Something struck me at breakfast this morning, an awful (and frankly, a little strange) realization that I think has been overlooked in the bailout debate.
One of the root causes of the financial mess we’re in is the holocaust of abortion.
Follow the logic here…
In the thirty five years since Roe v. Wade, 48.5 million babies have been killed (legally) in the United States. That’s 48 million people under the age of 35 that we’re missing as a nation – about 20 million of which would now be in the workforce.
In 1973, according to the US government, the estimated number of illegal immigrants in the United States was at 4 million people. In the intervening thirty-five years, those same years since Roe, that number has quintupled to (you guessed it) around 20 million. To replace the population, especially the workforce population, that had been lost by abortion, businesses turned to an underground market of illegal immigrant labor.
Where did those illegals live? Many were (and in some places, still are) in tent cities and trailer parks hidden away around the nation.
But, in the 1990s, something strange happened. In the ‘90s, those who wanted low-income folks (many of whom had been the victims of racial discrimination) to get more affordable housing changed the rules for lending to those folks, but did it in a way that included easing the paperwork burden. This noble goal came with an unintended consequence: illegal immigrants flocked to buy houses, since the new rules made it easier to get mortgages without actually being a citizen or legal resident.
Those same rule changes allowed no down payment mortgages up to 125% of the value of the house – which encouraged fraud among the illegal immigrant population.
Imagine the fraud possibility – you use the fraudulent documents that allowed you to steal someone else’s identity to also get a mortgage, for 125% of the value of a home, pocket the extra 25% in cash, live in the house for a year, don’t make payments, leave to go work somewhere else and let the bank foreclose. And because you’re on a stolen identity, no one can track you down.
Now, I do understand that this is only one part of the overall mess in the financial system, and not a comprehensive fix. But it’s still a major part.
The Bailout Package really should include border fencing and the repeal of Roe v. Wade. Otherwise, we’re open for more of this in the future.
Update: Video of liberal Democrats in denial over the impact of Fannie and Freddie. When you watch press coverage tonight of the bailout, remember that those same folks are the ones who gave us this mess in the first place.