Pinning the Tail on the Donkey

By Michael Reagan

When I was a little boy we used to play a game where we wore a blindfold and tried to put a slip of paper on a drawing of a donkey we couldn't see. I thought of that as I watched the chattering class, blindfolded and frantically trying to pin the blame for the Wall Street debacle on everything but the real donkey, the Democrats, whose symbol is. guess what?

Right, a donkey, and that's where the blame lies, on Barack Obama's Democratic Party.

To find the donkey you need to go back to the Clinton administration, which decided that everybody and his kid brother was entitled to a mortgage even when they didn't begin to qualify for a home loan.

In saner days, banks designated certain areas as no-loan zones - depressed neighborhoods where lending money to potential home buyers was not just a risky investment, but a certain future foreclosure. Critics of the practice called it "redlining" and President Clinton and his chums on Capitol Hill decided that banks should no longer act like banks and lend money only to home buyers who could afford to handle the monthly payments. Now all bets would be off and people not the least bit creditworthy -- and speculators -- would be entitled by law to obtain mortgages even when it was obvious they couldn't afford to handle them. Keep reading.