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.
posted by Chief RZ @ 25.2.08
5 Comments:
Thank you for visiting and commenting on Political Pistachio. After perusing your site, I have bookmarked it and plan to add it to my "favorites" list shortly. God Bless. Doug www.politicalpistachio.com
Thanks, Doug, sorry it took so long, I just passed my FAA Knowledge test.
Chief,
Thanks for visiting and you are correct, the Chrysler bailout, which at the time, if I remember correctly, was sold as a "national security" measure due to Chrysler's defense contracts, has come back to haunt us. Now anyone who gets into financial trouble expects a government bailout.
One person questioned my "I also remember inflation around 20%..." Focus on the word remember.
In my small town, I did see prices go up over 300% especially gasoline: from 25cents to 75cents in about one year.
Looking back, some economists have written:
"In the 70s, gold spiked to over $800, Inflation rates were over 14%, OPEC limited the supply of Oil, there were wars in the Middle East and the U.S. economy was a wreck. In the 2000s, Gold has doubled from $250 and ounce to over $500, inflation has doubled from 2% in 2002 to over 4% in 2005"
In March of 1980, it hit 14.8%. Remember, these numbers are calculated using the Current Consumer Price Index (CPI-U) published monthly by the Bureau of Labor Statistics (BLS).
I held AA 88's paying 16+% and bought them for about $900. That would yield about 20%.
I hope most all except the most hard liberals will be able to understand the statement and would be willing to debate further and cite their sources.
For an extensive walk down the path of "reality", see the 28Dec08 post. I do want to archive it.
http://sayanythingblog.com/entry/when_
community_organizers_
and_big_government_force_banks_
to_give_bad_loans/
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