* Michelle Malkin: Maligned American victims of subprime mortgage scams as “predatory borrowers”
Yep. It has been a week of revolting Republicans, alright. And things are getting revoltinger and revoltinger with each passing day.
This leads me to wonder: Why would anyone support Republicans who revolt against government spending on tax relief for the middle class, but not against no-bid contracts for Iraq?
Why would anyone support Republicans who revolt against deficit spending the moment the country elects a Democratic President, but not during the last 8 years when a Republican was in the White House?
Why would anyone support Republicans who cannot break the habit of telling racist jokes whenever a black, brown or otherwise non-white person takes the national political stage?
Why would anyone support Republicans who use their huge media platforms to hurl 2nd-grade schoolyard insults at non-Republicans, instead of offering pragmatic solutions to America’s economic problems?
Malkin and some other Republican bloggers, including Glenn Reynolds (who used to claim to be an independent) are swearing there is a new Revultion sweeping the country. Strange that none of these people were to be found when Bush was prez and wasn’t asking, but demanding the TARP bail-out and Conservative god of economics Alan Greenspan was semi-apologizing for letting speculation in sub-prime securities by millionaires like new Populists Republican spokesman Rick Santelli,
But subprime mortgages pooled and sold as securities became subject to explosive demand from investors around the world. These mortgage backed securities being “subprime” were originally offered at what appeared to be exceptionally high risk-adjusted market interest rates. But with U.S. home prices still rising, delinquency and foreclosure rates were deceptively modest. Losses were minimal. To the most sophisticated investors in the world, they were wrongly viewed as a “steal.”
The consequent surge in global demand for U.S. subprime securities by banks, hedge, and pension funds supported by unrealistically positive rating designations by credit agencies was, in my judgment, the core of the problem. Demand became so aggressive that too many securitizers and lenders believed they were able to create and sell mortgage backed securities so quickly that they never put their shareholders’ capital at risk and hence did not have the incentive to evaluate the credit quality of what they were selling. Pressures on lenders to supply more “paper” collapsed subprime underwriting standards from 2005 forward. Uncritical acceptance of credit ratings by purchasers of these toxic assets has led to huge losses.
In short Wall St was betting that home prices would never adjust downward. The averages Joes and Janes were hardly to blame for looking around and thinking this was a good time to buy a home – or rather an investment they could live in. The Kool-Tea drinkers believe and are trying to convince America that its all the fault of a hand full of borrowers that exaggerated their income to buy a house they couldn’t afford. That is 99% pure scapegoating. Sure there were some people that bought into the American dream that should have paid rent instead, but for the most part it was security traders and credit rating agencies that dropped the ball. Now that the recession seems to be in full swing the 600,000 people that lost their jobs, in January alone, Malkin and Reynolds would have us all believe, were nothing but dead beats who deserve to lose their homes. Just culling news reports for the last 24 hours produced these results,
Latham & Watkins LLP laid off 190 attorneys, about 8 percent, in a sign that even the wealthiest law firms cannot avoid the recession’s wrath., Worth magazine lays off most of NY staff,, Trane Co. lays off 45 Clarksville employees, Standard Solar lays off nine people, Allison Transmission lays off 43, Univision lays off 300 workers, Carrier lays off 300 at local plant, Coshocton Ethanol lays off about 30 employees, Cirrus Design lays off 52 workers, Unemployment rises in 46 states, The number of Americans seeking unemployment benefits topped 5 million for the first time since record-keeping began in 1967.
The Kool-Tea drinkers are revulting (not a typo) against these people getting any help. They lost their jobs, if they lose their homes, there are bridges to sleep under and tent cities to join. That attitude is hardly one that should be associated with the American War of Independence. Malkin and Reynolds are peddling fast to sell the idea that the Revultion is spreading. Probably more hot air then anything else, Sad, Irrelevant People: “Tea Parties” Fizzle
Well, those were on for today. The protests received the assistance of numerous conservative organizations and their email lists, from The Heartland Institute to Americans for Tax Reform to the American Spectator, and were all scheduled to happen today, the 27th of February.
The results? Not so impressive.
Let’s see…The Pittsburgh party was canceled due to rain. A whopping 79 people showed up today in Jacksonville, FL. Looks like maybe over a dozen showed up in Asheville, NC. Almost 10 people made it to the Buffalo, NY, protest. About 100 people throughout all of Los Angeles came out to Santa Monica Pier. All of about 300 people made it out throughout the entirety of Atlanta. 250 made it out to Dallas for the tea party there. 150 in Lansing. Looks like about 100 went to watch the Joe the Plumber and Michelle Malkin teabag fest in D.C. (if you had to retch, it’s not my fault, just your dirty, dirty mind…)
The very best numbers these jokers managed to pull was 1,500 people in St. Louis (UPDATE: St. Louis wasn’t anywhere close to 1,500; it was more like 400 if that–delusional, pathetic FAIL), and somewhere between 500-1,000 in Chicago–if reports from the organizers are to be believed.
Perhaps most hilarious is the 250-person turnout in Houston which was said to be
pretty good turn-out considering the livestock show barbeque cook-off in Reliant Park was a competitor.
Because an all-or-nothing, bare-fisted fight against a Commie takeover of the United States just can’t compete with the lure of livestock barbeque, not even for a few hours. That’s patriotism for ya! The new Republican motto might be: “Give me liberty, or give me short ribs! Aw, hell, just gimme the ribs already.”
The saddest part is that conservatives like Instapundit think that managing a couple hundred people in major cities to protest the biggest spending bill in American history is somehow a success.
The best turn out seems to be posibily in the 1,500 range. A friend of mine who runs a family style restaurant – one suffering from a down turn in business – served that many discount platters in the last three days. The Revulters are less popular then discount platters. So pardon the reality based community if we’re unimpressed. They’re complaining they’re not receiving news coverage, but a quick Google search shows they have been covered plenty by the media – there was a report on my local stations and in the paper. From the Christian Science Monitor in an otherwise uncritical report, one snip from a doubter,
How grassroots the movement really is, is debatable, says Ms. Deerman at Eastern Illinois University. “I’m suspicious only because … the conservative movement has repeatedly used this tactic of creating an appearance of grassroots activism when they’re actually very well orchestrated,” she says. “It allows them to mask this ongoing ideological battle that’s super-invested in small government, low taxes, and a free market.”
For a movement to capitalize on popular sentiment, even from the vapid Right, there has to be some substance. The Recovery Act is almost a third tax cuts aimed at households that are in the majority, those making less then $200k a year. The housing assistance helps everyone even if you’ve got a job – if too many of your neighbors are foreclosed you can kiss the value of your home goodbye. No American homeowner lives in a vacuum – unless you’re a Revulter.
Its interesting to note in that CSM article and elsewhere, Republicans distancing themselves from Republicans and from that Republican guy, what was his name, that was president for eight years, CPAC Organizer David Keene Claims Conservatives Were Fed Up With Bush ‘For Some Time’
David Keene, the chairman of the CPAC-organizing American Conservative Union and a former aide to Bob Dole, who suggested that conservatives have been frustrated with Bush for years. He said criticism of Bush was “consistent with the belief we’ve had for some time.”
[ ]…Last year, he expressed his “delight” that Bush would be attending the 2008 conference, calling it “a great opportunity for thousands of conservatives” to “evaluate the accomplishments of his administration.” As for the conservative community, when Bush stood up to speak, the entire audience rapturously chanted, “Four more years!”
Even the far Right Heritage Foundation found that Bush and a genuflecting Republican Congress played fast and lose with “shrinking” government – no faux outrage from the Right, no “tea” parties during the Bush years,
“We are now seeing the biggest expansion in government since Lyndon Johnson was in the White House,” Mr. Moore said. “It is pretty much an across-the-board mushrooming of government. We have the biggest education, foreign aid and agriculture bills in history, and bigger expansions are on the agenda.”
Mr. Mitchell called the growth of government under Mr. Bush “very troubling for conservatives.” He calculates that domestic spending is up about one percentage point of gross domestic product. “That is quite discouraging,” he said, “particularly since we made so much progress under Clinton in reducing the size of government.”
The Right thinks that by doing nothing some mystical gods of econoimic and social justice will be appeased. If nothing is done more jobs will be shed, consumer confidence will sink even lower, credit – essential for small or large businesses will tighten even more – producing more job losses – more foreclosures on those scapegoated lazy scoundrels. An odd, if not immoral scenario that reeks of the social-darwinism that was a hallmark of the old Right. Where were the people that Malkin says are “a fledgling grassroots movement … a ragtag bunch of homeschooling moms and little bloggers and a lot of people who are really deciding to get into grassroots activism for the first time” in Bush’s first term when he increased the federal budget -with the approval of a Republican controlled Congress -$345 billion. Is there an example of another president that increased federal outlays that much in such a short time? Yes, Bush in his second term – maybe all the Revulters want to claim they voted for Senator Kerry in 2004.