Absolut Elitism: Globe Says Subprime Lending 'Like Handing Vodka ' to Alcoholics

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And here I thought liberals were the ones who love to glorify those "hard-working average Americans." The mythic salt of the earth who sit around the supper table discussing the need for universal health care, or whatever, before getting up in the morning, grabbing their lunch buckets and heading off to work hard and play by the rules.

Isn't it supposed to be those mean-spirited conservatives who denigrate those same folks as irresponsible?

And yet . . .

Proving that there's no elitism like liberal elitism, the Boston Globe emits an astonishing editorial this morning, analogizing those with less-than-ideal credit to a bunch of drunks who can't resist the handout of a bottle.

The gist of "Subprime business ethics" is that credit card companies have been lending too much money to the same kind of folks who took out subprime mortgages. According to the Globe, the lenders aren't terribly concerned about getting repaid promptly, content to rack up lots of interest payments and late fees.

That's when the editors go into patronizing patrician mode. Writes the Globe, with an elitism that might have made an old Boston Brahmin blush:

Easy credit at high interest rates might help these consumers buy what they need right now, but will deepen their financial troubles almost immediately.

Meanwhile, other consumers have no obvious excuse for spending well beyond their means. Sending unsolicited credit card offers to them is like handing out bottles of vodka to people checking out of rehab.

Whoah! Imagine the liberal outrage if a conservative had described these folks trying to make ends meet as nothing better than a bunch of drunks looking for a handout.

Of course, if lenders tightened their policies, it wouldn't be long before the Globe started agonizing over "redlining" and "discriminatory lending practices that prevent lower-income Americans from achieving their share of the American dream," etc.

MSM Rules:

  1. It's always Big Business's fault.
  2. In a conservative, it's condescension. In a liberal, it's compassion.

—Mark Finkelstein is a NewsBusters contributing editor and host of Right Angle. Contact him at mark@gunhill.net.


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Of course, if lenders

Of course, if lenders tightened their policies, it wouldn't be long
before the Globe started agonizing over "redlining" and "discriminatory
lending practices that prevent lower-income Americans from achieving
their share of the American dream," etc.

You hit the nail on the head.

 

 

While the

While the lending practices of some of these institutions did raise some eyebrows, it was ultimately the borrower who signed the note. Now, those aggressive lenders are reaping what they sowed. 

Let's say for a minute that during this period of rising home prices, lenders stuck with "traditional" conservative formulas for lending money. The Pravda of Boston's editorial staff would then be lamenting the descriminatory practices of these institutions.

What the media loves to omit is that there were borrowers who took advantage of the sub-prime market, and then refinanced the notes when they re-established their track record.  Of course those people never get noticed because they succeeded without the help of the government.   

The early bird gets the worm, but the second mouse gets the cheese.  ~ Unknown

7% mortgages?

Are 6% or 7% mortgages the end of the world? What a joke. They've been much higher in my lifetime. Remember the days of Jimmy Carter? To all the con artists out there--- cut the s##t, grow up, and take care of your own personal responsbilities.

NEVER,NEVER trust a "liberal"

ive... Thanks for the

ive...

Thanks for the memories...of my 14.5% mortgage and 16% car loan, my own pesonal "misery index".  Yeah, can't wait for the return of those days. Personal responsibility...vile language to a liberal.   

 

The early bird gets the worm, but the second mouse gets the cheese.  ~ Unknown

True, the mortgage on our

True, the mortgage on our first house in the 70's was 10.5% and that was a VA loan! Others were paying 12%.

 

 "Sending unsolicited

 "Sending unsolicited credit card offers to them is like handing out bottles of vodka to people checking out of rehab."

 Hilarious, but predictable.   In the liberal world, there is no free will and everyone but the responsible are victims.  Thus, the alcoholic would not be able to refuse the bottle, and would be forced by nature to open it and get drunk on the spot.  If Rush Limbaugh, for example, had made a similar comparison, he'd find himself getting some free publicity on the evening news broadcasts. 

 "Whoever changed his Islamic religion, then kill him." -Muhammad