From the Right

Observing my upside down America

Archive for June 27th, 2009

What’s Michael Jackson got to do with it?

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or – Does anyone smell anything burning?

Being serious (but only for a moment) the media coverage of Michael Jackson’s untimely (and self-inflicted?) demise reflects their understanding about what interests their audience (that would be us).

On that basis alone, it should serve to infuriate all of us.

While we watch media scramble to get the best angle on the story which serves to inflate CD sales for Jackson’s estate, meanwhile, back at the ranch, our economy is in shambles, driven there by the notion that our economic system is somehow flawed and so meddling legislation is warranted to “save us” from our evil capitalist ways.

Never mind the fact that America (once) represented the largest economic force on the face of this planet with greater prosperity than any country in history. Oh no, we must “fix it” with ill conceived legislation driven by the idea that our free market system is “unfair” or “cruel” and casts aside the “less fortunate” and “down-trodden” among us.

Hell if they would just get off their collective butts and quit expecting entitlements maybe we wouldn’t be in the current mess our “leadership” has brought upon us.

So, as we watch the Michael Jackson events unfold which leaves us looking like a bunch of chickens watching a card-trick, Rome burns.

Now, back to my regularly scheduled humor…

… Pssst.. Michael Jackson is still dead… pass it on.

Written by Ben

June 27, 2009 at 11:43 am

Barney Frank – What a piece of work

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‘The private sector got us into this mess. The government has to get us out of it.” – Barney Frank

This is an interesting piece by the Boston Globe. Hopefully, the voters in Massachusetts will gather in 2010 to vote this bag of hooey out of office and into the streets where he rightfully belongs. He can’t even admit to his own failings.

Written by Ben

June 27, 2009 at 11:20 am

The famous meltdown began in what!!? 1977??

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Let the meltdown begin

The Community Reinvestment Act (or CRA, Pub.L. 95-128, title VIII, 91 Stat. 1147, 12 U.S.C. § 2901 et seq.) is a United States federal law designed to encourage commercial banks and savings associations to meet the needs of borrowers in all segments of their communities, including low- and moderate-income neighborhoods. Congress passed the Act in 1977 to reduce discriminatory credit practices against low-income neighborhoods, a practice known as redlining. The Act requires the appropriate federal financial supervisory agencies to encourage regulated financial institutions to meet the credit needs of the local communities in which they are chartered, consistent with safe and sound operation. To enforce the statute, federal regulatory agencies examine banking institutions for CRA compliance, and take this information into consideration when approving applications for new bank branches or for mergers or acquisitions.

Where did this bill get started?

The CRA was passed as a result of national pressure to address the deteriorating conditions of American cities particularly lower-income and minority neighborhoods. Community activists, such as Gale Cincotta of National People’s Action in Chicago, had led the national fight to pass, and later to enforce the Act.

Hmmm… community activist. Rings a faint bell.

And who signed this beautiful piece of legislation into law?

The original Act was passed by the 95th United States Congress and signed into law by President Jimmy Carter in 1977.

A democrat. Who woulda thunk?

…and the effects?

Some economists, politicians and other commentators have charged that the CRA contributed in part to the 2008 financial crisis by encouraging banks to make unsafe loans. Others however, including the economists from the Federal Reserve and the FDIC, dispute this contention. The Federal Reserve and the FDIC holds that empirical research has not validated any relationship between the CRA and the 2008 financial crisis.

You can read the time line of events here.

Written by Ben

June 27, 2009 at 11:06 am

Barney Frank is at it again!

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Fannie, Freddie asked to relax condo loan rules

In a letter to the CEO’s of both companies, Representatives Barney Frank, the chairman of the House Financial Services Committee, and Anthony Weiner warned that a 70 percent sales threshold “may be too onerous” and could lead condo buyers to shun new developments, according to the paper.

The legislators asked the companies to “make appropriate adjustments” to their underwriting standards for condos.

You can read the whole article as it appears in Reuters here.

What does it take?

What in this world does it take to get this fool out of office? Someone, please, please tell me. Can the collective in Massachusetts be that stupid to believe Barney Frank has acted in their best interest as well as the interest of America? If they would only pull their heads out of their collective butts, maybe the voters in Massachusetts will do the right thing in 2010 and vote this piece of garbage out of office.

Are ya listening Massachusetts?

While I’m at it, someone wake up Connecticut and let them know about their fine leader, Chris Dodd.

Written by Ben

June 27, 2009 at 10:05 am