Why would anyone want to return the country Bush’s Economic policies when “Bush’s Economic Policies” “failed policies of the past,” are the bone in the throat of the GOP because they can’t articulate a response? In “How to Make Money in Stocks,” by William O’Neil, points out that the Community Reinvestment Act of 1977 that was beefed up in 1995 effectively led to forcing banks to lower the lending standards to lower income individuals. Glass-Steagall repeal led to allowing investment banks to participate after 1998, and low interest rates in the early 2000s only encouraged house appreciation until the Fed started raising interest rates, at which point the subprime mortgage market collapsed.
As it is, Obama and the Democrats propaganda that Romney represented the failed policies of the past, is the Republicans’ kryptonite whether we put up a conservative or a Rockefeller Republican to lead us. To counter this we must concisely expose the role that ACORN, or whatever they are called now, Democrats, Republicans, Fannie, Freddie, Obama- played in lobbying, coercing banks into lending to previously redlined areas. The caveat would be that such exposure may result in charges of racism. There is reason to believe that the subprime mortgages morphed into a prime financing vehicle for at least 7 states. In fact, it could be argued that the subprime mortgage lift off occurred simultaneously with the internet speculation of the late 1990s. It should come as no surprise now that the Obama Justice Department is now suing Bank of America after buying Countrywide, a company that received CRA related awards for their mortgage underwriting in under served low income areas not all that long ago. They are now being sued for predatory lending practices.
If we can’t fight fire with the truth of the subprime mortgage collapse, then GW will have to be a distant memory in the face of
1) A growing Communist Party influence see www.cpusa.com for proof 2) Democrats organizing amongst organized labor 3) A weak economy in the midst of delevaraging, a recessionary Europe and a weak Asia,- I don’t expect China’s growth to continue with Communists in charge of ghost cities and 1.5 Billion people. 4) An ever increasing food stamp recipient roll 5) A hydra of Islamists untethered by semi secularised dictators
before another Republican president is elected.
We can expect Obama to pursue equal outcome results in a multitude of areas, and to pursue redistributionist policies with the Justice Department- see the Bank of America lawsuit. Without a head start in this area of the public’s understanding the good, bad and the ugly of the subprime mortgage debable, the next round of Presidential elections will result in more of the same Republican bashing with bone in throat, and the fox in the hen house can continue unrestrained until the countries remaining producers go Galt.
So where do we go now? In the midst of the lowest Representation of the Republicans in the Congress in the 1930s, a bipartisan coalition of conservative Democrats and Republicans put together a Conservative Manifesto circa 1937 according to this Wikipedia entry
- lowering taxes on capital gains and undistributed profits,
- reducing government spending and balancing budgets,
- restoring peace to the relationship between labor and industry,
- resisting government competition with private enterprise,
- recognizing the importance of profit in private enterprise,
- protecting collateral as a prerequisite for credit,
- reducing taxes,
- maintaining states’ rights,
- aiding the unemployed in an economical and locally responsible manner, and
- relying on American free enterprise
All of these could be promoted by conservatives wherever we go.