That the gaffable Sen. Biden has not become the laughingstock of this campaign is astonishing. Equally astonishing is the fact that Sen. Obama’s inexperience — though there have been a few beautiful gaffes from him, too — has not become an issue. Instead, the members of the media and their fellow Democrats have made a vexed issue out of the perfectly normal — albeit abnormally charming — Gov. Palin. The claim is that she lacks the experience to be president. So, too, does the Prophet Obama.
The media’s coverage of this election has been the shoddiest I ever have seen. The country has been walloped by a financial crisis almost wholly created by the Democrats’ relaxation of mortgage lending to low- and moderate-income borrowers. It is a matter of record that the Republican nominee attempted to tighten those regulations. The Democrats’ intrusion into the markets began in 1977, with their vaunted Community Reinvestment Act, which encouraged bank loans to low- and moderate-income families. In 1995, the law was expanded, leading to an 80 percent increase in such loans.
Along with this, beginning in 1992, Congress imposed on Fannie Mae and Freddie Mac to purchase what we now know as subprime mortgages — that is to say, risky mortgages. In 1996, the Clinton administration’s Department of Housing and Urban Development, enthralled as ever to the Democrats’ urge for social engineering, ordered Fannie and Freddie to assist home purchases by low-income earners seeking homes in higher-income neighborhoods — more subprime mortgages! HUD expanded this project in 2000. Also in 1996, HUD began targeting the number of such mortgages, requiring that 12 percent of Fannie’s and Freddie’s mortgages assist low-income home purchasers in higher-income neighborhoods. In 2000, the number was increased to 20 percent.
The consequence of all the Democrats’ meddling with real estate markets and with established regulations was that these subprime mortgages were secreted into bundles of mortgage packages and sold all over the world. Now we see a crisis, and magically it is blamed on Sen. McCain’s party. The answer is to elect Sen. Obama and his lovable sidekick to the White House. Yet, as readers of this column read last week, the chairwoman of Sen. Obama’s finance committee, Penny Pritzker, gutted her own bank with subprime loans and has had to pay $460 million in penalties. Moreover, Wall Street abounds with Obama supporters who prospered on these subprime dealings.
What? What is this? Change the subject to Sarah Palin — you betcha!
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