Mar 02, 2009
Last week, I talked about the outrageous lawsuit seeking 32 million dollars from an Arizona rancher who apprehended at gun point 11 illegal immigrants illegally crossing his property sneaking over the border into the United States. The Mexican Legal Defense Fund claimed the rancher had violated their civil rights. I’m delighted that the jury denied the claim for 32 million dollars. However, Mr. Barnett was ordered by the jury to pay $77,000. Did he violate their civil rights? What kind of civil rights do illegals really have? Mr. Barnett will appeal the decision. Stay tuned.
Now, the subject I really wanted to talk about has nothing to do with immigration or property rights. I turn on the television and I see some blowhard member of Congress going on and on blaming everyone for our economic problems, and refusing to fairly look at the facts. They drag the bankers before their Committee and berate and humiliate them. Why aren’t you loaning money? The government bails you out and you don’t loan money. The answer to that question is simple –
- The banks got into this mess by making a lot of bad loans. Do we really want them to make more bad loans?
- A lot of people who are a good credit risk don’t want to borrow in these uncertain times.
Another bone to pick with Congress is this. Stop blaming all of our problems on “greedy” Wall Street and George Bush. Yes – Wall Street made plenty of mistakes, Bush wasn’t perfect. But instead of trying to pass off the blame, government should take a serious honest look at itself. The blame cannot be entirely laid at the feet of weak regulation and a greedy Wall Street.
Government asked for this failure (yes, they did). Especially Congress. In 1990, the Department of Housing and Urban Development demanded that banks make more loans to low income individuals. The Department of Justice began bringing lawsuits against banks that did not make loans to minority applicants at the same rate as others. Congress was beating the drums demanding loans to individuals with no down payment and no income verification. Congress!!
I am tired of listening to these sanctimonious, dishonest Congressmen refusing to accept their share of the blame. Now, I got it off my chest.