Monday, January 28, 2008

The Perfect Storm Hits Ohio

Well, the liberal whining concerning the defaults on low-income housing loans. Of course, the fault lies completely with the banks and lending institutions.

For county treasurer Jim Rokakis, the greed of the banks is to blame for this man-made disaster.
"All you needed was a pulse to buy a house. Some loans were written with no money down, no proof of buyer's incomes. They did not even check what people were saying. Most of those folks were jobless," he said in an interview.
"Shaker Heights was the perfect storm: poor folks, unemployed and a desire to get a piece of the American Dream."

I understand that the first thing the banks did was to look for the unemployed and poor and hold a gun to their head to get a loan for a house they couldn't possibly afford. Well, there was a gun held to someones' head, but it wasn't the poor and unemployed. Sherman, set the Wayback Machine to 1990. The New York Times headline reads: Banks Are Prodded to Offer Better Service in Poor Areas. It makes for an interesting read, but to the rub: lending institutions were forced to offer unprofitable loans, and the only way to offer lower rates on high risk loans was through the use of adjustable rate mortgages. Otherwise, the banks were threatened with action under the 1977 Community Reinvestment Act (thank you Jimmy Carter).

And, does anyone remember the complaints about a lack of investment in central cities following the Rodney King riots? South-central LA was "underserved' - check out this report by the Poverty and Race Research Council.

So, when the left gets their way, high risk people are put in houses and turn around and lose them when circumstances change - they complain that it was the mean banks. You know, just like how the Savings & Loan bailouts had *absolutely* nothing to do with a change in tax laws leading to a downturn in the housing market.

Anyone want to guess how long it is until Toledo jumps on the bandwagon? After all, King Carlton has tried to sue gunmakers, why not 5/3rd Bank? Then they can rename the stadium "Fink Park"

Friday, January 25, 2008

Friday Quote 1-25-08

The First Amendment also means the Government can't enforce a lack of religion upon me, nor can it prevent my expressing my faith in a public forum.

- Right Wing Toledo

Monday, January 21, 2008

What's Yours is Mine

Todays Blade includes a letter to the editor by one Adele Ferderman. She claims that private beachfront property should be public land, accessable to all, because public funds were used in lake cleanup.

Beaches along public waters should be open to the public whose tax money has developed, cleaned, and improved these waters. Property owners of waterfront property should not be the sole enjoyers of the benefits for which this public tax money was spent.

Ms. Federman, those property owners pay taxes on the property you wish access to, not "the public." In fact, their property taxes are based on property values, which are (surprise) higher than equivilent landlocked properties. The property ends at the water's edge (and owners are not taxed on property under water), so, if you wish to trapse along in the water, you're more than welcome to. However, step one foot upon dry land and you're tresspassing.

What's so disturbing is not that Ms. Federman wants to run along your beach without your permission, doing as she pleases; but rather that the contention that any public dollars spent on a project immediately renders it public property. Does this mean I'm entitled to a new Jeep - after all they're constructed on land provided by "public tax money."

Here's a thought: public dollars were spent on the clean-up of Lake Erie to benefit the public at large. And you do benefit, Ms. Federman, every time you turn on your water tap.