Larry Kudlow proves once again that he's nothing more than a right wing, free market, Milton Friedman hack that just lies at will. Doesn't he have a conscience? Nope...It's never the big money freepers that horde the wealth of this country and have no restrictions on what they can do thanks in part to Mr Deregulation himself, John McCain. Jon Perr has more...
Kudlow: It's time for the Congress, Republicans and Democrats to stop encouraging---exhorting and forcing banks to make low income loans with no documentation. Stop that---literally pushed these lenders to make low income loans
Scarborough: Hold on a second. You cannot blame this on low income people that are getting a house.
Kudlow: I'm not blaming them. Kudlow: Sub prime, sub standard loans were a creature of the US Congress in the 90's and the 2000's.
Scarborough: Are you saying that poor people have caused this crisis?
Kudlow: Not poor people. Members of Congress who were rich people. But their Liberal guilt consciences forced banks and lenders to make lousy sub-standard loans and that has to be repealed...not everybody can afford a home, Joe. Some people have to rent."
What a crock. Kudlow blames it all on the liberals. What a joke this man is. This is another case that proves conservatism is dead. Of course not everybody can afford a home. Sorry, the irresponsible lending practices went on because it kept Bush's economy chugging along for years before it crashed and burned. The ownership society Bush and conservatives called it. Morning Joe actually takes him apart for even suggesting that low income families are the root cause of our economic problems in the housing market. It's up to the lenders to qualify people for loans. PERIOD.
I watched this crisis unfold and saw people walking into fairly expensive homes in Venice, CA with no down payments and either low or no interest loans. Yes, I'm a renter now. I couldn't believe my eyes when the property values skyrocketed (went up to 1 million) because of these lending practices. People can apply for a loan all they want, but that does not automatically mean they should be approved. That's up to the lenders. Liberal guilt is never an issue and a lie, Mr Kudlow. They aren't supposed to hand over thousands of dollars without knowing that they will be paid back. The predatory lenders made boat loads of cash at will with a conservative philosophy in hand. Just ask your best friend for a hundred bucks and see what happens...Naomi Klein writes: Disowned by the Ownership Society
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Washington think-tanker Grover Norquist predicted that the ownership society would be Bush's greatest legacy, remembered "long after people can no longer pronounce or spell Fallujah." Bush has turned out to be the ownership society's undertaker.
Logan Murphy says:
It's not often I agree with Joe Scarborough, but on Thursday's Morning Joe he tore into CNBC's favorite Bushie, Larry Kudlow for his delusional ranting about this week's meltdown on Wall Street.
In Larry's world, the mortgage meltdown wasn't caused by predatory lending practices made possible by deregulation by Bush, McCain and the Republican party, it was the policies of the evil libs in Washington that FORCED the now-failed banks and lending institutions into making sub-prime loans to po' folks who couldn't afford them. Scar jumps all over him and rightfully so. Kudlow blames The Community Reinvestment Act