More Epic Campaign Manager Fail

McSame's Lobbyist In Chief/Campaign Manager Rick Davis is the gift that keeps on giving to Obama.

An emerging meme on the right, one that's being championed by the likes of Neil Cavuto and others, is that the mortgage crisis happened not because of deregulation, but because brokers were pressured into making loans to "minorities and risky folks," as Cavuto tastefully put it.

But guess who actively sought to boost minority homeownership? John McCain's campaign manager, Rick Davis.

It's bad enough that racist assholes are blaming minorities (read: black people and their black candidate Barack Obama) for the financial crisis. But they completely fail to mention that the same mortgage industry went out of its way to sell subprime loans to people who would have problems paying their mortgage if the value of their home went down...that's exactly how subprime mortgage loans were specifically designed by the industry. They were tailored to people who didn't have good enough credit to get a regular mortgage loan, and pushed by greedy mortgage brokers who got fat commissions off each loan they made.

These loans were then bundled and sold in packages along with regular loans with the specific goal of insulating the industry against the risk of people not being able to pay their subprime loans. But when the entire housing market collapsed, the insulation of good loans wasn't nearly enough because so many subprime loans were sold to people, and they all went bad at the same time.

It was Wall Street greed, plain and simple. Yes, there are people who lied about their incomes on mortgage loans. But far more unscrupulous mortgage brokers sold loans to people they knew couldn't pay if the housing market took a downturn.

And we're in the middle of a complete collapse of the housing market. The reason the damage is so great? Folks like John McSame's own campaign manager Rick Davis lobbied to strip regulation and allow the industry to make subprime loans to anybody and everybody because they wanted to help minorities prosper in Bush's "Ownership Society" when what they really wanted to do was get rich off people who could afford it the least with predatory lending practices.

"We have an opportunity in the next decade to increase minority homeownership and significantly reduce the minority homeownership gap," Davis is quoted saying here. "The future of the housing market rests heavily on the economic success of minorities. Homeownership is likely to grow faster among minority Americans in the next decade if all the stakeholders in the housing industry work together to make it happen. The Homeownership Alliance is working toward this goal."

Rick Davis is part of the problem, just like McSame and the rest of his lobbyists running to "change Washington."

EPIC FAIL.