership.”

After years of blaming heartless Republicans and Wall Street for the crisis caused by Fannie Mae and Freddie Mac — and their predominantly Democratic supporters in Congress — it’s refreshing to hear a member of the Democratic Party admit his mistakes.

It’s especially true of Frank, who, more than any other elected official, championed the cause of the government-sponsored enterprises Fannie Mae and Freddie Mac. Indeed, Frank is most responsible for stopping GSE reform in the early 2000s, at a time when such a move might have prevented the financial meltdown.

Maybe Frank, like so many others in his party, is feeling the heat in this November’s election. Democrats’ popularity is plunging after years of economic incompetence that has left America’s once-thriving economy a shambles.

But give him his due: Frank’s comments mark a major departure.

In 2000, when Rep. Richard Baker proposed more oversight for the GSEs, Frank called concerns about Fannie and Freddie “overblown,” claiming there was “no federal liability whatsoever.”

In 2002, again, Frank said: “I do not regard Fannie Mae and Freddie Mac as problems. I regard them as assets.”

In 2003, he repeated himself in opposing reform, saying he did not “regard Fannie Mae and Freddie Mac as problems.”

Even after a multibillion dollar accounting scandal hit Freddie Mac just a month after those remarks, Frank insisted nothing was wrong. “I do not think we are facing any kind of crisis,” he said.

By 2004, Fannie had its own accounting scandal. Frank again insisted it posed no threat to the U.S. Treasury. Even if the two went belly-up, he said, “I think Wall Street will get over it.”

Of course, he had it exactly backward. We’ve already spent $148 billion of taxpayer money on the two losers. The Congressional Budget Office estimates it will ultimately cost taxpayers $389 billion to bail them out. Even that may be too little; at least one private estimate put the final toll at $1 trillion.

No surprise here. Even today, more than half of all mortgages are funded or underwritten by Fannie and Freddie. They hold more than $5 trillion of the $10.7 trillion or so in total U.S. mortgages.

We’ve spent a lot of money for Barney Frank’s education in financial reality. Today, he’s basically saying he and his party were wrong all along.

That’s a good start. But how about an apology? Or even a frank admission that his party’s indefatigable support of Fannie and Freddie — which, prodded by the Community Reinvestment Act, created and funded the massive subprime market that later collapsed — was to blame for our multitrillion dollar meltdown and the loss of millions of jobs?

Others are edging in that direction. Treasury Secretary Tim Geithner this week held a conference on Fannie’s and Freddie’s future, and he too seems chastened. “We will not support returning Fannie and Freddie to the role they played before conservatorship, where they fought to take market share from private competitors while enjoying the privilege of government support,” he said.

That, too, is good to hear. As we have advocated for years — since 1996, to be exact — Fannie and Freddie should be dismantled or privatized.

We hope actions match the rhetoric — that Geithner’s “conference” on Fannie and Freddie wasn’t just political window dressing before November’s midterm elections.

Let’s get government out of the business of encouraging homeownership, an undertaking at which it has failed miserably.

Now that the idea is dead, let’s bury it once and for all.

As late as 2008, after the tide of losses and foreclosures washed away Fannie’s and Freddie’s remaining capital, Frank was adamant that it was all Wall Street’s fault: “The private sector got us into this mess … the government has to get us out of it.” (IBD)

But dear, Barney, it was thy.

“Slowly but surely, we are moving in the right direction. We’re on the right track,” Obama told a group of about 40 in the backyard of Rhonda and Joe Weithman’s home, a Cape Cod on quiet E. Kanawha Avenue in Clintonville,OH. “After 18 months, I have never been more confident that our nation is headed in the right direction,” Obama said.

Rasmussen:  Twenty-eight percent (28%) of Likely Voters say the country is heading in the right direction, according to a new Rasmussen Reports national telephone survey taken the week ending Sunday, August 15.

While down slightly from the last two weeks, confidence in the nation’s current course has ranged from 27% to 35% since last July. Following Congress’ passage of the national health care bill in late March, the number of voters who said the country was heading in the right direction peaked at 35%, the highest level of optimism measured since early September 2009.

Fifty-four percent (54%) of Democrats feel the country is heading in the right direction. Eighty-eight percent (88%) of Republicans and 77% of voters not affiliated with either political party feel the country is heading down the wrong track.

Sixty-seven percent (67%) of all voters say the country is heading down the wrong track, up two points from last week.

So let’s review: 60+% are against the Health Care Bill. 60+% are for a secure border. 60+% are against the Ground Zero Mosque. 60+% are saying we are on the “wrong track”.

Sixty percent (60%) of U.S. voters say most members of Congress don’t care what their constituents think, according to a new Rasmussen Reports national telephone survey.

So that’s why Democrats think they are doing a good job! 🙂

After all, your alternative is…<cue evil organ music> REPUBLICANS! <<dramatic music sting>> and we all know that is the way to Hell itself! 🙂

Personally, I’d rather just have Conservatives. Which leaves out Democrats anyhow but also leaves out the RINOs.

What we don’t need now is to go from a Progressive Cancer to a RINO Virus.

But we really don’t need is more government “involvement”. 😦

Get your Fannie and Freddie Here

The Obama administration says it wants to “reform” Fannie and Freddie. But it won’t propose legislation to revamp the mortgage companies until next year, if even then. And in testimony last week, HUD Secretary Shaun Donovan circled the wagons around the “affordable housing mandates” that pushed Fannie and Freddie into the risky subprime market.

“As we work to reform our housing finance system, it is essential to keep in mind our broader housing policy goals,” he said. “A reformed housing finance system should ensure broad access to mortgage credit for minorities.” Here we go again.

Fannie and Freddie over the decades have facilitated “an important democratization of credit,” Donovan said. Yes, and they’re now hit hardest by foreclosures from this failed social experiment.

Never mind that. Donovan asserted that “ensuring that homeownership opportunities are available to members of these communities should remain a priority.”

aka “poor” and “minority” (aka Democrats)

It’s plain that Donovan, like other housing-rights activists, has not learned any lessons from the subprime scandal. He’s also in denial about HUD’s role in it, arguing that the affordable housing goals it foisted on Fannie and Freddie were not the cause of their collapse.

Rather, he claims, the mortgage giants underwrote risky subprime loans and securities simply to increase profits.

But officials with both firms swear their hands were forced by HUD. They testified they had to lower their underwriting standards and absorb substantial costs to meet HUD’s political mandates. That, of course, is no way to make a profit.

In fact, HUD in 2000 required Fannie and Freddie to underwrite fully half of their mortgages for lower-income, higher-risk borrowers — a quota that remained in effect for the rest of the decade.

Starting in 1997, Fannie began offering a 97% loan-to-value mortgage — well above the standard 80% LTV. And by 2001, it was offering mortgages with no down payment at all, along with other deficiencies.

The promised reforms of these failed government-sponsored enterprises are a farce. Democrats are not going to relinquish control of Fannie and Freddie. They’ll remain wholly owned subsidiaries of the Democratic Party.

The federal government — which shouldn’t be involved in the mortgage business at all — now controls virtually 100% of the secondary mortgage market. This is outrageous considering the government caused the failure of Fannie and Freddie, not the market.

If the government owns Fannie and Freddie, politicians will run it for their political clients, not shareholders, like their own personal piggy banks.

You mean like the IOU’s in Social Security?

Nah, they’d never do that… 🙂

And use control of this industry for their own gain, nah, Democrats would never ever do that… 🙂

There motives are as pure as the driven snow… 🙂

The government own car companies GM and Chrysler.

It owns an Insurance giant AIG.

It owns the secondary Mortgage Market.

It wants to own Health Insurance through it’s slow acting poison of a Health Care Reform Bill.

But their not socialists…. 🙂

Next Up, Wall Street and Energy…

But their not socialists….

The government used the congressionally chartered mortgage giants — who together control over half of all mortgages — for political purposes, such as helping questionable low-income borrowers and boosting minority homeownership.

As a result, they made bad economic decisions that sank the entire mortgage industry, destroyed homeowner equity and cost taxpayers $400 billion (and counting). (IBD)

The damage from the politically motivate Health Care may not be known for years. Just like the manipulations of the Mortgage market started in the 1990s and took over 10 years to crash.

But remember, according to them it wasn’t their fault. They regulated it into failure, but it wasn’t their fault.

It was Wall Street . Those damn evil capitalist and their derivatives.

And just when Obama and Co want to pass sweeping new reforms.

Funny how that worked out.

“Never let a serious crisis go to waste…it’s an opportunity to do things you couldn’t do before.” – Chief of Staff Rahm Emmanuel

Even if you have to lay it on your opponent first. Then claim it’s a crisis.

It’s their fault!

Boo Hiss! Boo!!  🙂

Alinsky Rule 11: Pick the target, freeze it, personalize it, polarize it. Don’t try to attack abstract corporations or bureaucracies. Identify a responsible individual. Ignore attempts to shift or spread the blame.

Hmmm…Like, to you for instance…