Confiscating Capital

Apparently, Abraham Lincoln was prescient.  He recognized his adversaries’ traits, and he noted their penchant for stealing the products of other people’s labor.  He declared, it is the same spirit that says, you work and toil and earn bread, and I'll eat it.

As posted here previously, America is in a Diversity Depression.  The results of decades of Theftocrats’ vote buying through deficit spending are upon us.  Gullibly, we signed notes mortgaging our heirs’ futures, enabling Corruptocrats to pander to the drones who comprise their core constituency.  One result is that today, there are too few people who work for a living to support those who vote for a living.

To continue coddling them, Theftocrats sent Attorney General Eric Holder out with a regulatory club perpetrating wholesale theft.  He is reviving the affirmative action lending practices that caused our current economic malaise.  These unrepentant thieves are trying to steal as much as possible before they lose the 2012 election. 

Holder is forcing banks to relax their mortgage underwriting standards and approve loans for minorities with poor credit as part of a new crackdown on alleged discrimination.  The people who benefit from this theft are the very people who made the allegations.  This is the illegitimate spawn of the Community Reinvestment Act. 

So far, Holder has extorted some $20 million—DOJ admits another 60 banks are already under investigation—from banks that settled out of court to avoid protracted litigation.  Included were ‘non-disclosure’ settlement agreements barring them from talking while allowing the DOJ to operate behind a curtain of secrecy.  DOJ's conduct is reprehensible, and they want to hide it.  Naturally, mainstream media have been largely silent.

The primary criterion for receiving these giveaway mortgages is to qualify for affirmative welfare.  DOJ is forcing banks to advertise that minorities cannot be turned down for a loan ‘because they receive public aid, such as unemployment benefits, welfare payments or food stamps.’  No job; no problem!  Have we seen this somewhere before?

Eric Holder and DOJ’s Civil Rights Division have revived Bill Clinton’s welfare housing hustle.  Exponentially bloating the Community Reinvestment Act's reach increased the number of scam mortgages and led to the sub-prime mortgage industry that collapsed in 2008.  With Fannie Mae and Freddie Mac teetering on the brink of bankruptcy from guaranteeing so many fraudulent loans, government seized them both. To date, about $150 billion has been required to bailout the two agencies to keep them solvent.

The conditions that Holder has imposed requires banks to hire inner-city ‘community organizers’…lenders are being forced to bankroll Acorn clones that often exist just to shake them down for risky loans.  DOJ is forcing banks to give stockholders’ money to professional sponges to achieve O-buma’s racist social agenda.

On one hand, government makes banks practice fiscal restraint.  They fired managers, CEOs, and boards of directors.  Multiple agencies gave them soundness examinations.  Federal money was forced on them to pay for failed federal lending requirements.  As a result of this sort of government interference, 1400 banks have closed in the last two years, and many more are expected in 2011.

O-buma is in the process of nationalizing the banking industry.  Since 2006, private loans fell from $8.48 trillion to $6.58 trillion; government loans increased to 6.32 trillion from $4.40 trillion.  This does not include the half trillion dollar student loan business that feds confiscated from the private sector.  When the second dip in the current recession hits, O-buma will declare a national emergency.  Soon after, the Federal Reserve will seize the remaining banks.  The state will have confiscated the nation’s capital to re-distribute as it chooses.

May your gods be with you.