Losing Hope

by Wayne Spencer - October 18, 2008

Today, after looking over the whole situation, I am losing hope that we will come out of this present economic situation in very good shape.

After the Congress has authorized over $700 billion in bailout money, there is little indication that the present administration will do anything more than further enrich the wealthiest among us. Nothing has been done to stop the foreclosures and to renegotiate the bad mortgages, things that would help end the crisis. Instead, foreclosures are accelerating since the bankers think they can get bailed out by the Secretary of the Treasury for full value. Why should they bother negotiating a better deal for the homeowner?

This political season has produced a lot of false accusations designed to sway a public that does not really pay much attention to what is going on.

The accusations are that the mortgage crisis was caused by (1) poor people (black) getting a handout of mortgages that they couldn't pay for. (2) that the quasi-government institutions of Fannie Mae and Freddie Mac are the institutions that promoted these loans and (3) that Liberal Democrats were the ones pushing for deregulation.

I will take each of these items one by one.

  1. Most of the mortgages in default were made to middle class families. Most, but not all of the mortgages made to the poor were made through FHA, Fannie Mae and Freddie Mac and were held to higher standards. Most of these were not even regarded as sub-prime loans and are not in default.

  2. Fannie Mae and Freddie Mac made loans under CRA in a total amount less than $200 billion, some of which are in default. But if we assume that all of these $200 billion in loans are all bad, I do not think that anyone would believe that a $200 bilion loss would cause an international meltdown of the entire world's financial system.

  3. The thought that the Liberal Democrats were pushing for deregulation doesn't pass the laugh test. Liberal Democrats have been screaming out against deregulation since the days of Ronald Reagan. Anyone paying even the slightest attention to politics in the last twenty-eight years would know this.

If the above economic distortions were not enough, we are now to believe that ACORN by bringing in over a million voting applications in the last eighteen months are somehow responsible for voter fraud. Anyone who knows how voter registration is done in this country would know that this is ridiculous. Very little voter fraud has been found. According to the governments' own figures there have been over one hundred voter fraud cases prosecuted with a total of 82 convictions over a period of four years. Most of the voter fraud case convictions were of county election officials and workers. See my previous commentary.

We are also to believe that somehow the Democratic Party candidate for president "pals around with terrorists." Mr. Ayers is now a respected professor at The University of Illinois at Chicago. And note, he was acquitted of all charges from his activities with the Weathermen when he was a youth. Keep in mind, when George Bush was questioned about his drug use and his drunkenness he passed these off as youthful indiscretions. These indiscretions were when he was as old as forty. Ayers was in his twenties.

There is certainly enough to get depressed about, but the above reasons are not why I have lost hope.

I have lost hope because enough of the American public, according to the polls, are being swayed by the above lies. I do not think that the arguments given by the Republicans would be enough to change the outcome of the election alone. But, when combined with race, I think that it is a poison potion.

Surprisingly, I have had e-mails from and conversations with people that I thought would know better say the following and I quote: "Obama is a Muslim,", "He won't say the Pledge of Allegiance," "He was sworn-in using the Koran," There will be race riots if he is elected," I cannot vote for a black man," "He doesn't have an American Flag on the tail of his campaign plane," and the number one reason, "America is not ready for a black man to be President."

I live in a small city in the South that is 50% black and 70% people of color. My electrician and plumber are both black and they are the best in the business. We meet and talk with people of color anytime we go out. Interracial marriage in my part of North Carolina is not only not unusual but very common. Our city and county officials are predominately black. It may surprise some of my readers to know that it is one of the best run places that I have ever lived.

We presently have our second black Secretary of State. General Colin Powell is a respected retired general who was a member of the Joint Chiefs of Staff. Do you think the Democrats would use this dirty type of campaigning against Rice or Powell if they were running for the highest office? I don't think so.

What does it take for Democrat who is a black person to be President? Obama has advanced degrees from Columbia University and Harvard University. He served the poor people of the South Side of Chicago. Where I come from we call this community service. He spent eight years in the Illinois Senate and a term in the U.S. Senate. He has also been a professor at the University of Chicago (a conservative school) teaching Constitutional Law. He an eloquent speaker who is easy to understand. He has shown his depth of knowledge on the economy and foreign affairs. Why then is he so low in the polls?

It would seem that enough Americans would rather continue the present disastrous policies of the last four years than to vote for a person of color. This will be enough to make a difference in the election. I sincerely hope that I am wrong, but I do believe that we are in for more of the same for four more years due to bigotry. If so, I hope it is the last time that race will be an issue.


Copyright © 2008 by Wayne Spencer - This article may be freely distributed with this copyright notice attached.

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