Fungible Contributions April 3, 2008
Posted by Webmaster in Left-Wing Extremism, Racial Pandering.trackback
Under the pretense of “mortgage counseling,” the U.S. Senate has voted to to dump a bunch of money into the laps of such extremist hate groups like La Raza and the Urban League, and other questionable groups like ACORN and Legal Aid.
In political parlance, these are called “fungible contributions.” Those groups will have to use this Federal money for the express purpose (though I hardly think that the Feds will follow through with scrutiny; after all, why does one think the same FedGov that dumps money on radicals would then turn around and sick the U.S.eless JustUs Department on them?), and even if they use the money as intended, it still helps their political agenda, because the grants free up those groups’ private resources to make the available for political agitation.
Whether or not this Senate Bill amends or repeals the Community Reinvestment Act, the real source of the subprime crisis, is unknown, but I highly doubt that the same Senate that would give fungible contributions to extremist hate groups like La Raza and the UL would repeal CRA.
As an aside, mortgage standards were so low a few years ago, in the affirmative action voulez-vous les bon temps roulet, that banks extended their income percentage threshold from 28% (i.e. the mortgage payment couldn’t be more than 28% of the applicant’s gross income), all the way up to 65%. Most people don’t net 65% of their gross income.
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