This article in the Sunday Independent is an excellent analysis of the genesis of the current economic crisis prevailing not alone in the US but throughout the world. It is also weighs the relative merits of both John McCain and Barack Obama as presidential material. Here are some excerpts:
".......The road to hell is paved with good intentions, and the economic hell that the world is now experiencing began with the determination of Bill Clinton and the Democratic Party to force mortgage providers to help the poor -- particularly those from ethnic minorities -- to become home owners.
Clinton became alarmed at the rampant success of his policy enforcers, but his attempt to introduce regulation of the sub-prime market was shot down in Congress by his own party, who were in thrall to the powerful Congressional Black Caucus who attacked prudence as racism.
George W Bush's several attempts to rein back mortgage providers were similarly sabotaged. "The Democrats are our family," said the head of Freddie Mac to the meeting of the Black Caucus in 2004 at which Obama was welcomed into the group: "You are our conscience."
There are hundreds of thousands of poor people, black, white and Hispanic, who are now homeless because the Democratic Party allowed itself to be bullied by that caucus. And Obama's failure to question the group's activities is all of a piece with his political record. He talks of change but -- unlike McCain, who is an instinctive and brave reformer -- as a politician he has never questioned the institutions of which he has been part......"
"....As a state senator for eight years, he never challenged corruption in the Democratic political sewer that is Chicago. On the contrary, he sucked up to the power-brokers and wheeler-dealers and chose as his friends people who could help him extend his political base. ......"
The text of the full article may be sourced at the Sunday Independent
".......The road to hell is paved with good intentions, and the economic hell that the world is now experiencing began with the determination of Bill Clinton and the Democratic Party to force mortgage providers to help the poor -- particularly those from ethnic minorities -- to become home owners.
Clinton became alarmed at the rampant success of his policy enforcers, but his attempt to introduce regulation of the sub-prime market was shot down in Congress by his own party, who were in thrall to the powerful Congressional Black Caucus who attacked prudence as racism.
George W Bush's several attempts to rein back mortgage providers were similarly sabotaged. "The Democrats are our family," said the head of Freddie Mac to the meeting of the Black Caucus in 2004 at which Obama was welcomed into the group: "You are our conscience."
There are hundreds of thousands of poor people, black, white and Hispanic, who are now homeless because the Democratic Party allowed itself to be bullied by that caucus. And Obama's failure to question the group's activities is all of a piece with his political record. He talks of change but -- unlike McCain, who is an instinctive and brave reformer -- as a politician he has never questioned the institutions of which he has been part......"
"....As a state senator for eight years, he never challenged corruption in the Democratic political sewer that is Chicago. On the contrary, he sucked up to the power-brokers and wheeler-dealers and chose as his friends people who could help him extend his political base. ......"
The text of the full article may be sourced at the Sunday Independent
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