With Friends Like These
Honkies Save Our Homes

It looks like the community dis organizers need some help. From Mr. Obama.
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 Commu nity 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.

I have covered this at length but it you missed it try ACORN Is Not About Nuts and The Best Congress Fannie Could Buy and Barney Frank Frankly Not Frank.

What is going on in my opinion is nothing short of a coup attempt. The American Thinker explains who planned it and how they plan to pull it off. Obviously these events are way beyond my control. The only chance we have is on November 4th. If Obama gets in with a Democrat Congress you can kiss the Republic goodbye.

Let me add that Eric has a very nice chart from the American Thinker article that gives the basics in a very quick look.

Cross Posted at Power and Control

posted by Simon on 09.29.08 at 07:48 PM










Comments

While I agree with your basic premise, it would not have spun out of control quite so badly without the greed on Wall Street that everyone is talking about.

I can find no other explanation but greed for credit default swaps.

There's no explanation but greed that explains the bonuses for Fannie Mae execs and the contributions (bribes? payola?) to mostly Democrat representatives and senators.

It should also be noted that there are quite a few subprime loans that are not in default. Yet. In a recession, they will surely go there. The poor get screwed by the Democrats again.


Donna B.   ·  September 29, 2008 11:54 PM

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