That is the title of a 2004 (yes! 2004, that’s right 2004)) article by Thomas Allen at VDARE. When I read this just now, hours after Congress thankfully voted NO on the big bailout, I got angrier then I’ve been for a week about all this stuff going down in Washington. If Mr. Allen, just a regular American citizen, had seen the writing on the wall in 2004, yes, 2004, then why the big surprise by the entire Washington/Wall Street establishment.
How did we get into this “crisis?” Immigration stupid!
This is how Allen begins his prophetic article:
George W. Bush boasted in his radio address last weekend about how his Administration is boosting homeownership among what he called “minorities.” He even concluded with a heart-warming account of his meeting with an Hispanic “single mom,” who gratefully told him the fact that she and her “girls” could afford a home, with the help of a federal homeownership program, was “a miracle.”
It’s not a miracle, of course. It’s just a massive subsidy from the American taxpayer—through Government-Sponsored Entities (GSEs in Washington jargon) whose possible instability, as a matter of fact, is attracting increasing concern in financial circles. And it’s a subsidy that, to a remarkably unreported degree, goes to immigrants.
The government-sponsored entities are the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac). Together with another GSE, the Federal Home Loan Banks (FHLBs), they directly or indirectly stand behind $4 trillion in mortgages—three-quarters of the single-family mortgages in the U.S.
Read it all here. I’m going to go be sick….
…..and I’m filing this in our CRIMES category.