There is a parallel between the crisis of 9/11 and today’s financial panic. The terrorist attacks on that dreadful date stunned everyone in the USA with the exception of the Islamic perpetrators and their leaders, yet there had been many escalating attacks in the previous few years. We all knew that terrorism was gaining momentum yet when the twin towers collapsed few were sure that it was Islamic terrorists who had struck. The sheer scale of the assault caught even the most switched-on by surprise. With hindsight we can see that the writing was on the wall at least two years before. It is the same with the economic crisis we now face. Many have been alarmed over the past few years and I have heard many conservative pundits on Talk Radio predict that Fannie and Freddie were leading us all to disaster and that we taxpayers were on the hook for a devastating bill.
Twice in the last 5 years my wife and I have negotiated a mortgage and on both occasions my wife told me that the Bank who gave us our loan would not own that loan for long. When she first told me it would be ‘bundled’ and sold on in a mix with many other loans and then sold on again and again, I was shocked. The first question I asked was why wouldn’t the Bank want to own it? “They spread the risk.” she replied. “What risk?” I asked, for we had been well-vetted before being granted our mortgage, including having to provide evidence (a paper trail) of where our 20% deposit had originated. It occurred to me then that the buyers of our debt, now bundled with others, had no relationship to us and knew nothing of our financial stability. It also occurred to me that every time that the risky ‘bundle’ was sold on, some financial wizard was taking a slice and at the same time passing on the risk. It brought to mind the children’s game ‘pass the parcel’ that used to excite me so much at parties. It was exciting because everyone knew that there had to be a loser each time and only one eventual winner when the music finally stopped.
When I first heard that Democrat politicians in the House had passed legislation to force mortgage companies to lend money to people without earned income so that they could buy houses, I knew that that was economic nonsense. When Democrats talk about ‘minorities’ and the ‘underprivileged’, we all know that it is PC code talk. They are not talking about Chinese, Japanese, Vietnamese, Korean, Cambodian, Filipino or Indian people for all these minorities, even when they lack English language skills and arrive as penniless victims on our shores, soon manage to find paying real work, an adequate education and the means to buy a home. Most Latinos also soon find work and property to rent and I know they take advantage of health and welfare loopholes (bigger fools us) but they rarely demand anything except the right to work. The minority being referred to is the African-American big-city minority, already mired in dependency and who guaranty the Democrat Party a bloc vote-some of it fraudulent- at election times. This minority might soon be represented in the White House by Mr. Obama, who only looks like he is one of them. I will bet that after 5 years of Leftist special treatment at everyone else’s expense his Presidency will not have altered their dependency on welfare one jot, for public welfare actually divests people of self-respect and provides no incentive for change. Being provided with housing, whether by subsidy, as in public housing and ‘affordable housing’, or through loans without collateral is also a form of welfare for this minority.
I suspect that the bundled, well-skinned mortgages like mine, and those unsupported by collateral, mostly ended up with Fannie and Freddie, where corruption was rampant and free-market capitalism non-existent. The Leftists who infested these two mortgage giants and, after providing largesse to political comrades, plundered for themselves, will escape retribution, for the Media Class will give them a free pass. In the private banking sector, those who bundled will also escape retribution, for they took their cut and then washed their hands of responsibility.
I have seen attempts to downplay the connection between the crisis and the welfare of ‘mortgages for the disadvantaged’. If only 4% of mortgage defaults can have such consequences, so the defense goes, there must be something bigger wrong with the capitalist system. It seems to me that after so many had skinned my mortgage before its final resting place, no system could sustain any defaults. I can see no alternative but a giant taxpayer (that is everyone but that minority, and the billionaires of Hollywood, Wall Street and Congress) bailout. All of us who pay off our mortgages will now have to pay for this debacle or face even more costs. Any legislation should ensure that in future the mortgage lenders should be free to lend to only those who have means to repay and such decisions disregard skin color and social status. It should also ensure that lenders retain their link to the property that has been purchased. Bundling should be outlawed for it severs the connection that ensures accountability.
All those politicians who gave Freddie and Fannie political cover should be impeached and those who financially benefitted should be given their day in court. I know that will not happen for the Media Class exercises the power to make Black into White and vise versa and the culprits will not only escape justice but will also end up on the winning side in the November election. I cannot see McCain/Palin overcoming the Media’s power in order to reach the voters, nor overcoming the fraudulent votes of the Big Cities. Sometimes I think I will write an article that lists all the ways that the Media can and does manipulate the news but then I realize that it would be an exhausting thing to do, for the scope for manipulation is almost boundless.
On this website, we sometimes list the component parts of the now-powerful Media Class and we include Fashion and Professional Sport. We argue that both are now wedded to the Media and the links are both economic and social. Last week, Steve Kolb, executive director of the Council of Fashion Designers of America said publicly that he “couldn’t envision” the fashion industry lending its design talents to the Republican ticket. Mr. Radical and Mr. Right rest their case regarding the Fashion Industry. With regard to Professional Sport, we recommend an excellent article in this month’s BNP magazine ‘IDENTITY’. It is by Colin Liddell and titled “Showing Political Correctness the Red Card”. I assume that Mr. Liddell is a BNP member but cannot recall reading anything else he has written. The BNP should give him more columns for he is a good writer and this article is carefully and persuasively argued. He explains how Pro Sport in America has marginalized White athletes in response to the political pressures of PC and affirmative actions. I had assumed that the predominance of Black players in football, basketball and other sports was due to innate racial characteristics but Liddell has convinced me that the demise of White pro sportsmen is due to a sustained campaign to demoralize White males. He correctly points out that the same process is taking place in British pro Sport. Liddell only misses one thing and that is the most important link between Pro Sport and the rise of the Media Class. Since the 1960’s Sport has become an important and lucrative component of entertainment. The wealth pouring into Sport is dependent upon its Media exposure. The Media Class can and does demand political correctness from all who make their living in sport. Its interest in Sport is its entertainment value on the small screen and it offers those who co-operate celebrity status and wealth. Behind these factors lies the more important one that the Media Class has a revolutionary Leftist social agenda which requires the destruction of (White) Christian Nationalist sentiment and culture. I believe that ‘IDENTITY’ is now on-line so I suggest our readers look for the September Issue number 94.