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A nation of dumpster diving, gas lines, class warfare, race cards, and no jobs.
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There was no reference to the Social Justice command that was the Community Reinvestment Act of 1977. A law from the Carter presidency that mandated bank regulators must determine if banks were serving “the whole” needs of low-income communities. A law that was followed by the Social Justice commands of the Clinton Administration — in particular the 1994 National Homeownership Strategy. This Social Justice gem demanded “financing strategies, fueled by the creativity and resources of the private and public sectors, to help homeowners that lack cash to buy a home or to make the payments.” Those Social Justice strategies appeared — courtesy of Fannie Mae and Freddie Mac.
Can you say “subprime mortgage crisis”? Can you say “American financial collapse”?
Which is to say the “mess” that Obama inherited was yet another Social Justice mess. The classic mix of Big Government, Statist busybodyness flavored with a heavy dose of rich liberal lobbyists. Or, in the words of New York Times reporter Gretchen Morgenson in her exposé Reckless Endangerment: How Outsized Ambition, Greed, and Corruption Led to Economic Armageddon, the Social Justice mentality and its resulting actions that “finally blew up the American economy.”
How to fix this Social Justice mess?
Why… how else? Create another!
This jewel was, as the President loved to call it “the Recovery Act.” The stimulus. An $830 billion stimulus. Which is another way of saying almost one trillion dollars worth of stimulus.
And how was this grand Social Justice scheme supposed to cure the collapse brought on by the last grand Social Justice scheme? In the words of yesterday’s Wall Street Journal, the Obama White House and their Social Justice allies on Capitol Hill
….did what comes naturally and wrote a bill that was all about transfer payments, temporary tax subsidies, green industrial policy, homeowner subsidies, 99 weeks of jobless benefits and all the rest. The spending bonanza benefited every Democratic interest group — except the Obama voters who wanted jobs and higher incomes.
Not content with this, Obama moved on to Obamacare — effectively nationalizing one-sixth of the American economy.
Higher taxes are all set to kick in. The financial cliff looms. Dodd-Frank has descended on the economy. The EPA has gone wild.
And the results of all of this?
The unemployment rate — which was promised by the Obama White House to be at 5.2% by this point in his term — is at 7.9%. On the rise and once again higher than it was when Obama took office.
Gas prices are through the roof — and going north.
And the Hurricane? The New York Times crowed on October 29 that “A Big Storm Requires Big Government.”
They got their wish.
A man of faith in a godless age is hitting Americans where it hurts.
Mr. and Mrs. American Spectator Reader, let P.J. O’Rourke talk sense to your kids.
In Britain, defending your property can get you life.
The debacle of this president’s administration is both a cause and a symptom of the decline of American values. Unless Congress impeaches him, that decline will go on unchecked. An eminent jurist surveys the damage and assesses the chances for the recovery of our culture.
It won’t take long for conservatives to scratch this presidential wannabe off their 2008 scorecard.
The American Christmas, like the songs that celebrate it, makes room for everybody under the rainbow. Is that why so many people seem to be hostile to it?
Was the President done in by the economy, or by the politics of the economy?