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Milton J. Madison - An American Refugee Now Living in China, Where Liberty is Ascending

Federalism, Free Markets and the Liberty To Let One's Mind Wander. I Am Very Worried About the Fate of Liberty in the USA, Where Government is Taking people's Lives ____________________________________________________________________________________________ "Extremism in defense of liberty is no vice. Tolerance in the face of tyranny is no virtue." -Barry Goldwater-

Wednesday, October 01, 2008

Politically Correct Vs. Financially Sensible....

Democrats, since the Community Reinvestment Act of 1977, have been supporters of politically correct lending at the expense of making financially sensible loans. They are also complicit in pushing Freddie Mac and Fannie Mae as well as a multitude of banks when they sought to merge to buy and hold these loans in their portfolios. This is not the greed of Wall Street but the stupidity of Washington, that continues to foist unfunded mandates on people and businesses in the USA.

Don't just listen to me, listen what Bill Clinton has to say about it....

However, no-one or political party is without blame. But what is to blame is to centralize decision making power in Washington is recipe for problems. Washington distributes over $2 trillion annually in the USA. This is too much and we need to get these incompetent people out of the economic lives of Americans.


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