Crush Liberalism

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 »

  1. I dont have a problem with the zero down loans. It can be very hard to save a 10-20% downpayment when you are paying just as much in rent as a loan for the same home would cost. I do have a problem with giving a loan to someone who CANT PAY for that amount of loan. I also have aproblem with loan sharks OOPS originators not makeing sure these people understand the terms of the loan. Like not telling them that they are only paying INTEREST on the loan and not ANY principal. Or not making sure they understand that in 5 yrs the loan becomes due in full and they peron MUST either sell or refinance the loan. Or telling them not to worry real estate goes up and at the end if 5 yrs you will have $50k in your pocket to put down on another house.

    Comment by WMD_Maker | September 29, 2008

  2. It’s clear that the Democrats were the primary architects of this disaster, and Wall Street willingly went along with them, but there seems to be one glaring omission that NO ONE wants to talk about and that is the personal responsibility of the low-income people who knowingly took out loans for homes they knew they could not afford to buy! WHERE is their culpability in all of this? And what is the lesson here? “Spend more than you can afford and someone else will pick up your tab”. A very bad lesson indeed and frankly, I’m getting sick and tired of being forced to pay for other people’s mistakes!

    Comment by Kanaka Girl | September 29, 2008

  3. I’m sick of all these leftards imbeciles praising their chatter-box demagogue every time there is a disastrous development. As if the responsibility rests squarely on the shoulders of Mac and Comp. or even Bush’s, for that matter. In reality, these are the same leftarded morons who have pushed for ‘expansion’ into subprimes for decades.

    Now the media and their ‘poolsters’, who had their lips locked on the chosen one’s arse since his obscure start, are jumping over themselves to praise the perceived bump in ratings this clown supposedly enjoys. Yup, his ratings ‘improved’ not because of any intrinsic value this idiot may exhibit, but rather because of the tragedy gripping the financial markets. That’s right, folks. He does not have to come up with any solutions, or even be financially coherent for that matter! Color me confused.

    Comment by Hunter | September 29, 2008

  4. WMD_Maker,

    Look at your gross versus net income… with small exceptions, the difference goes out to pay for other people mistakes: and their ranks are swelling as I type these words!
    This is where leftards get all misty-eyed and utter words such as social inequity and income re-distribution. O(s/b)ama promisses more of it if he is to crawl into the oval office. God help us!

    Comment by Hunter | September 29, 2008

  5. Kanaka Girl,

    Unfortunately, those people will only be seen as some kind of victim. Don’t forget the liberal creed, they don’t believe in people enough to make them accountable for their own action, as if somehow their socioeconomic status defines their IQ. It’s insulting, and all it does is breed a sense of entitlement.

    Comment by Marla | September 30, 2008

  6. Basically Obama is trying to convince us the sky is orange when it is clearly blue.

    Comment by Chilerkle | September 30, 2008

  7. You hit the nail on the head. Jimy Carter, Bill Clinton, nancy Pelosi and barack Obama created the financial crisis

    see more at http://ngoldfarb.wordpress.com

    Comment by ngoldfarb | October 10, 2008


Leave a Reply

Fill in your details below or click an icon to log in:

Gravatar
WordPress.com Logo

You are commenting using your WordPress.com account. ( Log Out / Change )

Twitter picture

You are commenting using your Twitter account. ( Log Out / Change )

Facebook photo

You are commenting using your Facebook account. ( Log Out / Change )

Cancel

Connecting to %s

« Previous | Next »

Follow

Get every new post delivered to your Inbox.

Join 32 other followers