Action Jackson

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It appears that “race crusader” Jesse Jackson is at it again, this time avenging the sub-prime mortgage “crisis” that the United States is facing. The obvious way to resolve this situation is with a march on Wall Street:

Dec. 4 (Bloomberg) — Civil rights leaders including Jesse Jackson, founder of the Rainbow PUSH coalition, plan to hold rallies in New York City’s Wall Street district and at least six other cities to call for a corporate response to the “crisis” of surging home foreclosures.

As many as 2 million homes are at risk of foreclosure, Jackson said in a statement. The rallies will be held Dec. 10, and also sponsored by the National Association for the Advancement of Colored People and National Urban League. Other rallies will be held in Atlanta, Los Angeles, Detroit, New Orleans, Washington and Chicago.

Jackson’s plans show how the increase in delinquencies on subprime mortgages, some of which were the product of what Federal Reserve officials said were “lax” lending practices, is capturing political attention. Democratic Senator Hillary Clinton, a candidate for her party’s presidential nomination, this week called for a 90-day moratorium on foreclosures.

Corporate response? Here’s one: people should take responsibility for their own actions. If one makes a risky financial decision, they are obligated to accept the consequences of that risk – good or bad. For the uninitiated, Michelle Malkin explains the cause of the current credit crunch in this article:

In case you’ve been living in a cave, there’s a painful credit crunch underway. The culprit is the subprime mortgage – a species of risky home loans to buyers with dubious credit and income. Cash-rich lenders doled out the subprimes hoping rising home prices would compensate for any failed bets. But when housing prices started plummeting and interest rates began rising, many borrowers started defaulting. Insolvency looms for countless lenders.

With these marches in mind, what exactly is Jesse Jackson trying to demonstrate? Is he once again attempting to portray urban blacks as victims that need constant federal protection? Is he proposing that federal lending institutions are racist organizations and must be corrected? Perhaps he’s attempting to dismiss the notion of sanctity of contract, proposing these homeowners facing the “crisis” should not be held accountable for their own actions, and that society as a whole must react to the bad decisions of others.

In any event, this further exposes Liberal hypocrisy. As Michelle Malkin explains:

Instead of letting lenders and subprime mortgage-holders suffer the consequences of their actions, politicians and grievance-mongers are riding to the supposed rescue. In a supreme irony, the very same champions of the needy in the Democrat Party who complain constantly about the lack of “affordable housing” are now fighting tooth and nail to keep housing prices high…