An Investor’s Business Daily editorial makes it clear who is responsible for the financial crisis, and why:  

The risk-taking was her [Pelosi’s] idea — and the idea of all the other Democrats, along with a handful of Republicans, who over the past 30 years have demonized lenders as racist and passed regulation after regulation pressuring them to make more loans to unqualified borrowers in the name of diversity.

They were the ones who screamed — "REDLINING!" — and sent banks scurrying for cover in low-income neighborhoods, where they have been forced to lower long-held industry standards for judging creditworthiness to make the subprime loans.

If they don’t comply, they are threatened with stiff penalties under the Community Reinvestment Act, or CRA, a law that forces banks to make home loans to people with poor credit risks.

No fewer than four federal banking regulatory agencies are responsible for enforcing the law. They subject lenders to racial litmus tests and issue regular report cards, the industry’s dreaded "CRA rating."

The more branches that lenders put in poor neighborhoods, and the more loans they make there, the better their rating. Those lenders with low ratings can not only be fined, but also blocked from mergers and other business transactions needed to expand.

The regulation grew to monstrous proportions during the Clinton administration, obsessed as it was with multiculturalism. Amendments to the CRA in the mid-1990s dramatically raised the amount of home loans to otherwise unqualified low-income borrowers.

The revisions also allowed for the first time the securitization of CRA-regulated loans containing subprime mortgages. The changes came as radical "housing rights" groups led by ACORN lobbied for such loans. ACORN at the time was represented by a young public-interest lawyer in Chicago by the name of Barack Obama.

Banks and other lending institutions should not be the servants of government. They should be in business to make a profit. In the end, the perversion of their purpose harmed the whole economy, and the worst sufferers are precisely those that the misdirection of their function was supposed to help.  

Investor’s Business Daily today carries an article by Ernest S Christian in which he raises the question of whether the Democratic Party will ever recover from the huge mistake of nominating Barack Obama as its presidential candidate. 

The candidate Obama, in his view, is a ‘media-created virtual person’.  The real Barack Obama is a threat to the party that nominated him, to the nation, and – we would add – to the world.

He continues in part:

Why should Americans of African heritage invest their hopes, dreams and identities in a Chicago pol with an unsavory past replete with radicals, racketeers and racists, a borderline Marxist agenda and a doubtful attitude toward America — and with whom they have nothing in common other than skin color?

How many Reagan Democrats want a left-wing collectivist in the White House, especially one who has no respect for them and their values? Even "liberals" do not actually like to pay high taxes or want the economic pie to be made smaller.

And nobody looks forward to a more authoritarian government. Who, for example, wants a government bureaucrat telling them which doctors to use, what medical care they can receive and when?

How do the real people of America, those who do the work, raise the families, pay the taxes, defend the nation and make America the truly exceptional place that it is, feel about an arrogant young man whose self-esteem is so much greater than his accomplishments?

Do they want a president who has seldom held a real job, never run a business or done much of anything other than promote himself? And what about the young idealists preparing to cast their first votes? Do they really intend to vote for an illusion? Do any Americans want a president who regards himself as a citizen of the world and may have mixed loyalties?

The potential downside consequences of an Obama presidency are enormous. And on the upside, what is to be gained? The frisson of having voted to elect an African-American president? A last-minute slap at President Bush, who will be out of office in January anyway? A pointless protest against a war that is now being won and will soon be over?

Read the whole thing here.

 Post 1968 feminism was the Revolt of the Unattractive.  Feminists thought to compensate themselves for failing as women by succeeding in the male-dominated worlds of business, politics and so on.  

Now along comes a woman who is beautiful, loved, happy in her marriage to a good husband, the mother of five children, a success in everything she has undertaken, and in three strides – mayor, governor, vice-presidential candidate – achieves more than almost any other woman in America ever has.

The feminists’ vicious, spiteful, small-minded rage against Sarah Palin is sheer green-eyed envy. 

 Amir Taheri writes in the New York Post:  

WHILE campaigning in public for a speedy withdrawal of US troops from Iraq, Sen. Barack Obama has tried in private to persuade Iraqi leaders to delay an agreement on a draw-down of the American military presence.

According to Iraqi Foreign Minister Hoshyar Zebari, Obama made his demand for delay a key theme of his discussions with Iraqi leaders in Baghdad in July.

"He asked why we were not prepared to delay an agreement until after the US elections and the formation of a new administration in Washington," Zebari said in an interview.

Obama insisted that Congress should be involved in negotiations on the status of US troops – and that it was in the interests of both sides not to have an agreement negotiated by the Bush administration in its "state of weakness and political confusion."

"However, as an Iraqi, I prefer to have a security agreement that regulates the activities of foreign troops, rather than keeping the matter open." Zebari says.

Though Obama claims the US presence is "illegal," he suddenly remembered that Americans troops were in Iraq within the legal framework of a UN mandate. His advice was that, rather than reach an accord with the "weakened Bush administration," Iraq should seek an extension of the UN mandate.

While in Iraq, Obama also tried to persuade the US commanders, including Gen. David Petraeus, to suggest a "realistic withdrawal date." They declined.

Obama has made many contradictory statements with regard to Iraq. His latest position is that US combat troops should be out by 2010. Yet his effort to delay an agreement would make that withdrawal deadline impossible to meet.

Read the whole report here. 

 This from the Investor’s Business Daily:

Obama in a statement yesterday blamed the shocking new round of subprime-related bankruptcies on the free-market system, and specifically the "trickle-down" economics of the Bush administration, which he tried to gig opponent John McCain for wanting to extend.

But it was the Clinton administration, obsessed with multiculturalism, that dictated where mortgage lenders could lend, and originally helped create the market for the high-risk subprime loans now infecting like a retrovirus the balance sheets of many of Wall Street’s most revered institutions.

Tough new regulations forced lenders into high-risk areas where they had no choice but to lower lending standards to make the loans that sound business practices had previously guarded against making. It was either that or face stiff government penalties.

Obama’s ‘remedies’ would make matters much worse, the editorial declares.

Read the whole thing here.

 Little Green Footballs reports:

ISLAMIC law has been officially adopted in Britain, with sharia courts given powers to rule on Muslim civil cases.

The government has quietly sanctioned the powers for sharia judges to rule on cases ranging from divorce and financial disputes to those involving domestic violence. Rulings issued by a network of five sharia courts are enforceable with the full power of the judicial system, through the county courts or High Court. Previously, the rulings of sharia courts in Britain could not be enforced, and depended on voluntary compliance among Muslims.

It has now emerged that sharia courts with these powers have been set up in London, Birmingham, Bradford and Manchester with the network’s headquarters in Nuneaton, Warwickshire. Two more courts are being planned for Glasgow and Edinburgh.

To the Muslim women of Britain we say: Abandon hope all ye who enter here.

 Here is the transcript of the Gibson interview with Sarah Palin, showing which parts were maliciously edited out to make her seem less knowledgeable than she is, and more hawkish.

There is only one thing she said that we would like to comment on critically (apart from the God stuff which we’ll politely ignore):  

‘There is a very small percentage of Islamic believers who are extreme and they are violent and they do not believe in American ideals, and they attacked us …’

 If only 1% (say) of 1.2 billion Muslims  are intent on violent jihad, that is an awful lot of people wanting to destroy us!

 This from Power Line, by Debra Burlingame, sister of the pilot Charles F Burlingame, whose hijacked plane was crashed into the Pentagon: 

There is a disturbing phenomenon creeping into the public debate about all things 9/11. Increasingly, Sept. 11 is compared to hurricanes, bridge collapses and other mechanical disasters or criminal acts that result in loss of life, with "body count" being the primary factor that keeps it in the top spot of "worst in the nation’s history."

Misremembering is as dangerous as forgetting. If we must know one thing, it is that the Sept. 11 attacks were neither a natural disaster, nor the unfortunate result of human error. 9/11 wasn’t the catastrophic equivalent of a 3,000-car pileup.

The attacks were not a random act of violence or insanity. They were a deliberate and brutal act of war committed by religious fanatics engaged in Islamic jihad against the United States, all non-Muslim people and any Muslim who wishes to live in a secular society. Worse, the people who perpetrated the attacks have explicitly told us that they are not done.

Sept. 11 is a date that comes and goes once a year, but "9/11" is with us every day. The body count keeps rising – Bali, Riyadh, Istanbul, Madrid, Beslan, London, Amman.

We now clearly know that the 1993 World Trade Center bombing was part of the holy war against America. When we previously dismissed this as a random attack by crazy men and declared ourselves lucky that "only six lives were lost," we effectively disarmed ourselves. Eight years later, six became 3,000. While the comparison to other "tragedies" may help us cope with what has befallen us, we must resist being glib and intellectually careless.

Our fellow human beings were not "lost" in 1993 or on 9/11. They were torn to pieces. We must not give the enemy any quarter. We must confront the reality of their acts.

 

 On the third anniversary of 9/11, Mark Steyn wrote the following, and what he wrote remains true on this, the seventh anniversary:

Three years after September 11th, the Islamist death cult is the love whose name no-one dare speak. And, if you can’t even bring yourself to identify your enemy, are you likely to defeat him? Can you even know him? He seems to know us pretty well. He understands the pressures he can bring to bear on Spain, and the Phillipines, and France, too. He’s come to appreciate the self-imposed constraints under which his enemy fights – the legalisms, the political correctness, the deference to ineffectual multilateralism. He’s revolted by the infidels’ decadence but he has to admit it’s enormously helpful: the useful idiots of the pro-gay, pro-feminist left are far more idiotic and far more useful to him than they ever were to Stalin. He’s figured out that while pluralistic open democracy might be a debased system of government next to Sharia, it has its moments: he had no idea quite so many westerners so loathed their own governments and, if not their own, then certainly America’s. And he never thought that, even in America, while one party is at war, the other party is at war with the very idea that there is a war. And even the party committed to war presides over a lethargic unreformed bureaucracy large chunks of which are determined to obstruct it.

So, despite the loss of the Afghan training camps  and Saddam and the Taliban and three-quarters of al-Qaeda’s leadership, it hasn’t been a bad three years: he has learned the limits of the west’s resolve, and all he has to do is put a bit of thought into exploiting it in the years ahead. A nuclear Iran will certainly help.

 Jim Demint writes in the Wall Street Journal:

My Senate colleague Barack Obama is now attacking Gov. Sarah Palin over earmarks. Having worked with both John McCain and Mr. Obama on earmarks, and as a recovering earmarker myself, I can tell you that Mrs. Palin’s leadership and record of reform stands well above that of Mr. Obama.

Let’s compare.

Mrs. Palin used her veto pen to slash more local projects than any other governor in the state’s history. She cut nearly 10% of Alaska’s budget this year, saving state residents $268 million. This included vetoing a $30,000 van for Campfire USA and $200,000 for a tennis court irrigation system. She succinctly justified these cuts by saying they were "not a state responsibility."

Meanwhile in Washington, Mr. Obama voted for numerous wasteful earmarks last year, including: $12 million for bicycle paths, $450,000 for the International Peace Museum, $500,000 for a baseball stadium and $392,000 for a visitor’s center in Louisiana.

Mrs. Palin cut Alaska’s federal earmark requests in half last year, one of the strongest moves against earmarks by any governor. It took real leadership to buck Alaska’s decades-long earmark addiction.

Mr. Obama delivered over $100 million in earmarks to Illinois last year and has requested nearly a billion dollars in pet projects since 2005. His running mate, Joe Biden, is still indulging in earmarks, securing over $90 million worth this year.

Mrs. Palin also killed the infamous Bridge to Nowhere in her own state. Yes, she once supported the project: But after witnessing the problems created by earmarks for her state and for the nation’s budget, she did what others like me have done: She changed her position and saved taxpayers millions. Even the Alaska Democratic Party credits her with killing the bridge.

When the Senate had its chance to stop the Bridge to Nowhere and transfer the money to Katrina rebuilding, Messrs. Obama and Biden voted for the $223 million earmark, siding with the old boys’ club in the Senate. And to date, they still have not publicly renounced their support for the infamous earmark.

Read the whole thing here.