unastronaut*

Feet on the ground – head in the clouds.

It was Congress…

with one comment

…just not the 110th United States Congress. When President Bush passes the buck on the housing crisis, he sends a solar wave of hypocrisy through the nation strong enough to power every home in America for the year. Maybe that’s a bit idealistic, but we truly have a revisionist in the White House. This current housing crisis couldn’t possibly have been created by bank deregulation and bankruptcy reform of the 109th Congress.

Banks knowing Americans couldn’t get out of trouble when they employed predatory lending practices didn’t spur a wave of high-risk, adjustable-rate mortgages. That couldn’t be how it happened. It must be, as President Bush said today, the fault of a slow-as-molasses Congress divided by the fringe elements of both sides. That makes perfect sense.

Scapegoating

The 110th Congress has failed America in many key ways. Inactivity in government can mean the difference of survival and “falling through the cracks”. It doesn’t come close to the devastation that counteractive policy and reform causes the American public. We work harder for less money, but the banks make far more. The average American swaps out name brands for generics as luxury jets, high-ticket jewelry and $10M apartments in Manhattan sell like hot-cakes.

Cronyism

When you sell office supplies and your boss is underqualified and only became manager because of personal connections, work can be a source of frustration. When your personal connections begin causing entire populations to be ignored in the aftermath of a devastating hurricane, it becomes a much larger issue. Mike Brown, Michael Chertoff, Alberto Gonzales are only a few of the more well-known examples of Bush administration cronies, but they provide enough of an example of how ill-served the American public can be when cronies are appointed. This angers me no matter who is doing it, but by far the most gross example of overstretched qualifications are those appointments by the current faux-Republican, neo-Conservative administration. With recent comments exposing his lack of respect for humanity, one could put Supreme Court Justice Antonin Scalia in that grouping as well.

Economic factors are always difficult to directly correllate and I have a feeling I may have overstretched this link. The 109th did deregulate banks and make it much harder for hard working families to file for bankruptcy. In some way this surely has affected the housing crisis, in lender’s attitude and consumer’s vulnerability. I’m just not convinced it’s a direct cause -> effect relationship, so don’t get the impression I’m blaming the entire housing crisis on the 109th or one piece of legislation.

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  1. National Hard Money Conference hosted April 30th call 858-736-7788 for info or view 3hardmoneylenders . com

    pitbullmortgage

    April 15, 2009 at 1:05 pm


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