There's a story circulating on the Internet about a Senate debate a few years back. As the story goes, Republican Senator Bob Corker suggested strengthening federal mortgage programs by requiring applicants to at least supply a down payment of a mere five percent. But Democratic Senator Chris Dodd opposed even that much of a limitation, supposedly saying "passage of such a requirement would restrict home ownership to only those who can afford it."
It's a funny anecdote, but untrue. Dodd - while he did oppose the measure -- never said any such thing. His alleged goofy statement was completely made up by writers on a satirical website.
But even though the quote was fabricated, the issue under debate was real. And amazingly, the Senate did vote - along straight party lines - to reject any down payment requirement, thereby allowing federal home loans to be granted to people highly likely to default -- dimming their economic prospects even further.
It may be old news, but this illustrates one of the most glaring problems with the Democratic Party. In their quest to be ever-inclusive and politically correct to a fault, they insist upon ignoring basic economic principles. And in so doing, they jeopardize the well-being of the very people they claim to be helping.
Dodd's quote may have been a hoax. But all good jokes contain at least a kernel of truth. And this is a perfect example.
I'm Bill Lamb, and that's my Point of View.