Komrade Harris, senator from Kalifornia and 2020 presidential hopeful, announced that when she becomes ruler, er, president, that she will give away $100 Billion of your tax dollars to black folk. She says that this will go to down payments and closing costs of blacks who cannot save money to buy a house. As the money is only for down payments she will be incentivising lenders to issue ONE TRILLION DOLLAR$ of junk loans. This is all part of her platform to rectify “racial inequality” and to assuage the guilt of “America’s original sin, slavery“.
Once again, back the F’ing truck up a few short years. You only need to back up ONE DECADE in history.
We tried this once before by blindly issuing subprime loans (mortgages to people who would not be able to repay the loan) which caused the collapse of the banking industry. And who instigated the subprime debacle? President Obama. His administration famously stated that they forced lenders into giving loans at TWICE the previous rate to unqualified MINORITY (i.e. black) borrowers. Most of these folks ended up defaulting on their loans. The other consequence of unchecked lending was that housing prices sky rocketed because banks were “giving away” mortgages.
Komrade Harris wants to repeat the debacle of the President Obama playbook. Her plan is to once again give away over ONE TRILLION DOLLAR$ of subprime loans.
Once again we’ll see a bubble in real estate prices as people jump into the housing market using loans that they’ll never be able to pay back. Once again we’ll see a collapse of the financial industry and real estate values when all those loans go into default. Once again the American tax payer will be left holding the empty bag.
Sheesh, I guess ONE DECADE is ancient history, buried in the dust of antiquity.