Thursday, 9 October 2008

Just When You Thought Their Reputation Couldn't Get Any Lower...

... bankers find a new low to go to. Apparently some on the right, ignoring the obvious reason that the current calamity has been caused by a bunch of rich venal fucks who you wouldn't trust with their granddaughter's piggy bank, are blaming the finacial crisis on being forced to help out poor people (read "darkies" or other, worse epithets).
Charles Krauthammer provides an excellent example, writing that "much of this crisis was brought upon us by the good intentions of good people." He continues: "For decades, starting with Jimmy Carter's Community Reinvestment Act of 1977, there has been bipartisan agreement to use government power to expand homeownership to people who had been shut out for economic reasons or, sometimes, because of racial and ethnic discrimination. What could be a more worthy cause? But it led to tremendous pressure on Fannie Mae and Freddie Mac—which in turn pressured banks and other lenders—to extend mortgages to people who were borrowing over their heads. That's called subprime lending. It lies at the root of our current calamity."

I'm not usually one to advocate violence, but Krauthammer needs a kick in the balls. Several. Until he recants this nonsense. And then till he passes out. Same goes for anybody else who believes that rubbish.

Via 3QD.

No comments: