Two thingies worth reading:
First, from Newshoggers, lots of very good links in this post. Basically, it’s the Bush administration causing the free market types’ nightmares. In the update though, we see, that it is the prospect of Obama being president that has caused all the problems. Obama is scary.
Second, from McClatchy, we have a rebuttal to the wingnut view of history. It’s worth reading.
It made me think about how we got this house. Outside of the good luck we had because we were helped by an old friend of my father, we also went through a first time home owner’s workshop. That allowed us to get a lower interest rate for our loan and a little breathing room on our quaIifications. The first six months of the year that we applied for the loan (1999) I had worked in Eastern Europe for very low wages (which couldn’t be verified) and for some wages that were off the record. We went to one mortgage lender’s office in an office building off the loop. I remember thinking it felt a little sleezy. We ended up going with a local bank. We were told up front that our mortgage would probably be sold and it was, not long after we got the house. At the time I had hoped that our mortgage would stay with the local bank, but the entity that bought it is reputable and hasn’t been mentioned in any of the troubled institutions so far, so everything is ok so far.
I still hear those questionable mortgage leanders advertising on wingnut radio stations. Michael Berry and Hugh Hewitt are the ones that come to mind. They aren’t banks, they aren’t lending institutions, they are mortgage brokers. Their sole purpose is to make the mortgage and sell it.
I woke up early enough on Friday to hear Stanley Kurtz on Bill Bennett’s show. Kurtz has linked the mortgage crisis to Bill Ayers and Obama. No surprise there, except how low Bennett has decided he will go in this election. He still gets to spew on CNN from what I understand via his bragging about it on his radio program.
Like Cernig in the Newshoggers link above, I don’t have much of a problem with nationalizing some portion of troubled banks, especially if it helps put the ‘free market is the solution’ idea to rest once and for all. I’ve always uderstood the need for government and have appreciated what government can do right. However, there needs to be oversight and hopefully that’s what will happen.