The Elephant In The Room

There's more than enough blame to go around on both sides of the aisle regarding the current US economic mortgage-sourced crisis. Financial socialism is the result.

But further, there is a definite Politically Correct Elephant in the room.

Michelle Malkin makes a great point on this predicament:

My syndicated column today tackles the bailout angle no one wants to talk about: Open borders and the home loan debacle. You’ve heard a lot about Fannie/Freddie and the minority lending shakedowns, but you haven’t heard most commentators/analysts on either the left or the right talk about the massive illegal alien mortgage racket — a topic I’ve reported on for the past five years. That’s because fault lies at the feet of the crime-enabling banking industry and the ethnic lobbyists and the illegal alien-enabling Bush administration.

She continues:

And I second Mark Krikorian: Credit is not a civil right. It’s not a civil right for illegal aliens. For foreign banks. For American banks. For anyone. The bailout proposal, as I noted earlier, now includes student loans and auto loan debt. Will our tax dollars next cover foreign student loan debts? Illegal alien in-state discounted college tuition debt? Where and when will it end?

And more pointedly:

It’s no coincidence that most of the areas hardest hit by the foreclosure wave – Loudon County, Virginia, California’s Inland Empire, Stockton, San Joaquin Valley, Las Vegas, and Phoenix, for starters — also happen to be some of the nation’s largest illegal alien sanctuaries. Half of the mortgages to Hispanics are subprime (the accursed species of loan to borrowers with the shadiest credit histories). A quarter of all those subprime loans are in default and foreclosure.

Who pushed these loans originally? Demorats promoted loans to those poor, disadvantaged "minorities" (who are actually a majority) and didn't want to be viewed as judgmental and discriminatory knowing full well they were incapable of a payoff on loans. The Demorats simply wanted "poor people" to be able to get a home. Apparently being able to prove one's fiscal viability was nil; apparently being able to prove one's citizenship was likewise nil.

I'd like a Rolls Royce Phantom. But it doesn't mean that I should qualify for the car loan required to purchase one, nor does it guarantee I could pay back that loan considering my other financial commitments. Here's a Newsflash: if you're poor and can't afford it, you SHOULDN'T be able to get a home! What is so difficult about this concept? Logic? Proportion? Rationality?

And the Bush Administration is damned near as culpable in terms of setting precedent for not handling the illegal immigration issue and with spending.

The Elephants are coming home to roost and they're turning our pockets inside-out.

BZ