25 February, 2008

Jimmy Carter strikes again

I just heard a good explanation of yet another socialist-democratic scheme that on it's face seems good, but in the end is hitting hard on banks and the economy.

Namely, the Community Reinvestment Act of 1977 signed by then President "Jimmy" Carter. He was the first president to officially campaign on a nickname. I also remember inflation around 20% during his administration, his bailout of a private corporation. Chrysler received a $1 billion cash aid. This was the first time in the history of the USA that a private corporation got what I would call "welfare", but that was the going trend back in his hippy days.

Now our economy is suffering from Jimmy's welfare program of allowing anyone to get a government backed loan regardless of their ability to repay. If a social-democrat is elected, we will be well on our way to communism as the US takes on all these defaulted loans and continues to give money to those who will not work to repay them.