Couple quick points. First the spirit of “revolution” always has been, from a Leftist perspective, one of violence, and not creation. They want to tear down, destroy, desecrate what is, because they hate the world we live int passionately. They hate the suburbs, and plastic toys, churches, two parent homes, and “bourgeois” morality. When I say “nihilist”, I being precise. That term was leveled at them by their opponents, but if you read Nechaev, you see a lot of cleverness attached to the task of destroying economic and institutional orders, but more or less a shrug of the shoulder when asked with what they intend to replace it. That isn’t his problem. He will create a pile of rubble, then YOU, future generations figure out what to do with. What, one might ask, if we rebuild the same thing, since it worked for people quite well. Well, he would say, then I will destroy it again.
This is the level mental midgets like Lerner are operating on. To call them stupid is somewhat wrong, though. They are stupid in that they fail to see that their hatred makes them impervious to normal forms of happiness and satisfaction. They fail to grasp their agenda is fundamentally evil, and that it hurts most those it claims to care about. Death and destruction: that is all they want. That is the extent of their thinking, which they cloak when they think about it in pious rhetoric about some group that is supposedly going to benefit.
Anyway, let us suppose that Fannie Mae and Freddie Mac did not just abuse the authority granted them to line the wallets of the executive committees. Let us suppose they had a secondary aim.
They knew they would go belly up at some point. They made too many bad loans. It was inevitable, and even though they were clearly morally stupid, I don’t think they were financially stupid.
What if, though, they had a long term plan to get WAll Street dependent on them as a customer and backer? They bought up huge tracts of the mortgage backed securities. Why would you not stop a couple months before the election? Why could you not time this with a call to your buddies over at the Credit Rating Agencies and tell them you would like them to reconsider the value of those securities, and that until they did, you weren’t buying any more.
It was that cash flow failure, that excessive inventory, that caused the big banks–Lehman Brothers and Bear Sterns–to fail.
Why could socialist revolutionaires at FM and FM more or less precipitated it? The own, directly or indirectly, 75% of all housing in America.
Ponder that fact. OUR FEDERAL GOVERNMENT OWNS most of the supposedly private housing in America. Why are we in effect not already considered to have socialized housing?
Why does not Fannie Mae’s decision to patent a device to regulate your power use remotely make sense? At some point, they presumably plan to make it obvious to everyone what has until now been happening in the dark.
Sometimes the best lies are the most flagrant and obvious. People think “surely that can’t be happening.”