The presidential campaign is at a fevered pitch. The latest economic meltdown in the banking sector has the "economic experts" on Black talk radio feeling vindicated that what they have been saying about the Republicans and the "money exchangers" have been right all along. Now mind you in their arguments they can't swim away too far from the life preserver that they cleave to as they make their arguments in the context of fellow travelers who believe the same as they do. The Republicans are in control of the Executive Branch you know. The Democrats are in control over Congress but this doesn't count in their attacks. The fact is that the Republicans had control over congress for the past 6 years before the heroes in so thus the Republicans are to be held accountable. Any rational human being will vote to purge all Republicans out of office because they have failed and have hurt the country. This is the logic of the Black Democratic operative who swears upon his grandmother's grave that he is doing nothing more than pursuing the best interests of the Black community.
You know that he has been warning us about the financial turmoil that has been allowed to happen in this country due to unchecked capitalism. The greedy barons are "looting our nation" and they have been working to put a stop to this! One thing that I notice in listening to their arguments is the distinct difference between their RANTS AND CONCERNS and the PREVAILING POLICIES THAT WERE IN PLACE during the time of their favored president. This is an important distinction. I can point to several local activists here in town who have been fighting for "access to capital" and against "predatory mortgage loans".
The gaping hole in all of this, however, is the question - despite having your party in power during some of the time that you were saying these things - can you claim that yours was the prevailing SENTIMENT? In most cases the answer is not only NO - it is also the case that everyone else knew that this activist's policies would have thrown cold water onto the desire of all politicians - economic growth.
It is all too interesting that when we assign ownership of the following phrases:
* Access to capital
* Underserved communities
* More flexible loan terms
their attachment goes to the progressive. The fact is that the roots of this crisis (I am not saying the only reasons for) are in the fact that credit lending terms were lowered on the front end and the originating banks failed to do the necessary due diligence to validate the paper that was coming into their offices for consideration.
Please note, however, that in the wake of all of this mess will be tightened lending standards and thus the very people who were assisted into a home will have a hard time doing the same at least for the next 10 years.
But Houston we have a problem. Economic growth in America is centered upon extending credit and loans to people and organizations so that they can translate this capital into jobs, businesses and general opportunity. There is no getting around this fact. There is no "government blessing" via regulation that is going to change this fact.