In response to:

A Political Glossary: Part II

Blandernr1001 Wrote: Jun 27, 2012 2:12 PM
and if banks were discriminating against blacks in lending then you would have expected the few loans they did grant to blacks would have been to the gold brick borrower only...and thus would have performed better than the any of the other loans...right? Loans to blacks, turns out, performed about the same as loans to any other ethnicity.
Kim D Wrote: Jun 27, 2012 2:27 PM
It wasn't just black people that took advantage of these sub-prime loans. I'm pretty sure that if the whole story was told we'd find these loans were made to all ethnicities. The mortgage market's collapse included many homes in the 150 to 300 thousand dollar range. It was not poor black people buying a modest home with money they did not have that caused the recession. It was middle class people buying or building the mcmansion on the hill with the fantastic view with money they didn't have that cause it.

KimDillon
3129 Wrote: Jun 27, 2012 4:27 PM
Plus the "flip this house" syndrome. With a rapidly increasing market, with increasing prices, speculators purchased houses with short term ARM mortgages, waited six months, then sold the houses to qualify for long term capital gains, instead of being taxed as ordinary income. Then the boom collapsed, and the same speculators are making money buying foreclosed homes on the cheap, fixing them up, and reselling them for a profit. The process is slower than the previous trend, but can still be profitable. Jimmy Carter's Fair Housing Act proved to be a monster once Slick Willy ordered its enforcement by executive order. Sound familiar? This fall, fire the libs and RINOs, disband the bureaucracy, and call for a Constitutional Convention.
olddog39 Wrote: Jun 27, 2012 5:01 PM
In this day and age, I would not call a constitutional convention until we could knock some sense into the electorate. The majority of folks who have no skin in the game would have a great time.
Repeal the 24th amendment and someone suggested a voter test to see if you were an informed voter! Gotta love that! Eliminate the party designation on the ballot to get rid of those who only vote the party line and get folks to know what the candidate stands for!
Maureen116 Wrote: Jun 28, 2012 3:03 AM
Politicians wanted to get elected or re-elected so they came up with a plan to make people think that blacks were being discriminated against in the housing market and so the government must interfere. So politicians began touting that everyone should be able to have a part of the American Dream whether they could afford it or not. They made it sound like people were denied loans simply because bankers were racists. They pushed for banks and mortgage companies to make risky loans and promised that they would guarantee these loans. So if one of these loans defaulted , the tax payer would foot the bill rather than the bank. Who could pass up a deal like that. All of the perks and NO risk. Thanks Freddie and Fannie and Barney Frank.

Editor's Note: This is part II in a series. Part I can be found here.

Politicians seem to have a special fondness for words that have two very different meanings, so we are likely to hear a lot of these kinds of words this election year.

"Access" is one of those words. Politicians seem to be forever coming to the rescue of people who have been denied "access" to credit, college or whatever.

But what does that mean, concretely?

It could mean that some external force is blocking you from whatever your goal might be. Or it could mean that you just...