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Liberalism: Why think when you can “feel”?

“Community organizers” destroyed mortgage market, financial sector

This is what happens when political correctness rules over sound economic practices.  Let that vote fraud front group ACORN get a hold of us, and watch the economy tank.  From NY Post:

WHAT exactly does a “community organizer” do? Barack Obama’s rise has left many Americans asking themselves that question. Here’s a big part of the answer: Community organizers intimidate banks into making high-risk loans to customers with poor credit.

In the name of fairness to minorities, community organizers occupy private offices, chant inside bank lobbies, and confront executives at their homes – and thereby force financial institutions to direct hundreds of millions of dollars in mortgages to low-credit customers.

In other words, community organizers help to undermine the US economy by pushing the banking system into a sinkhole of bad loans. And Obama has spent years training and funding the organizers who do it.

THE seeds of today’s financial meltdown lie in the Community Reinvestment Act – a law passed in 1977 and made riskier by unwise amendments and regulatory rulings in later decades.

CRA was meant to encourage banks to make loans to high-risk borrowers, often minorities living in unstable neighborhoods. That has provided an opening to radical groups like ACORN (the Association of Community Organizations for Reform Now) to abuse the law by forcing banks to make hundreds of millions of dollars in “subprime” loans to often uncreditworthy poor and minority customers.

Any bank that wants to expand or merge with another has to show it has complied with CRA – and approval can be held up by complaints filed by groups like ACORN.

In fact, intimidation tactics, public charges of racism and threats to use CRA to block business expansion have enabled ACORN to extract hundreds of millions of dollars in loans and contributions from America’s financial institutions.

Banks already overexposed by these shaky loans were pushed still further in the wrong direction when government-sponsored Fannie Mae and Freddie Mac began buying up their bad loans and offering them for sale on world markets.

Fannie and Freddie acted in response to Clinton administration pressure to boost homeownership rates among minorities and the poor. However compassionate the motive, the result of this systematic disregard for normal credit standards has been financial disaster.

ONE key pioneer of ACORN’s subprime-loan shakedown racket was Madeline Talbott – an activist with extensive ties to Barack Obama. She was also in on the ground floor of the disastrous turn in Fannie Mae’s mortgage policies. …

And now, the most famous “community organizer” in our time is set to ascend to the throne and wreak further havoc on our economy.  May God have mercy on us.

September 29, 2008 Posted by | bigotry, economic ignorance, moonbats, Obama, vote fraud | 7 Comments

Democrats in 2004: Nothing wrong with Fannie/Freddie, regulation of them is “racist”

Hot Air and Powerline are doing the jobs that the MSM refuses to do, especially during an election year.  Excerpts (with video clip):

Highlights of this eight-minute video:

Maxine Waters: Through nearly a dozen hearings, we were frankly trying to fix something that wasn’t broke.  Mr. Chairman, we do not have a crisis at Freddie Mac, and particularly at Fannie Mae, under the outstanding leadership of Franklin Raines.  [Raines would barely avoid prosecution for fraud.]

Gregory Meeks: … I’m just pissed off at OFHEO [the regulators trying to warn Congress of insolvency at the GSEs], because if it wasn’t for you, I don’t think we’d be here in the first place.  … There’s been nothing that indicated that’s wrong with Fannie Mae, Freddie Mac has come up on its own … The question that then comes up is the competence that your agency has with reference to deciding and regulating these GSEs.

Lacy Clay: This hearing is about the political lynching of Franklin Raines.

Barney Frank: I don’t see anything in this report that raises safety and soundness problems.

Take a good look through this video in 2004, and ask yourself who on this panel wanted more regulatory oversight of Fannie Mae and Freddie Mac, and which members spent their time attacking the regulators.  When Barack Obama talks at debates about how the past eight years of regulatory laissez-faire created the problem, he may want to review the transcripts of these hearings and note that Democrats repeatedly undermined regulators and called them everything from incompetent to bigoted in their rush to keep the status quo at Fannie and Freddie.
…
The Democrats attacking the regulator here didn’t do so out of some deep conviction against government regulation.  They wanted to keep the gravy train rolling on questionable mortgages in order to endear themselves to the working class, and didn’t mind smearing the OFHEO regulator as a racist in order to succeed.  The Republicans who wanted more oversight didn’t demand it as socialists looking for a government takeover of the financial sector, either, but because they saw the impending disaster looming for Fannie Mae.

Democrats distorted the market through the CRA and through Fannie and Freddie’s massive securitizing of bad debt, and then blocked regulators from doing their jobs.  That’s the real story of this collapse.

Naturally, you aren’t seeing this all over the network news dinosaurs’ shows, are you?  But no…no liberal media bias!

September 29, 2008 Posted by | corruption, economic ignorance, hypocrisy, media bias | 2 Comments

Biden’s “Bridge to TWO Nowheres”

The Gaffe Machine from DE may want to drink a piping hot mug of STFU about the Bridge to Nowhere.  From (believe it or not) CNN:

GRIFFIN: But hold on Senator Biden. Keeping him honest, we decided to check on 116 reasons in Delaware that one Bridge to Nowhere in Alaska may not be such a good Democratic talking point, because 116 is the number of earmarks Senator Biden asked for this year alone. The total bill to taxpayers more than $342 million. He told our American Morning they are all justified.

BIDEN: Everyone has seen them and we have no Lawrence Welk Museums, we have no Bridges to Nowhere in Delaware. It’s all straight up.

GRIFFIN: Straight up? We went to Delaware to see for ourselves. True, there is no Lawrence Welk Museum, but Biden does want a million dollars for a children’s museum, another million dollars for opera house renovations, hundreds of thousands for this tiny waterfront park, and believe it or not, there’s also a bridge, maybe not to nowhere, but after the tourists have gone this time of year, the Indian River Inlet Bridge can seem like a bridge between two nowheres.

…

GRIFFIN: Now the real twist in this story. Senator Biden must really like bridges, because not only does he want you to help pay to replace this bridge here in Delaware, despite what he’s been saying on the campaign trail, he actually voted for Alaska’s Bridge to Nowhere. Twice. That’s right. He and Senator Barack Obama were among the 93 Senators who voted for the massive 2005 Transportation Bill funding the Alaskan Bridge to Nowhere and thousands of other projects across the country. And when another Senator tried to divert the Bridge to Nowhere money to fix a bridge to New Orleans damaged by Katrina, Senators Biden and Obama and 80 other Senators present voted against the amendment.

ALLISON: Yes, they had a chance to vote specifically against the Bridge to Nowhere in Alaska, to redirect the money, and they chose not to. …

September 29, 2008 Posted by | Biden, hypocrisy, pork | Leave a Comment

Family of Obama’s “I’ve got whatshisname’s bracelet” wants him to stop wearing bracelet publicly

It’s not bad enough that The One can’t remember the name of “that soldier peon” whose bracelet he me-too’ed on Friday.  (Sidebar: his name is Ryan Jopek).  It’s even worse that he won’t stop wearing it publicly at the Jopek family’s behest.  From Newsbusters:

Brian Jopek: Because of some of the negative feedback she’s gotten on the Internet, you know Internet blogs, you know people accusing her of… or accusing Obama of trying to get votes doing it… and that sort of thing.Radio Host Moberg: Yeah

Jopek: She has turned down any subsequent interviews with the media because she just didn’t want it to get turned into something that it wasn’t. She had told me in an email that she had asked, actually asked Mr. Obama to not wear the bracelet any more at any of his public appearances. Which I don’t think he’s…

Moberg: It has been a while since he’s brought it up.

Jopek: Right. But, the other night I was watching the news and he was on, uh, speaking somewhere and he was still wearing it on his right wrist. I could see it on his right wrist. So, that’s his own choice. I mean that’s something Barack Obama, that’s a choice that he continues to wear it despite Tracy asking him not to… Because she is a Barack Obama supporter and she didn’t want to do anything to sabotage his campaign, so, if he’s still wearing the bracelet then, uh, that of course is entirely up to him.

What a shameless jerk!  I mean, the Jopek family supports O’s candidacy, and that’s cool.  But for them to ask him not to wear the bracelet publicly out of fear of politicization and yet he refuses to listen to them?  Please.

Exit question: I wonder if anyone’s asked the family how they feel about O forgetting their son’s name Friday night?

September 29, 2008 Posted by | Obama, shameful | 4 Comments

Moonbats now seeking therapy for Palin Derangement Syndrome

Acknowledging the problem is the first step on the road to recovery.  :lol:

Moonbats…God help ‘em.

September 29, 2008 Posted by | moonbats, Palin | Leave a Comment

   

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