What's fascinating about the current financial crisis is that Obama's supporters all still believe that, once he gets into office, they will benefit from this massive federal gravy train.
Either they will be sorely disappointed, or we will see tax hikes like you wouldn't believe.
B-U-M-P everyone’s accusing me
Good article with lots of details. McCain needs to hammer this.
Ping
ACORN also specializes in VOTE FRAUD and many, many of their workers have been found guilty in many, many cities.....Seattle being the latest. They are a FULL SERVICE Community ORganizer!
Rioting is right around the corner!!
Thank you Dr. Kurtz.
“The Woods Fund report makes it clear Obama was fully aware of the intimidation tactics used by ACORN’s Madeline Talbott in her pioneering efforts to force banks to suspend their usual credit standards. Yet he supported Talbott in every conceivable way. He trained her personal staff and other aspiring ACORN leaders, he consulted with her extensively, and he arranged a major boost in foundation funding for her efforts.”
BOTTOM LINE:
* Obama’s “community organizer” buddies ACORN, whom Obama for years trained, represent as a lawyer and funded via CAC and Woods Fund, just cost taxpayers $700 Billion
* “Obama was fully aware of the intimidation tactics used... to force banks to suspend their usual credit standards”
* Obama is responsible for this Economic Crisis
We want a 9-11 Type Commission to stop this from happening again, and an Apology to Taxpayers from Obama for this $700 Billion screwup.
McCain needs to hammer this.
I think McCain decided not to use this situation for political gain until a bill could be negotiated. I think that was wise because whatever he said would be dismissed as political posturing.
But now that the bill is practically a fait accompli, McCain has no rationale for not coming out firing with both barrels. I will be very disappointed if he does not.
This weekend I had dinner with a liberal but moderate professor of economics, an Ivy League Phd, who is also a committed Christian. He should be considered a well-informed man. Over the course of the evening, I explained the theology of Obama’s church, his ties to Bill Ayers, the Weather Underground and the Annenberg Challenge, and his ties to ACORN and Alinsky-style radicalism.
This man was astonished. He had never heard any of this. Particularly shocking to him was the fact that Rules for Radicals was dedicated to Lucifer. I don't know if I changed his mind about voting for Obama, but he was clearly shaken.
If this man was so ignorant of Obama’s past, imagine the level of ignorance in the voting population at large.
I am frightened for our Republic should this nasty crypto-commie thug become our President. He has applied every rule in the satanic Alinksy book to achieve power. He truly is the Manchurian Candidate.
I pray that this man's evil is exposed in time to prevent disaster for our nation.
And Talbott continued her effort to, as she put it, drag banks "kicking and screaming" into high-risk loans. A September 1993 story in The Chicago Sun-Times presents her as the leader of an initiative in which five area financial institutions (including two of her former targets, now plainly cowed - Bell Federal Savings and Avondale Federal Savings) were "participating in a $55 million national pilot program with affordable-housing group ACORN to make mortgages for low- and moderate-income people with troubled credit histories."
What made this program different from others, the paper added, was the participation of Fannie Mae - which had agreed to buy up the loans. "If this pilot program works," crowed Talbott, "it will send a message to the lending community that it's OK to make these kind of loans."
Well, the pilot program "worked," and Fannie Mae's message that risky loans to minorities were "OK" was sent. The rest is financial-meltdown history.
IT would be tough to find an "on the ground" community organizer more closely tied to the subprime-mortgage fiasco than Madeline Talbott. And no one has been more supportive of Madeline Talbott than Barack Obama.
A very good article. It compliments:
An ACORN Falls from the Tree, By Ken Blackwell
http://www.freerepublic.com/focus/f-news/2093294/posts
These articles fill in the details of Democrats, using CRA, using community organizers, using Fannie Mae, forcing banks into making risky loans to low income individuals and minorities.
Democrats created this crisis. They now blame Republicans for de-regulation. But it was Democrats who attacked the Fannie Mae regulators who were simply trying to do their jobs. It is evident in the following video:
http://www.youtube.com/watch?v=_MGT_cSi7Rs&eurl=http://gatewaypundit.blogspot.com/2008/09/devastating-dems-refuse-to-reform.html
Democrats are blaming Republicans for not passing the bail-out bill. But they are in the majority and could have passed it all by themselves. 95 Democrats voted against the bail-out bill:
http://clerk.house.gov/evs/2008/roll674.xml
I think someone mentioned that Paulson would be totally in charge of the bail out. I wonder how Democrats would like it if Mitt Romney or Newt Gingrich were in complete charge. I’m not sure I trust Paulson.
http://travismonitor.blogspot.com/2008/09/manufactured-crises-and-leftwing-obama.html
The seed of this crisis was planted by ACORN and their push for sub-prime lending with the CRA. CRA led to massive increases in subprime lending, and massive increases in subprime lending is at the root of this. from the article in The American Thinker:
http://www.americanthinker.com/2008/09/barack_obama_and_the_strategy.html
“ACORN was represented by Barack Obama when he was a leftwing community activist. Barack Obama was the attorney representing ACORN in their effort in the 1990s to loosen lending standards. Obama represented ACORN in the Buycks-Roberson v. Citibank Fed. Sav. Bank, 1994 suit against redlining. Most significant of all, ACORN was the driving force behind a 1995 regulatory revision pushed through by the Clinton Administration that greatly expanded the CRA and laid the groundwork for the Fannie Mae, Freddie Mac borne financial crisis we now confront. Barack Obama was the attorney representing ACORN in this effort. With this new authority, ACORN used its subsidiary, ACORN Housing, to promote subprime loans more aggressively.”
The efforts by ACORN worked. An enthusiastic Fannie Mae Foundation report singled out one paragon of nondiscriminatory lending, which worked with community activists and followed “the most flexible underwriting criteria permitted.” That lender’s $1 billion commitment to low-income loans in 1992 had grown to $80 billion by 1999 and $600 billion by early 2003. The company was Countrywide, which became an infamous example of irresponsible subprime lending, and also managed to corrupt Congressmen like Sen Chris Dodd with sweetheart loan deals.
Bad underwriting was getting hidden by corrupt CEOs like Franklin Raines and Jim Johnson at Fanne Mae and hackles were raised. But Democrats turned back the efforts to reofrm Fannie Mae. In 2005, Obama protected Fannie Mae when McCain and Republicans wanted better oversight of them. Fannie Mae underwrote close to a trillion in subprime loans in the past 4 years, inciting the current mortgage crisis.
We come full circle from the current crisis in the financial markets to Obama’s earliest days as a left-wing activist in Chicago. Putting leftwing activist Obama in charge is rewarding incompetence, corruption and bad intentions. It’s like putting an arsonist in charge of the fire department. The pro-Obama media will not tell the truth about Obama’s links to ACORN and CRA, and will not point out the serious links.
