It's ACORN, stupid.
Stanley Kurtz writes:
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.
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.
Kurtz goes on to detail the relationship between the current crisis, Barack Obama, and Barack Obama's pals.
IN short, to understand the roots of the subprime-mortgage crisis, look to ACORN's Madeline Talbott. And to see how Talbott was able to work her mischief, look to Barack Obama.
Then you'll truly know what community organizers do.
11 comments:
right all the dems fault. nothing to do with deregulation, over indulgant tax cuts, no money going to the middle class, bad business practices, golden parachutes, bonuss of 50 plus million for little to no work.
The facts speak for themselves. Its not the deregulation, thats part of a capitalistic society, which is a good thing. What you are all saying is that YOU WANT SOCIALISM. Just say it! But you are all too yellow because you know that the "S" word will scare away voters! If that's what you want, move to Russia and quit trampling on the U.S. Constitution! JT - TX
anonymous #1 - awesome! not a single one of the things you name has anything to do with the current financial crisis. Get a clue about the economy already!
Oh Anyonymous - too bad Bill Clinton is the one who passed all of these bills that allowed this crisis to happen. So yes, it is the dems fault. Look it up, you might learn something.
The problem is the Dems and the lib media and the minions spewing the talking points are brainwashing the undecided voters.
Getting the truth out there is critical.
HERE IS THE TRUTH about the current crisis. It started because of a 377 person London based American company called AIG. This team was so greedy each person was making over $100 million a year doing a little thing called credit derivatives with NO REGULATION. You can thank them, along with lack of oversight which contributed to this problem.
The truth is Bush I and II dynasties did nothing for regulation, either.
The truth is for the past 8 years this country has been reduced to squalor and misery. And yes, I'm part of the problem. I voted for Bush in 2000 and Nader in 2004 because I couldn't stand either of the candidates. I have blood on my hands. But this year, we'll all get it right. It's time to start giving back, people. Don't be afraid! Change won't kill you and it won't be worse that 9-11 under Bush's watch, I promise!
FYI it was $1million a year per employee not $100 million.
But right on!
It's time for a change!
Here is the truth about the current crisis.
And this comment, "The truth is for the past 8 years this country has been reduced to squalor and misery," is way, WAY over the top.
Why is it that the liberals can use all means of intimidation tactics and not be criticized? This is their strategy "scream, yell, intimidate and break every law or mode of civilized conduct" in the name of change. "The end justifies the means". I do wonder what they will do when they get their way and they themselves lose their rights......what a sad road the average hard working American citizen is in for. You are better off not working, getting all socialized housing, healthcare and food stamps. All motivation and pride is so lost!
MrT
Obama is a good Saul Alinsky soldier.
Obama told his minions to "get in their faces." He uses all the Rules for Radicals.
ACORN Chicago has changed their name from ACORN to "Action Now".
Visit their website at www.actionnow.org, check out the staff section. Take note of the 'Lead Organizer'. Her name is Madeline Talbott. Google Madeline Talbott's name & you will uncover a web of 'progressive' (aka 'socialist')activity, including Obama's Alynskian involvement.
Action Now is a member of the Grassroots Collaborative, as was ACORN Chicago, before the name change. It is sad that even the Chicago Coalition for the Homeless is involved in socialist agendas.
KEEP POSTING THIS INFO. IN EVERY LEFTIST CHICAGO TRIBUNE & CHICAGO SUN-TIMES ARTICLES THAT PROTECT THE CROOKED LEFT.
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