Biden Fires Financial Chief After SCOTUS Ruling
Since the Supreme Court of the United States (SCOTUS) refused to hear a fraud case regarding the US Presidential Election, more and more people have been saying that something fishy is going on. Why is SCOTUS seemingly bending and creating new precedents just for President Joe Biden? Of course, many also say that's a wild-eyed conspiracy theory, yet cannot seem to give a logical reason why earlier this week, SCOTUS made an unprecedented ruling that gave the President essentially unlimited power to hire and fire members of the Federal Housing Finance Agency (FHFA).
The FHFA has basically worked on Congressional approval since it became an agency, but SCOTUS ruled earlier this week that President Joe Biden had the ultimate authority to fire whom he'd like, and hire whom he'd like. And so on Wednesday, June 23, Biden promptly fired the FHFA financial chief/director.
No one knows who will replace former director Mark Calabria as of yet. Though everyone is sure why he got fired: He was a Trump appointee, and new presidents almost always oust the remnants of the former administration. It's just never taken a Supreme Court ruling to do so, as of yet. Though what's done is done, and the Biden Administration has told the public through a spokesperson that now lending institutions like Fannie Mae and Freddie Mac can get back on track with helping minorities become home owners, while also freeing up more capital so that low-income housing can be built.
To be clear, “low-income” housing does not mean that people will get this housing for a cheaper price. It means that the houses are low-cost to build for government, and they will be rented out for free, via the Section 8 program, primarily to racial minorities in the United States. In fact, Biden has quite a few provisions and executive orders under his belt already in office, like farmer grants only going to African American farmers, and certain assistance packages only going to Hispanic individuals.
Many people are livid about what they call the selective criteria here, but as Biden's spokespeople have reminded us all, “Elections have consequences.” It's highly unlikely that SCOTUS would consider racial favoritism unconstitutional for a man they just ruled could unilaterally hire and fire people from a Congressional agency without Congressional approval. In semi-related news: The same people who cheer these moves by President Biden are the same people who called former President Trump a fascist dictator for a tenth of this. Though that's neither here nor there. The main point, according to the Biden Administration, is to create more minority homeowners in America, and this is what it takes to get that done. Anyone else suffering will have to wait in line, Biden has outright stated, as historical precedent makes some people unqualified for assistance due to their racial status. Again, SCOTUS finds this perfectly constitutional, so here we are.
SCOTUS also ruled to throw out various claims brought up by shareholders of both Fannie Mae and Freddie Mac, the two largest federally-backed minority-specific institutions for home ownership in this nation. In their ruling, SCOTUS also unanimously decreed that they would refuse to hear any more claims or lawsuits brought against these institutions. Make of that what you will, but never before has SCOTUS outright ruled that they refuse to even view evidence, before viewing the evidence. So, the message is clear: President Joe Biden has complete authority to spend whatever he wants and to use Mae and Mac however he should choose.
Does Anyone Remember 2008?
The economic crash of 2008 was a housing market crash. While predatory lending and adjustable-rate mortgages and other sorts of factors played a large role in the crash, so too did lending organizations like Fannie Mae and Freddie Mac, who have a long history of lending to unqualified individuals and then forcing others to pick up the tab. The point here being that many people wonder how well these programs will do under President Biden. It is clear that he has received total approval to do whatever he wants with these programs, to act unilaterally in any way that suits him, but that in no way means those actions will not be disastrous.
Whether one supports President Biden or not, the fact of the matter is that he's been in government for nearly 50 years and has perennially been ranked as one of the most useless politicians. Throughout his career, he hasn't been able to budget properly, and his biggest claim to fame was pushing a crime bill in the 1990s that most ret-con as racist today.
More Americans need affordable housing. This is true. Though America also needs competent programs, not just unilateral actions taken saying “Build this.”
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