ONE MORTGAGE CRISIS IS NOT ENOUGH. OBAMA’S DEPT OF JUSTICE IS SOWING THE SAME SEEDS FOR ANOTHER ONE.

The Obama administration didn’t allow the first mortgage crisis to go to waste. They took control of General Motors and got the Democratic Congress to give them 800 billion dollars to spend however the executive branch wished. It cost workers hundreds of thousands of jobs. It put the party most responsible for the crisis in charge of ending it.

The Community Reinvestment Act, ACORN and the Department of Housing and Urban Development, in consort with Fannie May and Freddie Mac, gave us the housing boom which led naturally to the subsequent bust. They did it by mandating that banks make an an absurdly high level of sub-prime loans. By the time Andrew Cuomo was Secy of H.U.D. under President Clinton, forty percent of mortgage loans were to people with poor credit. It was a house of cards that had to fall unless the rate of sub-prime lending were reduced. Incredibly, Secy. Cuomo insisted that sub-prime lending be increased and put the pressure on the banks to do so.

The same forces are at work to do exactly the same thing all over again.

Bloomberg Businessweek reports:

Community activists in St. Louis became concerned a couple of years ago that local banks weren’t offering credit to the city’s poor and African American residents. So they formed a group called the St. Louis Equal Housing and Community Reinvestment Alliance and began writing complaint letters to federal regulators.

That was an example of community organizers at work.

At the Justice Dept., a new 20-person unit dedicated to fair lending issues received a record number of discrimination referrals from regulators in 2010 and has dozens of open cases, according to a recent agency report. Potential penalties can reach into the millions of dollars. “We are using every tool in our arsenal to combat lending discrimination,” Thomas E. Perez, the assistant attorney general for the Civil Rights Div., told a conference of community development advocates in Washington in April.

Make bad loans or pay fines. That’s the government at work.

Why would a politician want to repeat the very steps that led to the housing collapse and put so many people out on the street? There are only four possible reasons: stupidity, ignorance, seeking power or seeking opportunities for corruption.

BIN LADEN, THE MAN WHO FELL FROM HIS HORSE

From the U.K. Daily Mail
Mastermind of terror… or a doddery old fool?

The idealistic portrait of the guerilla leader secluded in his lair turns out to be an illusion. Footage of Osama Bin Laden’s life inside his shabby Abbottabad compound might have come from a care home in Hastings.

There he sits, in a woolly cap and brown blanket, silently rocking to and fro in front of a small TV.

We got it right in our post Al Zawahiri Is Al Qaeda. The once mighty man who sat astride a strong horse lost his power when his money ran out.

The Daily Mail sees two opposing messages coming from the United States: (1) Osama was a mastermind in charge of al Qaeda until his death, (2) the image of Osama as a fierce and competent leader was nothing but a myth.

It is an interesting article, well worth reading in its entirety.

THE US GOES BESERK !

These are links from Drudge, all in just one day.

Sen. Schumer Calls For Amtrak 'Do Not Ride' List...
Two tunnel 'breaches' cause scare in NYC...
SUV 'bomb' scare ...
Threats Divert Planes in Three Separate Incidents...
Passengers, flight crew subdue man banging on cockpit door...
Yemeni passenger had Calif. ID...
Scary Flight To Chicago...
Threatening Note In Bathroom Departing Detroit...
'Are we gonna blow up?'
Dallas Train Station Evacuated: Man Asked For Help Carrying Packages...
Saudi Student Charged with university bomb threat...
4 Arrested For Videotaping TSA Line At Denver...
Suspicious package found in mailbox: Cellphone sent back to company...

 
Crowd behavior certainly is peculiar. First, Audi cars accelerate by themselves, and then Toyotas do the same. Nothing gets fixed but the cars all stop acting up. Remember the Baby on Board signs? Silly things, but perhaps they worked. I always accelerated by them faster to reduce the baby’s risk exposure time. And most of those cards that said Husband in the Trunk turned out to be fraudulent.

So Schumer wants a Do Not Ride list for trains. What about the buses? The PLO did a pretty good job on them in Israel. We let anyone stand at the stop and wait for a bus with no identification whatsoever. Someone could get hurt. But Schumer only cares about the trains. Yuk! Democrats!

It will be a relief when this hysteria blows over and we can all get back to abnormal again.

AL ZAWAHIRI IS AL QAEDA

Our studies led us to conclude several years go that Osama bin Laden has played little role in directing the operations of al Qaeda since being driven from Afghanistan by the U.S military. Now we have learned, perhaps it would be better to say – now we have been told – there were no telephone or cable connections between his modest home in Pakistan and the outside world. Cell phones were banned from existence anywhere in the compound. Further we have been told, bin Laden had never ventured outside of the house in more than five years.

Directing a vast organization like al Qaeda requires constant communication. It cannot be run by carrier pigeon or an occasional courier. Furthermore, should a friend or rival seek to wrest control, it would be impossible to prevent while confined to sitting in an armchair at home.

Ayman al Zawahiri is a clever operator who usurped power from a partner before he joined Osama’s al Qaeda. He has proven himself to be a wise director of clandestine terrorist operations. He is quite unlike Osama, who was was a softly spoken, albeit very radical, Islamist with a lot of money. Osama was born into one of the wealthiest and most respected families in the Arab world. However, His primary contribution to al Qaeda was as a fundraiser. His personal wealth was limited when compared to what he was able to raise from others.

When Osama was still in his teens, his radicalism became a concern within his own family and to some in the ruling Saudi family as well. As his activities grew he became persona non grata in his homeland, in Egypt and the Sudan. He had become a “hot potato” that no one nation wanted, not even President Clinton when the Sudanese offered him up. That was before 911, of course. He finally found acceptance in a country run by an equally radical leader, Muhammad Omar, head of the Taliban and in control of Afghanistan at the time.

But bin Laden’s money was running out and so was his effectiveness as a fundraiser. His greatest value to the terrorist organization he founded was always his wealth and his fame. By the time he was driven from Afghanistan, by the U.S. military, all that was left was his fame. Al Zawahiri went from de facto leader of al Qaeda to absolute leader in fact. Bin Laden’s name and mystique were preserved with an occasional release of a video tape. Also, judging by the glimpse we’ve had of the furnishings of his home for the last several years, it appears he was no longer given much respect even by his one-time second in command.

Justice was done with the execution of the man responsible for the atrocity we call “911”. We killed a Muslim hero, but we did not assassinate the leader of al Qaeda.

JUSTAPHOTO

KRAZY KRUGMAN (JUST KIDDING)

Paul Krugman never ceases to amaze. He acknowledges the economic mess we are in but seems to be unaware of who has been in control of the White House and the Congress in recent years. Here’s what he had to say yesterday about present conditions.

A few readers have asked what I make of recent economic indicators. The answer is, nothing good.

By my count we’ve had four adverse surprises lately: GDP, private-sector payrolls, service-sector survey, and new claims for unemployment insurance. Since there seem to be a fair number of Charlie Browns out there — people who keep expecting a housing recovery, even though Lucy keeps pulling away the football — I guess we should add weak housing numbers to the mix.

It looks like a sputter, not a crash, but it’s definitely not good.

Dear reader, you and I know the Democrats have controlled both the House and the Senate since January 2007. Even Krugman must know who has been in control of the Executive Branch for the last two plus years. With Democrats remaining in control of the Senate and the presidential specter of veto, Republicans have been unable to put any real plans into law in the 4 short months since they won the House. So Paul, how is it you see that it’s the Republicans who got us where we are when the Democrats have been driving the bus?

WELL, WHICH IS IT ?

Osama used a woman as a human shield.
Osama didn’t use a woman as a human shield.

Osama’s wife was shot and killed.
Osama’s wife was not shot and killed.

Bin Laden was killed in a firefight.
No guns were fired by those inside the compound.

The government says it will not disclose which military unit carried out the mission.
Biden says the Navy SEALS carried out the mission.

Panetta says the Osama photos will be released.
Obama says the Osama photos will not be released.

Bin Laden is dead.
I hope so.

Psst! (I heard Bin Laden is still alive but Elvis Presley is hunting him down somewhere in Konspiristan. What have you heard?)

RANDOM THOTS BIRD DOG

The Random Thots Bird Dog points to current items of special interest. Occasionally, he flushes something out from the past that merits fresh attention as well. We recommend you use the links to read the full articles.

Fed Up with the Fed?  by Thomas Sowell
Dr. Sowell presents some examples of propagandic.

It was an act of war when we started bombing Libya. But the administration chose to call it “kinetic military action.” When the Federal Reserve System started creating hundreds of billions of dollars out of thin air, they called it “quantitative easing” of the money supply.

When that didn’t work, they created more money and called it “quantitative easing 2” or “QE2,” instead of saying: “We are going to print more dollars– and hope it works this time.”

Sowell has this to say about the government’s strategy of digging deeper to get out of the hole.

Those who are true believers in the old-time Keynesian economic religion will always say that the only reason creating more money hasn’t worked is because there has not yet been enough money created. To them, if QE2 hasn’t worked, then we need QE3. And if that doesn’t work, then we will need QE4, etc

Henry Morgenthau, Secretary of the Treasury under President Franklin D. Roosevelt, said confidentially to fellow Democrats in 1939: “We have tried spending money. We are spending more than we have ever spent before and it does not work.”

Paul Krugman, are you listening?

Some headlines worth a Google

No immediate boost for Obama in the polls

Bin Laden living in the same house for 6 years

The couriers‘s fatal phone call

Waterboarding gets the credit

OBAMA BIN LADEN IS DEAD. WHAT DOES IT MEAN?

We have assassinated a figure head and enshrined him forever as a martyr. By his death, we have created a Che Guevara for the Muslim world. This would not have been the case had he died of natural causes or at the hands of other Muslims.

Al Zawahiri was in operational control of Al Qaeda for years before Bin Laden’s death and remains in control after it. Some newspaper headlines have cried out “The 911 Mastermind Is Dead”, but it isn’t so. Whether he conceived the idea or not, and there is much evidence to say he did not, the genius was in the development and execution, not in the conception. The mastermind of 911 is alive and our president believes he should have a chance to obtain a verdict of innocence in a trial in a U.S. court. It was a religious leader that we assassinated.

ALIEN IN THE WHITE HOUSE

The Random Thots truffle hound was sniffing among the moss and leaves and uncovered this profound piece of work by Dorothy Rabinowitz writing for the Wall St Journal nearly a year ago. We can only present edited excerpts in this post. We recommend you click the link at the end and read the whole article.

The Alien in the White House
There should have been nothing puzzling about [Obama] to anyone who has paid even modest critical attention to Mr. Obama’s pronouncements. For it was clear from the first that this president—single-minded, ever-visible, confident in his program for a reformed America saved from darkness by his arrival—was wanting in certain qualities citizens have until now taken for granted in their presidents. Namely, a tone and presence that said: This is the Americans’ leader, a man of them, for them, the nation’s voice and champion.

Those qualities to be expected in a president [are] a matter of identification with the nation and to all that binds its people together in pride and allegiance. These are feelings held deep in American hearts, unvoiced mostly, but unmistakably there and not only on the Fourth of July.

A great part of America now understands that this president’s sense of identification lies elsewhere, and is in profound ways unlike theirs. He is hard put to sound convincingly like the leader of the nation, because he is, at heart and by instinct, the voice mainly of his ideological class. He is the alien in the White House, a matter having nothing to do with [ ] his birthplace…

One of his first reforms was to rid the White House of the bust of Winston Churchill [finding] no place in our national house of many rooms for the British leader who lives on so vividly in the American mind.

Far greater strangeness has since flowed steadily from Washington. Consider the hapless Eric Holder, America’s attorney general, confronting the question put to him by Rep. Lamar Smith (R., Texas) of the House Judiciary Committee on May 13.

Did Mr. Holder think that in the last three terrorist attempts on this soil, one of them successful (Maj. Nidal Hasan’s murder of 13 soldiers at Fort Hood, [ ] that radical Islam might have played any role at all? Mr. Holder seemed puzzled by the question. “People have different reasons” he finally answered—a response he repeated three times.

[ ] Michael Posner, assistant secretary of state for Democracy, Human Rights, and Labor, [] compared the treatment of Muslim-Americans in the United States after 9/11 with the plight of the Japanese-Americans interned in camps after Pearl Harbor, during a human-rights conference held in China this May. [The comparison is absurd. Following the attack on Pearl Harbor, Franklin Roosevelt, a Democrat, ordered every Japanese resident, man woman and child, to be taken from their homes and placed in fenced-in internment camps for the duration of the war. Following the 911 attack on the World Trade Center, President Bush didn’t intern anyone and took great pains to defray citizens from retaliation against Muslims.]

It is no surprise that Mr. Posner—like numerous of his kind—has found a natural home in this administration. His is a sensibility and political disposition with which Mr. Obama is at home. The beliefs and attitudes that this president has internalized are to be found everywhere…but never before in a president of the United States. Mr. Obama may not hold all, or the more extreme, of these views. But there can be no doubt by now of the influences that have shaped him. They account for his grand apology tour through the capitals of Europe and to the Muslim world, during which he decried America’s moral failures—her arrogance, insensitivity. They were the words of a man to whom reasons for American guilt came naturally.

To read the full article paste the following URL into your address bar (sorry, the link is not working normally).
http://online.wsj.com/article/SB10001424052748703302604575294231631318728.html