Michael Steele could try 'right power'

Ah...........This is a stretch. I don't think the right is ready for this. While it works nice for them to seem...uh.....inclusive, these are the very same people who talk of entitlement babies and blame the housing crisis on the minorities and ACORN.

Bill R you are an idiot...

Once upon a time, before government began “regulating” the housing market, banks had to be very careful about lending money. If loans weren’t repaid, the losses went straight to the bank’s bottom line, and the bank failed. As a result, banks required a mortgage applicant to show he could actually afford a house, and to put 20 percent down in order to protect the bank from any future decline in the market value of the house.

But not everyone in the country could afford a house or had the money to make a down payment. This was intolerable to certain members of Congress all of them democrats and all backed by ACORN, began to demand that banks begin lending money to “under-served” (i. e. poor) people who could not afford to buy a home.

And so government began “regulating” the housing market in two major but disastrous ways.

First, Congress passed the now infamous Community Reinvestment Act, the purpose of which was to force banks to lend to people who did not qualify for loans. Other legislation soon followed, such as interest rate subsidies to seduce uncredit-worthy borrowers to apply for mortgages they couldn’t afford.

Apologists for this policy now claim that not all banks were subject to the act’s penalties, which is true, but the act nevertheless sent a crystal clear message to all banks: It was now official government policy to seduce people into buying homes they couldn’t afford.

Second, and even more disastrously, new “regulations” issued under the Clinton administration in 1995 opened the door to the “securitization” of home mortgages, pursuant to which banks were authorized, and even encouraged, to unload their mortgages on Wall Street firms like Bear Stearns, which in turn “diced and sliced” them into securities that were sold to unsuspecting investors around the world.

As a consequence, banks no longer cared about whether the borrower ever paid back a dime of the original loan. The banks simply collected their fees for processing the loans, after which they sold the loans to Fannie Mae or Freddie Mac, or unloaded them on the Wall Street chop shops.

What followed was the greatest housing bubble in American history, fueled by government-issued “funny money” in the form of subprime loans.

This government-created bubble in turn created a deadly spiral. As home prices rose, the government had to print ever more funny money to enable even more uncredit-worthy borrowers to keep up their buying spree.

Homeowners got the message, and began taking on ever increasing amounts of debt in the belief that the value of their home would skyrocket forever.

Thus the cause of the current crisis has not been too little regulation, but too much. Had the government not attempted to “regulate” the housing market, the financial crisis would certainly never have occurred.

What, now we go and find our own “magic Negro”?

This is a very, very sad day for America. The election of Steele proves that the Republican party will not go in the direction they need to for the sake of our country. They can expect to be in the minority for quite some time to come.

Are you a true conservative or just a kool aid drinker? If you are a true conservative then you would listen to what this other true conservative has to say about him.

http://preview.tinyurl.com/deacesteelernc

Steve Deace is so right about him.

He’s a RINO. On that we can be clear. This proves that the Republican Party’s move to the Left might be a permanent legacy of the Bush years.

In selecting Michael Steele, the GOP found a chairman who basically wouldn't use the word Republican during his 2006 Senate race, who embraced Democratic blue rather than GOP red as his campaign color, and who plastered the state with "Steele Democrat" bumper stickers. These misidentifications of Steele built the foundation for running a deeply deceitful campaign.

On election day, Steele bused in 300 homeless people from Philadelphia to distribute patently false fliers in predominately black precincts.
http://media.photobucket.com/image/steele%20democrats/shpilk/Steele_Democrat_Sign.jpg?o=1

Steele's electoral strategy was to deliberately identify as a Democrat to win in blue Maryland. Is this the new way forward for the GOP in blue America? Rather than trying to win a battle of ideas, Steele concedes the ideological battle and attempts to confuse the electorate through dirty tricks. Republicans claim the selection of Steele represents a new direction for the party. It sounds like more of the same Rovian tactics to me. Michael Steele is no moderate alternative to Katon Dawson.

Interesting blog you’ve got here. Relevantly, Michael Steele, born 1958, is a member of Generation Jones--the generation between the Boomers and GenXers--which has now taken over as America’s new leaders. Obama, and many in the team he has assembled, are Jonesers. The GOP is now led by Jonesers as well, including Steele, Sarah Palin, Tim Pawlenty and Mark Sanford. I’m a Joneser and totally relate to this identity, and all the recent big-time national media attention about Generation Jones. We’re not Boomers or Xers! I’ve read several articles recently that make a strong case for learning more about Generation Jones to grasp the changes we can expect now in politics and leadership.

Steele embraces his Generation Jones identity, and speaks about the importance of the new Generation Jones leadership, in this short video: http://www.youtube.com/watch?v=KbbVe_Twui0

There is an op-ed about exactly this topic in USA TODAY this week: http://www.usatoday.com/printedition/news/20090127/column27_st.art.htm .

I’m very curious to see what Steele’s early weeks at this new job will look like.

Jarod, that's the biggest load of revisionist crap-- the CRA did not create the crisis, and you've totally ignored the 21st Century, the Bush 'ownership society' WallStreet and reality. Who's the idiot? Not bill r, but the blame it on Clinton crowd.

Bill R you are an idiot...
Posted by: Jarod | February 1, 2009 1:58 PM

And you sir are a bigoted idiot. Outside of these partisan pages there isn't a bit a credence to your "blame the minority" BS. There always has to be somebody else to blame for your failure isn't there. What plain and insane garbage. Turn off Rush and Vannity, stop singing the magic negro song. This crisis was created by greed. Not white nor black but pure greed. Overregulation....oh for crying out loud...are you for real? Son...you have a lot to learn but you keep up the old "it's the minorities fault" going because that's the kind of thinking that will keep "you" in the minority.

Read part of the act junior.....
The Act requires the appropriate federal financial supervisory agencies to encourage regulated financial institutions to meet the credit needs of the local communities in which they are chartered, consistent with safe and sound operation.

Notice where it says "consistent with safe and sound operation".......any idea what that means junior? It means you need to take off your sheet, call Clem, put gas in the car and go back to school.

the cra was not designed to force banks to sell loans to unqualified people. it was designed to stop banks from red-lining and discriminating against lower income areas. that practice was common prior to president carter signing it into law in '77. there is absolutely no empirical evidence that the cra contributed anything to the downfall of the mortgage market.

bill r rocks!

“I want to give you my verdict on CRA: NOT guilty,” said FDIC Chairman Sheila Bair, according to a press release by the Federal Deposit Insurance Corporation. Before the Consumer Federation of America, Bair said Thursday she wanted to clear up the “myth” that the Community Reinvestment Act caused the financial crisis — and she set out to do so with vigor.

The Community Reinvestment Act — or CRA — is a federal law designed to encourage commercial banks and savings associations to meet the needs of borrowers in all segments of their communities, including low- and moderate-income neighborhoods. It has largely been criticized by conservative members of the GOP as promoting predatory lending practices.

“Point in fact,” she said, “only one in four higher-priced first mortgage loans were made by CRA-covered banks during the hey-day years of subprime mortgage lending. The rest were made by private independent mortgage companies and large bank affiliates not covered by CRA rules.”

And “Let me ask you,” she proceeded. “Where in the CRA does it say to make loans to people who can’t afford to repay? Nowhere.” The facts are simple, Bair said. The lending practices that are causing problems today were driven by a desire for more market share and revenue growth, not because the government encouraged certain lending practices.

Repubs a "repressed minority?" Not with those limos, Gucchi shoes, Rolex watches, humongous mansion, yachts and their private jets their not!

It's the rank and file Joe American Voter that's been bent over to grab his ankles by the crooks that run the republican party and the conservative movement.

Time to get a rope.

How come no one noticed that Condoleeeza Rice and Colin Powell and Clarence Thomas were black? Why is it "suddenly the Republicans find a black person to represent them?" Steele is a great politician who happens to be African-American. My husband heard Steele on the radio and said "vote for Steele!" when he was running for office in Maryland. We didn't even know he was African-American, just that he's an inspiring politician with qreat ideas. How rude of everyone to think he was only appointed because of affirmaitve action. Shame on the "magic negro" comment.

Frank, this piece is just further evidence (as if we needed any more) that you are a hopeless, mindless idiot.

Shame on the "magic negro" comment.

Posted by: Tyler | February 2, 2009 9:38 AM

Here's one of the problems with this. This was Rushs' little funny that he played over and over. Problem is, Steele just said himself that Rush speaks for the republican base and that they will just have to listen to what Rush says. Can't have it both ways...he either speaks for the base...or he doesn't.

Sorry Bill and Flo, but Jarod knows his history about the housing market much better than either of you are willing to acknowledge. This mess is a government-interventionist creation from beginning to end.

And to make matters even worse, the feds are getting ready to screw it up even more by empowering bankruptcy judges to cram down delinquent loans. That means that lenders will be forced to write off even more bad debt and pass the cost on to people with superb credit like me in the form of across-the-board higher interest rates.

Just another example of how liberals coddle to the irresponsible and the deadbeats while punishing the people who play by the rules. But of course all that matters is the good intentions. The unintended negative consequences of these kinds of liberal policies are never considered. Just another piece in the ever-growing mountain of evidence that liberalism is a mental disorder.

Posted by: Vast Right Wing Conspirator | February 2, 2009 11:39 AM

As I stated before....outside of these partisan pages, America finds your attempt to blame minorities for the housing problem not only offensive, they know it is total bunk. But keep on saying it because we all know if you say it enough times it must be true.

Your own comments show your lack of knowledge of the situation, Vast Right Wing, not to mention your total typical conservative selfishness. You might make a good fiction writer though. Jarod's "history" is flat out wrong.

Vast Right Wing Conspirator - You lost all credibility when you quoted Michael Savage. The biggest whack job of the Republicans commentators. A man who sunk so low as to ask his listeners for money to fund his civil law suit. Hope you did not send him any money.

Bill, why is everything a race issue with you libs? I didn't say a thing about minorities. I blamed government interventionists who manipulated the housing market. Like I said, mental disorder.

Vast Right Wing Loony, the housing mess is due more to lack of or failure of regulation, not a "government interventioninst creation" as you say. Thanks to the mess, interest rates are being kept very low, to your benefit. You guys are anti any solution and have no ideas of your own. Stop the blame game and provide some solutions.

Bill, why is everything a race issue with you libs? I didn't say a thing about minorities. I blamed government interventionists who manipulated the housing market. Like I said, mental disorder.

Posted by: Vast Right Wing Conspirator | February 2, 2009 1:07 PM

It has nothing to do with an obsession of race on my part......it is the pure ridiculus claim that somehow this crisis is at all possible due to a "MINORITY" problem. It's like laying all the blame of education failures on the children. Now maybe I am sensitive to race issues after all, I can remember growing up in Richmond VA. and getting death threats and bricks through the window because my father would write letters to the editor of the local paper in support of race relation reform. So who then in your mind took advantage of your so called "government interventionists who manipulated the housing market" ???????

You want solutions, Rupert? I have one for you --- abide by the enumerated powers clause of the Constitution and repeal all of this unconstitutional left-wing intervention in the free markets, from housing to Medicare to social security to the bailouts to the Great Society, etc. ad nauseum. That would be a small start.

Bill R. is right "Vast." By endorsing Jarod's ridiculous BS on ACORN and CRA, you did blame minorities. You seem to have the mental disorder.

Oh, sorry to have confused you Vast Right Wing Lunacy; by solutions I meant realistic ideas that would actually fix now this economic mess we've been talking about. You seem to think both parties have been operating outside the constitution for several decades, so I guess you should file a lawsuit. You're a funny guy.

Rupert, both parties HAVE been operating outside the limits of the Constitution for the past SEVEN decades. Evidently you're none too familiar with the FDR court-packing scheme that led to the interstate commerce clause being transformed into a carte blanche rubber stamp for every piece of extraconstitutional legislation that comes down the pike -- like this porkulus bill. You should brush up on your American history a bit. People like you are the reason we're about to go socialist under Comrade Obama.

Republican Tokenism in the form of Sarah Palin (woman) or Michael Steele (Black) isn't as attractive as your leadership thinks it is. It was seriously undermined in the bodies of Condi Rice and Colin Powell.

Enjoy.

The court packing scheme failed, Vast Right Wing; I know my history "comrade." I also can see that your opinions are outside the mainstream. And you now are continually changing the subject, and resorting to name calling, since you have no real answers.

Wow. Vast is way out there on the fringe. He needs to run for office and put a stop to 7 decades of extraconstitutional guv'ment activity.

...Steele could always use Malcolm X's famous phrase "freedom by any means necessary" to rally Republicans who are now an oppressed minority... ~ F.J.
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F.J., it is what democrats would say. It really is NOT our style.

...That could make a nice matched set with Barry Goldwater's famous1964 line that "extremism in the defense of liberty is no vice." ~ F.J.
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F.J., other than the fact that these are BG's words, what the hell would be wrong with this statement? I am almost sure that JFK would have concurred 100%. His 1960 Inaugural Address expressed nearly an identical sentiment. This was before the Age of Apology.

...The phrase "black power" has some possibilities too. Maybe Steele could borrow it and transform into "tax-cut power" or "Right power." Steele could teach Republicans to thrust their clenched fists in the air in a Republican-power salute a la Tommie Smith and John Carlos at the 1968 Olympics. ~ F.J.
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F.J., it is what democrats would do. It really is NOT our style.

There you go Django; Steele should use "black power" as it goes so well with his Drill Baby Drill theme at the convention. Or maybe he could come up with a real energy plan. Latina power.

Yeah, Flo, I get it, but it really is NOT our style. I am truly Xcited about Michael Steele and will be that much more Xcited if he should come up with a great, encompassing, energy plan. I certainly would be all for that.

Latinas, Latina power, Latina Calor. My Achilles Heel, without a doubt. You can be sure though, that it is always a respectful kind of thing +.... I am working hard now to learn Las Mananitas for a late February birthday. Regards.

Flo,
In the mysterious world of energy, electricity is generated by creating a magnetic field, collapsing and re-generating that field at some set frequency. The combustion of hydrocarbons to CO2 and water vapor is a highly exothermic affair. Nuclear energy is the fission of an unstable material with an accompanying loss of mass but tremendous release of energy. The long wavelength of infrared light is the prominent radiation component of solar heat.

Latina power is much more sublime than any of this. The challenge would be in converting so much radiant heat into useable energy. Conventional modes of modulation would be ineffective. The technology just does not exist. SO, let's just keep working on the $70,000 electric cars that have a range of 38 miles, a top speed of 42 mph, a quarter mile time of 3 and a half minutes, and when the Di-Lithium battery cathodes out, a new one can be had for a modest $12,000 or so. The Latinas can always burn hydrocarbons with me. Peace.

Rupert wrote: The court packing scheme failed, Vast Right Wing; I know my history "comrade."

Obviously you DON'T know your history, comrade. The court-packing scheme was an unparalleled success beyond all of FDR's wildest dreams. As a result of FDR's threats to completely undermine the independence of the judicial branch from political manipulation, the Supreme Court, which had consistently struck down every piece of New Deal legislation that came in front of it, knucked under to FDR's pressure and did a 180 degree about-face and started interpreting the interstate commerce clause exactly the way he wanted. The consequence of this is that nearly all of the past 70 years of big-gubmint legislative activity has been unconstitutional but the courts have given it a pragmatic pass to avoid a repeat of the court-packing agenda, which I have no doubt Obama and Pelosi would not hesitate to do.

You want solutions, Rupert? I have one for you --- abide by the enumerated powers clause of the Constitution and repeal all of this unconstitutional left-wing intervention in the free markets, from housing to Medicare to social security to the bailouts to the Great Society, etc. ad nauseum. That would be a small start.

Posted by: Vast Right Wing Conspirator | February 2, 2009 1:37 PM

Rioght on. The answer for americas problems is starving seniors, increased homelessness, childern without food and basic helath care, Doctors should only be available to the wealthy. The common person's life should be short, nasty and brutish. Lose your job? Tough. Starve, your children too. Disabled? tough. Maybe you can keep alive by begging, if not, too bad. Too old to work? Die, sooner preferably. Want to sell tainted food? Great, that's unrestrained capitalism. Want to scam investors? We applaud your efforts. Want to discriminate? That's just fantastic! That's the Republican vision for america.