Monday, September 29, 2008

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 Classical Values


Nick said...

So, what you're saying here, and I'm being (only) slightly facetious, if we only didn't give those niggers mortgages, we'd be fine.

Bear with me a second because I know that's not entirely what you're saying. I do think you are being overly simplistic and partisan with your assertions as to what caused this problem. It seems to me the more I read about (on the internet of course) the problem we are facing and potential solutions to it, that causes break down on political lines. The right seems to feel that it was solely the fault of black people getting mortgages and and couple greedy other people. While the left seems to only put the blame on greedy wall street.

You and lots of other commenters on this seem to miss the wrongs that their side committed. Seems to me we got here because of the following problems.

1. people spent way to much freaking money in the 90's and 00's.

2. For a number of different reasons, lending policies were loosened way to much. For people of all races.

3. Predatory lending was rampant. I know of at least two instances in which elderly people were defrauded into taking out mortgages by their caregivers and the banks went right along. One of those banks involved our states Treasurer. One involved an elderly black woman on the southside of Chicago. I'm willing to bet that there are way more than just those two cases.

4. The Bush administration was hot to deregulate everything and anything, and pretty much didn't give a shit if the regulation wasn't a good thing or a bad thing.

4a. There are a lot of incompetent people in the administration.

4b. I don't bash Bush for fun or to score points on the left. I do however have a suspicion that he has in fact been a terrible president.

5. Congress is full of idiots who can't find their asses if they shit all over themselves.

6. The eggheads on wall st figured out that their was no on watching and no one gave a shit.

7. They then took that knowledge and used it to make increasingly crazy financial instruments.

8. The crazier the instruments got, the sloppier the eggheads were about creating them, trading them, structuring them, rating them, selling them.

9. At some point the smarter eggheads figured out that what they had was toxic and they committed fraud or other illegal activities to get it away from themselves (case in point, ARS Market. which I'll take a guess and say that the only black people involved there richer then you, I or any of your readers).

10. The music stopped. Enough ARM's reset to insanely high rates, enough people lost their jobs, maxed out their credit cards too much, In my case took out 200k in student loans and couldn't get a job, whatever. The cash flow required to make everything pretend to move along died, and boom, we have a crash.

the addendum is that I find it hilarious that the Bush administration now finds religion in the case of Paulson and the other mope. Yet, in typical fashion instead of crafting a fix to the problem they do stupid shit like float a bill that includes language that would prevent a court or agency from reviewing anything Paulson does.

on the other hand we have the idiot democrats trying to give money (that we don't have) to their friends. I have to say that I'm actually quite glad that bill was shot down. Maybe if we're lucky things will get so bad that people will start voting incumbents out and CBS will run "Survivor: Washington D.C."

Anyway, I'm off to bed, I'd like to joust with you over this later though.

M. Simon said...

It all started with the Community Reinvestment Act forcing banks to give mortgages to people who couldn't pay.