November 13, 2007

Couldn’t Help But Notice (111307)

“Using Destruction to Sell Us Cars? Ford Must Be Lost in a Dream” — No, more like an ongoing nightmare. A nightmare of their own making.

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The Toledo Blade’s editorialists hysterically step up to impeachment madness, and step away — barely:

WHEN the history of George W. Bush’s presidency is written, it is a sure bet that the dark shadow of Dick Cheney will have to be explained. Historians will surely puzzle why this President invested so much trust and power in a vice president who scorned the Constitution, argued for torture, and routinely misrepresented the truth.

Proof of the high crimes and misdemeanors needed to remove him from office would need to be very high – higher than political disagreement – before taking a step that would so roil the nation. Mr. Cheney has a lot to answer for. Let him answer to history.

Fairly written history will be very kind to Mr. Cheney. The wailing and gnashing of teeth will be fun to watch.

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David Limbaugh (“Denying Progress in Iraq“):

Listening to the Democrats denying our progress in Iraq is reminiscent of a high school debate where one team gets stuck with the wrong side of the issue and has to defend it valiantly anyway.

Somehow the Dems missed that story about Al Qaeda being driven out of Baghdad. I don’t know how — it was right there on Page A19 in the New York Times last week. I happened to be in a place that carries the Times that particular day, and confirmed this.

This virtual non-reporting also explains how the Toledo Blade (yeah, again) could issue this editorial a few days later that is so out of touch you’d think the editorialists had no idea how things were going — because they probably don’t. A visit to Michael Yon’s place every week or so is prescribed.

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In the midst of critiquing a bill imposing onerous mortgage regulation currently before Congress, Star Parker points to an experiment proving what a disaster it would be:

The Illinois Fairness in Lending Act passed in 2005 gives the state oversight authority on loans made in nine designated zip codes in the state. These zip codes are, of course, areas in which residents are mostly lower-income households.

The law places authority in a state bureaucracy to review all applications for mortgages in these designated zip codes. The bureaucrats who review these applications determine if the borrower needs credit counseling and requires the lender to pay for it if required.

The costs of the counseling are estimated to be as high as $700 and can delay the processing of the loan up to a month.

The borrower has no option to forego this counseling, whose objective is “to protect homebuyers from predatory lending in Cook County’s at-risk communities and reduce the incidence of foreclosures.”

What’s the result?

Cole reports the following: “Instead of protecting hardworking would-be homeowners from predatory lending, the new law protected them from credit. Within just a few months more than 30 mortgage lenders refused to lend on homes purchased in the targeted zip codes. Those lenders determined to service these communities saw a rise in their costs, which translated into higher interest rates on their loans.”

The purported cure was worse than the disease. Cole goes on to note that, “home sales in the designated zip codes dropped an average of 45 percent in just one month after the bill took effect. Home prices plummeted, draining relatively poor but hardworking people of what little equity they had in their homes.”

The idea that the current congressional majority wants to force-feed us a recession grows more credible with each passing day.

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1 Comment

  1. [...] Whenever you hear those words from a politician, check your wallet. And if you’re poor, run for the hills. Bizzyblog posts this and it is too important not to highlight. The effects of mortgage fairness laws: The Illinois Fairness in Lending Act passed in 2005 gives the state oversight authority on loans made in nine designated zip codes in the state. These zip codes are, of course, areas in which residents are mostly lower-income households.The law places authority in a state bureaucracy to review all applications for mortgages in these designated zip codes. The bureaucrats who review these applications determine if the borrower needs credit counseling and requires the lender to pay for it if required. [...]

    Pingback by NixGuy.com » We’re Just Here to Help — November 14, 2007 @ 7:34 am

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