Worse, Obama’s plan is “largely the product of extensive conversations” with two lawmakers responsible for the corrupt status quo, Chris Dodd and Barney Frank.
So while the government’s push for minority lending has brought down the world financial system, the Obama administration wants to do it again, because they’re still worried about racism in the mortgage industry. It’s like what Talleyrand said about the French royal family after the Revolution was over:”They have learned nothing and forgotten nothing.”
There’s a saying, popular with members of Alcoholics Anonymous, that “Insanity is repeating the same thing over and over, expecting a different result.” Kipling, following Proverbs 26:11, preferred “That the Dog returns to his Vomit,” which refers to the habit of some dogs of trying to re-eat something they couldn’t keep down in the first place.As an example of this kind of behavior, two stories highlight the fact that the Obama administration is still trying to get bankers to lend more money to minorities–minorities who by definition aren’t credit-worthy, or the bankers would want to lend to them. (Japanese-Americans, by contrast, have little difficulty getting mortgages.) Hans Bader writes at Examiner.com that…