09.26.08
the oracle you are so right ! so we repeat
Remember Bush’s “ownership society” theme?
Remember the Republican push for a “permanent Republican majority”?
Well, these are connected…and actually have caused the current Wall Street meltdown.
“Property owners” tend to be more conservative, just as investors tend to be, with money and property going hand in hand.
“Property owners,” typically being more conservative, also tend to vote for Republicans instead of Democrats.
Thus, if the Republicans could pump up the number of “property owners,” adding people from the pool of American citizens who aren’t “property owners,” then the Republicans could, or so they hoped, pumped up the number of people voting for Republicans instead of Democrats, thus assuring Republicans of a “permanent Republican majority.”
To do this, the Republicans, their conservative lobbyists, and corporate pals on Wall Street had to bypass normal lending policies and procedures, de-regulating and basically destroying lending filters, safeguards meant to keep credit-overextended, collateral-challenged individuals from taking out loans, especially home loans, which they probably would have a hard time repaying.
Thus, the current Republican-created debacle on Wall Street.
