Posted on 09/18/2008 6:32:25 AM PDT by wilco200
The woman whom Barack Obama is crediting for organizing the Barbra Streisand fundraiser it held last night in Hollywood is also partially responsible for one of the greater banking collapses in American history. Penny Pritzker, Obama's national finance chair was, with her family, the half owner of Superior Bank, which was shut down in 2001 by the FDIC after it had lost nearly all of its more than $2 billion of assets on bad loans to high-risk borrowers, federal regulators said. Pritzker has avoided media attention over the past week as reporters covering the Obama campaign sought comment on the Fannie Mae and Freddie Mac debacle. Pritzker also served as finance chair for Obama's Senate run, and supported him during his time in the Illinois state legislature. One reason Pritzker may have been enamored with Obama was his willingness to press legislation that loosened state regulatory policies for land developers and multi-family property owners. Pritzker is also known to be close to Obama adviser Valerie Jarrett, a former political operative for Mayor Richard M. Daley, and the CEO of a housing and development company based in Chicago with ties to Obama going back to his Illinois legislature days. Jarrett, by the way, is now considered to be the top candidate to fill Obama's Senate seat should he be elected President.
(Excerpt) Read more at spectator.org ...
When it began, "subprime lending" wasn't a term in common usage, let alone understood outside financial circles. One of its late 1990s originators was Obama campaign finance chairperson Penny Pritzker when she served on the Board of the failed family-owned Hinsdale, IL Superior Bank. It cost the FDIC $700 million and depositors another $65 million, while Pritzker made millions on predatory lending now called "subprime" mortgage schemes. One definition is as follows: "the practice of making loans to borrowers who do not qualify for the best market interest rates because of their deficient credit history." Another in the recent environment was to force-feed them to the largest number of homebuying prospects possible.
'Twas quotas that killed the US economy.
An oversimplified timeline
The term "redlining" was coined in the late 1960s by community activists in Chicago. It describes the practice of marking a red line on a map to delineate the area where banks would not invest;
The purpose of the CRA is to provide credit, including home ownership opportunities to underserved populations
the Fed and other financial regulators have pressured/extorted banks into making more loans to less-than-creditworthy borrowers than they would normally be willing to risk...When the CRA was created during the Carter administration, the administration also funded with tax dollars numerous "community groups" [like ACORN] that have helped the ... regulatory agencies to enforce the act.
In case folks missed it, this was posted last night: http://www.youtube.com/watch?v=usvG-s_Ssb0
Must see.
If this is what he accomplished as a community organizer, imagine what he could do as president!
Copy this link and send it to your personal email list and ask them to pass it on. The only way to get the truth out is to use the Internet.
bump
FDR’s New Deal. LBJ’s War on Poverty. Carter’s malaise. Clinton’s Boom. CRA & ACORN & voter fraud.The billions to ‘rebuild’ New Orleans. Now this.
How much in a percentage of taxes per year do we have to pay and for how long? How much are we ransoming the future of our children? Could the country ever recover debt incurred from an Obama spend-administration?
There is a huge problem with collecting 12%+ payroll tax, SS and Medicare, from my 21 &23 year old children, promising they will get a retirement check when they turn 62.
I am 7 years away from 62 and I don't think there will be a check for me and that is after paying since I was 16 years old.
I think that KEY to all of this is the number of “undeserveds” , “less than risky credit borrowers” who are ILLEGAL ALIENS.
Why is it that so many folks like DiLorenzo (article at your CRA link) are almost going out of their way NOT to mention ILLEGAL ALIENS?
IMMIGRATION, ILLEGAL ALIENS, AMNESTY...interestingly,all topics that NO ONE suddenly wants to touch. And who was it that pushed for “undeserveds” to become homeowners. I vividly recall BUSH bragging about this, but I’ve also read that it started with Clinton. Now Obama connections? Who’s really pulling the strings here?
SOMEONE out there needs to layout a similar timeline on this as it relates DIRECTLY to illegal immigration and the push by the powers that be to give more and more opportunities for illegal aliens and the DIRECT affect it has had on the current subprime/banking CRISIS and our economy. SOMEONE wanted illegal aliens to be even more well-established, engrained in our country. Will the solution for our economic woes be, as has been planned all along, the creation of a north american union and single currency, Amero? Was it necessary to destroy our economy in order to convince Americans that this plan of action was the only way out? We need to stand back and look at the whole/bigger picture.
(An oversimplified timeline)
We need simple.
The average voter is not going to connect dots. Makes the brain hurt.
It is just so easy to say “Bush’s fault” and at least Obama is not Bush.
My god, I never realized how correct Rush was regarding failure being a resume enhancement for liberals.
Valerie Jarrett...all that foundation money shot to hell.
Penny Pritzker...her bank cost FDIC{us} 2 Billion.
Jim Johnson.....raped Fannie Mae.
Franklin Raines...really raped Fannie Mae.
Jamie”Wall” Gorelick...raped Fannie Mae from the board room.
And then the O-Bomb as the prize.
Please post this bulletin on myspace/facebook/email lists, to get the actual factual news on this out! Explosive Video, Fannie Mae CEO calling Obama and the Dems the "Family" and "Conscience" of Fannie Mae http://www.youtube.com/watch?v=usvG-s_Ssb0 http://www.youtube.com/watch?v=usvG-s_Ssb0
In the 70's I worked for a company of ex-fed big wigs, years later I found out they stole my ss withholdings.
In my ss account it looks like I simply wasn't working during that period.
I wasn't alone either, we filed class action to no result.
That was a big lesson to me about these guys.
How can a candidate who has raised more money than any other candidate in history and sill doesn’t have enough money so he broke his vow not to take money from 527S possibly expect the American public to trust him with the taxpayer’s money?
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