Obama revives subprime #mortgages 2.0 for unqualified

Here we go again. In Obama’s Socialist Subprime Disneyland, everyone should qualify for the same benefits of those that otherwise earned them. Why rent, when you can own? Why ride a bus when you drive a car? Why eat government cheese and powdered milk when you can have steak and RedBull. History is not meant to educate us about our mistakes, apparently, when you are Commander-in-Chief.

Bloomberg Businessweek has an article complaining that “In the wake of the subprime implosion, the Obama Administration has stepped up its scrutiny of disadvantaged neighborhoods’ credit access.”

The article goes on to lament the problem when banks refuse to set up shop in poorer neighborhoods. Forgive me if I am thinking capitalist here, but banks are private institutions designed to make a profit for its stakeholders. Why do we consider banks an arm of the federal government? Is it the banks’ responsibility to put new money in your account? Yes. It’s called interest. And even poor people are allowed to receive this free money, provided they put up their own money for investment first.

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