I’ve written before about seeing the same movie multiple times, and how the story always ends the same. No matter how many times I yell at the pretty blond woman lodging at the Bates Motel not to step into the shower, she does. Each time this seemingly innocent woman makes the mistake of small town naivete, believing that she can wash the days dirt away with impunity, alas, she pays the ultimate price for such foolishness. No matter how many times I tell Han Solo not to trust his pirate friend Lando, he walks blindly into Dart Vader’s trap.
So, what happens when one refuses to learn the lessons of history? I’m quite certain that I’ve heard a cute little slogan about that very phenomenon, something about doomed to repeat it. Well, don’t worry too much, as I’m sure that we all would like to relive those halcyon days of 2008 over again. Especially since we’re still not recovered from the last time our financial markets flirted with complete collapse. Make no mistake about it though, this latest attempt to inflict, “fairness,” upon our economy will end in exactly the same manner as it did the last time our government tried such social engineering.
Let me say this one more time, the financial crisis can be traced to one singular piece of legislation, entitled the Community Reinvestment Act. Just in case you’ve forgotten, here’s the history of the entire act, complete with all of the moronic amendments necessary to enhance it’s destructive capabilities passed along the way. This is the name for our pain, and as luck would have it, this destructive government policy was left fully in tact by the ill conceived Dodd Frank Law, supposedly passed to protect us from the very thing this still in place law will again cause at some point during our future.
Why will we repeat this heavenly slice of history you may justifiably ask. Well, just go ahead and follow this link to see what the man from the land of Unicorns is up to now. I guess the first paragraph from the story tells us all we really need to know.
The Obama administration is engaged in a broad push to make more home loans available to people with weaker credit, an effort that officials say will help power the economic recovery but that skeptics say could open the door to the risky lending that caused the housing crash in the first place.
Words fail me on just how moronic this is, especially in light of the fact that Barack Obama, the author of this bold new plan to destroy our nation, wasted not one single opportunity to blame the financial crisis on his predecessor, George W. Bush, our 43rd President. We’ve been through the whole bit about relabeling loans made to people who had zero business borrowing anything as predatory, despite the fact that banks were forced to make these loans in order to be in compliance with the CRA. What puzzles me however, (and I realize that there will be plenty of folks who will be more than willing to set me straight,) is how are we not able to see, collectively speaking here, the folly of this plan while we are still embroiled in the full out economic disaster caused by the results of this idiocy only four years ago. It’s not as if the economic crisis is a distant memory, it’s still ongoing for the love of Pete.
Many people voted for this Snake Oil Salesman the first time around convinced that change for the sake of change would somehow be a good thing. O.K., I thought you all willfully blind and immune to common sense, but I at least held some respect for you still, as some one who was so tired of the, Same-old-same-old, that they were willing to try anything in order to clean the slate. If you voted for this man in 2012, I suggest you get a cat scan and treat yourself to an afternoon of electroshock, just to clear away the lunacy from which you are obviously suffering.
For those of you who stayed home in either 2008 or 2012, you are as much to blame as those who voted for this man-child President.
Elections have consequences.
Now, just to add the exclamation mark to my point, here is Peter Schiff delivering a speech in November of 2006, telling us exactly how the financial crisis would begin, and how it would progress. His predictions were dead on accurate, and by the way, he is telling us the same thing today.
Peter Schiff is the CEO and Chief Global Strategist of Euro Pacific Capital Inc.
