Obama's Wall Street Hypocrisy--Ignores HIS Role in Creating The Housing Bubble

IBD/Media Circus/The Lid ^ | 9/15/09 | The Lid

[Shellybenoit]

Today the President went to Wall Street where he laid out his vision of the countries economic future

First, we're proposing new rules to protect consumers and a new Consumer Financial Protection Agency to enforce those rules. This crisis was not just the result of decisions made by the mightiest of financial firms. It was also the result of decisions made by ordinary Americans to open credit cards and take on mortgages. And while there were many who took out loans they knew they couldn't afford, there were also millions of Americans who signed contracts they didn't fully understand offered by lenders who didn't always tell the truth.

What the President neglected to mention is his role in creating the housing bubble.

[Jimmy Valentine]

This reallt lies at Bill Clinton's feet.

1. Repealof Glass-Steagall which let investment banks and commercial banks combine.

2. Community Re-investment Act which under Deval Patrick extorted banks with sanctions, fines and suits to lend money to people who couldn't pay.

[SeekAndFind]

Obama once represented ACORN in a lawsuit against the state of Illinois.

He was personally recruited by Chicago’s ACORN to run training sessions in “direct action.” That’s the euphemism for the techniques used under the cover of the federal Community Reinvestment Act to intimidate financial institutions into giving what have been called “Ninja” loans — no income, no job, no assets — to people who couldn’t afford them.

He even helped ACORN by acting as their lawyer in a suit against against Citibank.

See here :

http://www.mediacircus.com/2008/10/obama-sued-citibank-under-cra-to-force-it-to-make-bad-loans/

[silverleaf]

I have the feeling all the TOTUS’ puffing yesterday was to set the stage for a “new consumer finance agency” that will be Commnunity Reinvestment Act redux- CRA on steroids- bloated with “stimulus” money. Administered by ACORN or a surrogate think tank set up to cover for them.

Is it only a rumor Barney Frank is angling to be HUD Secretary?

[Jimmy Valentine]

"Is it only a rumor Barney Frank is angling to be HUD Secretary?"

No he has made a public declaration of such.

The banking industry is being completely changed. It will be just a commodity business in the future with everything, even business credit scored and go/no go decisions rendered.

The future for small business is with private lenders not banks.

[jwparkerjr]

I was appalled at the hypocrisy as Obama preached to Wall Street about acting responsibly in fiscal matters! Here's a man who has the balls to talk about someone else doing risky things when he's personally overseeing the biggest deficit in the history of the United States, not to mention adding trillions of dollars to the national debt.

I am so tired of hearing his sing-song rhetoric day after day, week after week. He never says anything, just talks and talks and talks. My heart goes out to those who hear him and are so incapable of critical thinking that he makes sense to them.