The Real Causes Of The Great Recession

[mudwhistle]

The CRA meme has been thoroughly debunked. It was a bullshit meme started about two weeks after Lehman Brothers collapsed by idiots at Fox News who had no clue what was going on, and who still have no clue.

Lehman was not subject to the CRA. Neither was Bear Stearns, nor Goldman Sachs, nor JP Morgan, nor Morgan Stanley, nor the Royal Bank of Scotland, nor the Allied Irish Bank, nor the entire country of Iceland or the United Kingdom or German or Italy or Spain or Ireland.

This was GLOBAL derivatives bubble, you stupid, stupid, stupid fucks.

Did you somehow think the negroes of Iceland caused their banks to crash?

When all those foreclosure signs went up in your white middle class suburban town, did you look at your foreclosed neighbor and say to yourself, "Gee, I had no idea Biff was a negro"?

Idiots.

Great post.

Not really, because if he had read my post, or the links I provided, all of the banks that have been blamed for this were simply all that important. Countrywide was one of the loan associations mentioned along with Fannie Mae.

But yet again G5000 attempts to act like he knows everything like he's privy to inside information. He's simply trying to deflect the argument away from the main theme of the OP. Sure it was global, because the powers that be wanted it to effect everyone. However, what happens in an economy the size of the United States effects everyone.

Race is always the easiest way to deflect or change the subject. Don't forget to throw out the race-card.

It's not that a negro had something to do with this, but the fact that ACORN and their associates did. The co-conspirators simply used communists and followers of Saul Alinsky to do their dirty work. I figure after a few pages of comments the OP would be totally forgotten. We can't have people concentrating on the meat of the subject for sure. It's not a coincidence that Obama was running for president when this happened. His organization orchestrated the economic collapse in the first place. An invented crisis that ended a couple of months after he took the oath. His organization creates one crisis after another to accomplish their goals. It's a pattern that is well establish people. It's not our imaginations like this prick G5000 claims. I don't know how many times I've totally debunked his nonsensical offerings.

Zero times as far as I can see.

Well, I guess you didn't read the OP either. He's trying to distract anyway.

 

[JoeNormal]

The CRA meme has been thoroughly debunked. It was a bullshit meme started about two weeks after Lehman Brothers collapsed by idiots at Fox News who had no clue what was going on, and who still have no clue.

Lehman was not subject to the CRA. Neither was Bear Stearns, nor Goldman Sachs, nor JP Morgan, nor Morgan Stanley, nor the Royal Bank of Scotland, nor the Allied Irish Bank, nor the entire country of Iceland or the United Kingdom or German or Italy or Spain or Ireland.

This was GLOBAL derivatives bubble, you stupid, stupid, stupid fucks.

Did you somehow think the negroes of Iceland caused their banks to crash?

When all those foreclosure signs went up in your white middle class suburban town, did you look at your foreclosed neighbor and say to yourself, "Gee, I had no idea Biff was a negro"?

Idiots.

Great post.

Not really, because if he had read my post, or the links I provided, all of the banks that have been blamed for this were simply all that important. Countrywide was one of the loan associations mentioned along with Fannie Mae.

But yet again G5000 attempts to act like he knows everything like he's privy to inside information. He's simply trying to deflect the argument away from the main theme of the OP. Sure it was global, because the powers that be wanted it to effect everyone. However, what happens in an economy the size of the United States effects everyone.

Race is always the easiest way to deflect or change the subject. Don't forget to throw out the race-card.

It's not that a negro had something to do with this, but the fact that ACORN and their associates did. The co-conspirators simply used communists and followers of Saul Alinsky to do their dirty work. I figure after a few pages of comments the OP would be totally forgotten. We can't have people concentrating on the meat of the subject for sure. It's not a coincidence that Obama was running for president when this happened. His organization orchestrated the economic collapse in the first place. An invented crisis that ended a couple of months after he took the oath. His organization creates one crisis after another to accomplish their goals. It's a pattern that is well establish people. It's not our imaginations like this prick G5000 claims. I don't know how many times I've totally debunked his nonsensical offerings.

Zero times as far as I can see.

Well, I guess you didn't read the OP either.

Yeah I read it. Have you ever listened to this radio program?

The Giant Pool of Money This American Life

It's the best account I've come across of what went on and the various factors that contributed to the crash. I don't expect that you'll spend your valuable time listening to it though. You have Fox News talking points to regurgitate.

 

[candycorn]

The CRA meme has been thoroughly debunked. It was a bullshit meme started about two weeks after Lehman Brothers collapsed by idiots at Fox News who had no clue what was going on, and who still have no clue.

Lehman was not subject to the CRA. Neither was Bear Stearns, nor Goldman Sachs, nor JP Morgan, nor Morgan Stanley, nor the Royal Bank of Scotland, nor the Allied Irish Bank, nor the entire country of Iceland or the United Kingdom or German or Italy or Spain or Ireland.

This was GLOBAL derivatives bubble, you stupid, stupid, stupid fucks.

Did you somehow think the negroes of Iceland caused their banks to crash?

When all those foreclosure signs went up in your white middle class suburban town, did you look at your foreclosed neighbor and say to yourself, "Gee, I had no idea Biff was a negro"?

Idiots.

Great post.

Not really, because if he had read my post, or the links I provided, all of the banks that have been blamed for this were simply all that important. Countrywide was one of the loan associations mentioned along with Fannie Mae.

But yet again G5000 attempts to act like he knows everything like he's privy to inside information. He's simply trying to deflect the argument away from the main theme of the OP. Sure it was global, because the powers that be wanted it to effect everyone. However, what happens in an economy the size of the United States effects everyone.

Race is always the easiest way to deflect or change the subject. Don't forget to throw out the race-card.

It's not that a negro had something to do with this, but the fact that ACORN and their associates did. The co-conspirators simply used communists and followers of Saul Alinsky to do their dirty work. I figure after a few pages of comments the OP would be totally forgotten. We can't have people concentrating on the meat of the subject for sure. It's not a coincidence that Obama was running for president when this happened. His organization orchestrated the economic collapse in the first place. An invented crisis that ended a couple of months after he took the oath. His organization creates one crisis after another to accomplish their goals. It's a pattern that is well establish people. It's not our imaginations like this prick G5000 claims. I don't know how many times I've totally debunked his nonsensical offerings.

Zero times as far as I can see.

Well, I guess you didn't read the OP either.

Yeah I read it. Have you ever listened to this radio program?

The Giant Pool of Money This American Life

It's the best account I've come across of what went on and the various factors that contributed to the crash. I don't expect that you'll spend your valuable time listening to it though. You have Fox News talking points to regurgitate.

I heard it when it came out. It was a great broadcast.

 

[mudwhistle]

The CRA meme has been thoroughly debunked. It was a bullshit meme started about two weeks after Lehman Brothers collapsed by idiots at Fox News who had no clue what was going on, and who still have no clue.

Lehman was not subject to the CRA. Neither was Bear Stearns, nor Goldman Sachs, nor JP Morgan, nor Morgan Stanley, nor the Royal Bank of Scotland, nor the Allied Irish Bank, nor the entire country of Iceland or the United Kingdom or German or Italy or Spain or Ireland.

This was GLOBAL derivatives bubble, you stupid, stupid, stupid fucks.

Did you somehow think the negroes of Iceland caused their banks to crash?

When all those foreclosure signs went up in your white middle class suburban town, did you look at your foreclosed neighbor and say to yourself, "Gee, I had no idea Biff was a negro"?

Idiots.

Great post.

Not really, because if he had read my post, or the links I provided, all of the banks that have been blamed for this were simply all that important. Countrywide was one of the loan associations mentioned along with Fannie Mae.

But yet again G5000 attempts to act like he knows everything like he's privy to inside information. He's simply trying to deflect the argument away from the main theme of the OP. Sure it was global, because the powers that be wanted it to effect everyone. However, what happens in an economy the size of the United States effects everyone.

Race is always the easiest way to deflect or change the subject. Don't forget to throw out the race-card.

It's not that a negro had something to do with this, but the fact that ACORN and their associates did. The co-conspirators simply used communists and followers of Saul Alinsky to do their dirty work. I figure after a few pages of comments the OP would be totally forgotten. We can't have people concentrating on the meat of the subject for sure. It's not a coincidence that Obama was running for president when this happened. His organization orchestrated the economic collapse in the first place. An invented crisis that ended a couple of months after he took the oath. His organization creates one crisis after another to accomplish their goals. It's a pattern that is well establish people. It's not our imaginations like this prick G5000 claims. I don't know how many times I've totally debunked his nonsensical offerings.

Zero times as far as I can see.

Well, I guess you didn't read the OP either.

Yeah I read it. Have you ever listened to this radio program?

The Giant Pool of Money This American Life

It's the best account I've come across of what went on and the various factors that contributed to the crash. I don't expect that you'll spend your valuable time listening to it though. You have Fox News talking points to regurgitate.

Whatever. Fox is just a bunch of noise. They report a lot of things that turned out not to be true, but they don't censor their news to help one side or the other. No, I've never listened to that radio program.

You guys always come up with the same ridiculous BS. Fox News, Rush Limbaugh, we're dumb because we're not Democrats. Did it ever occurred to you idiots that the internet a good way to double-check all of this. It's not very hard to look up information using key words and phrases. The same way legal secretaries do it. I listen to both sides and I check to see if it's authentic. G5000 posts a link to a document supposedly from the Security and Exchange Commission that is so long it would take me all day to read it rather than getting to the point, and that's supposed to prove something. You see, if you don't read the whole thing, and don't fact check it you can't know if it's even true or not. It's a well-worn lawyers trick. Flood them with bullshit to confuse them.

 

[candycorn]

Great post.

Not really, because if he had read my post, or the links I provided, all of the banks that have been blamed for this were simply all that important. Countrywide was one of the loan associations mentioned along with Fannie Mae.

But yet again G5000 attempts to act like he knows everything like he's privy to inside information. He's simply trying to deflect the argument away from the main theme of the OP. Sure it was global, because the powers that be wanted it to effect everyone. However, what happens in an economy the size of the United States effects everyone.

Race is always the easiest way to deflect or change the subject. Don't forget to throw out the race-card.

It's not that a negro had something to do with this, but the fact that ACORN and their associates did. The co-conspirators simply used communists and followers of Saul Alinsky to do their dirty work. I figure after a few pages of comments the OP would be totally forgotten. We can't have people concentrating on the meat of the subject for sure. It's not a coincidence that Obama was running for president when this happened. His organization orchestrated the economic collapse in the first place. An invented crisis that ended a couple of months after he took the oath. His organization creates one crisis after another to accomplish their goals. It's a pattern that is well establish people. It's not our imaginations like this prick G5000 claims. I don't know how many times I've totally debunked his nonsensical offerings.

Zero times as far as I can see.

Well, I guess you didn't read the OP either.

Yeah I read it. Have you ever listened to this radio program?

The Giant Pool of Money This American Life

It's the best account I've come across of what went on and the various factors that contributed to the crash. I don't expect that you'll spend your valuable time listening to it though. You have Fox News talking points to regurgitate.

Whatever. Fox is just a bunch of noise. They report a lot of things that turned out not to be true, but they don't censor their news to help one side or the other. No, I've never listened to that radio program.

You guys always come up with the same ridiculous BS. Fox News, Rush Limbaugh, we're dumb because we're not Democrats. Did it ever occurred to you idiots that the internet a good way to double-check all of this. It's not very hard to look up information using key words and phrases. The same way legal secretaries do it. I listen to both sides and I check to see if it's authentic. G5000 posts a link to a document supposedly from the Security and Exchange Commission that is so long it would take me all day to read it rather than getting to the point, and that's supposed to prove something. You see, if you don't read the whole thing, and don't fact check it you can't know if it's even true or not. It's a well-worn lawyers trick. Flood them with bullshit to confuse them.

You listen to both sides?

Another reason to laugh.

 

[mudwhistle]

The CRA meme has been thoroughly debunked. It was a bullshit meme started about two weeks after Lehman Brothers collapsed by idiots at Fox News who had no clue what was going on, and who still have no clue.

Lehman was not subject to the CRA. Neither was Bear Stearns, nor Goldman Sachs, nor JP Morgan, nor Morgan Stanley, nor the Royal Bank of Scotland, nor the Allied Irish Bank, nor the entire country of Iceland or the United Kingdom or German or Italy or Spain or Ireland.

This was GLOBAL derivatives bubble, you stupid, stupid, stupid fucks.

Did you somehow think the negroes of Iceland caused their banks to crash?

When all those foreclosure signs went up in your white middle class suburban town, did you look at your foreclosed neighbor and say to yourself, "Gee, I had no idea Biff was a negro"?

Idiots.

Great post.

Not really, because if he had read my post, or the links I provided, all of the banks that have been blamed for this were simply all that important. Countrywide was one of the loan associations mentioned along with Fannie Mae.

But yet again G5000 attempts to act like he knows everything like he's privy to inside information. He's simply trying to deflect the argument away from the main theme of the OP. Sure it was global, because the powers that be wanted it to effect everyone. However, what happens in an economy the size of the United States effects everyone.

Race is always the easiest way to deflect or change the subject. Don't forget to throw out the race-card.

It's not that a negro had something to do with this, but the fact that ACORN and their associates did. The co-conspirators simply used communists and followers of Saul Alinsky to do their dirty work. I figure after a few pages of comments the OP would be totally forgotten. We can't have people concentrating on the meat of the subject for sure. It's not a coincidence that Obama was running for president when this happened. His organization orchestrated the economic collapse in the first place. An invented crisis that ended a couple of months after he took the oath. His organization creates one crisis after another to accomplish their goals. It's a pattern that is well establish people. It's not our imaginations like this prick G5000 claims. I don't know how many times I've totally debunked his nonsensical offerings.

The only thing you've debunked was that you are sober. Thousands of white families lost their houses too during the housing bubble bursting. I was not smarter than most (great shock, I know), just didn't want the pains and responsibilities of home ownership so I passed up my repeated opportunities to own a house. Thank goodness I did too because I would have been out of it when the ARM spiked.

As for race, racists such as yourself see it as some sort of silver bullet to explain everything...that you brought it up is no mystery.

g5000 took you to the woodshed.

Not really.

You're not even smart enough to know he didn't.

Once again you tossers throw out the race card.
ACORN isn't just made up of black people. And everyone knows that millions of people walked away because of various reasons. I had a home I sold in CA that I carried a second on and those aholes walked away from it owing me $42k. It was a risk, but it was the only way I could get them into the property. They were Samoans, and had been renting the property for years. For some strange reason Democrats made it easy for people to shirk their responsibilities, and made them all feel they were being screwed by the rich. So essentially they helped it all along. The trick was getting a bunch of unqualified people into homes first. One of the ways was to get them into an ARM and then make sure that interest rates go up so that the mortgage became unaffordable. Then once their ARMs got ready to switch from fixed to adjustable, make sure they can't re-qualify for a fixed loan. Change the regulations. This all happened around the 06-07 time frame. By the time that 08' rolled around the housing crash was in full force.

 

[mudwhistle]

Well, I guess you didn't read the OP either.

Yeah I read it. Have you ever listened to this radio program?

The Giant Pool of Money This American Life

It's the best account I've come across of what went on and the various factors that contributed to the crash. I don't expect that you'll spend your valuable time listening to it though. You have Fox News talking points to regurgitate.

Whatever. Fox is just a bunch of noise. They report a lot of things that turned out not to be true, but they don't censor their news to help one side or the other. No, I've never listened to that radio program.

You guys always come up with the same ridiculous BS. Fox News, Rush Limbaugh, we're dumb because we're not Democrats. Did it ever occurred to you idiots that the internet a good way to double-check all of this. It's not very hard to look up information using key words and phrases. The same way legal secretaries do it. I listen to both sides and I check to see if it's authentic. G5000 posts a link to a document supposedly from the Security and Exchange Commission that is so long it would take me all day to read it rather than getting to the point, and that's supposed to prove something. You see, if you don't read the whole thing, and don't fact check it you can't know if it's even true or not. It's a well-worn lawyers trick. Flood them with bullshit to confuse them.

You listen to both sides?

Another reason to laugh.

Do you have a point other than you're an idiot?

Only an idiot would believe that you listen to any other viewpoint....you've proven this time and again. Remember back when you thought Obama was lying about killing OBL? Somehow the SEALs words were not good enough for you at the time. Another time when you said that Obama got "food and women" for Chris Christie?

It's easy to lampoon you...you're nothing but a big, bad joke who has some sort of "tough guy" complex which makes the whole affair perversely humorous.

Keep em coming.

I think you're confusing me with someone else on one of your points.
It's easy not to trust Obama when he claimed he got Bin Laden. He erased all of the proof of it. The excuse he made was that it would inflame the middle-east. We all know that his drone strikes do that all of the time. The Chris Christie thing, I don't even know what you're talking about.

Considering your infatuation with Sandra Fluke, you need to just quit while you're ahead.

 

[mudwhistle]

Whatever. Fox is just a bunch of noise. They report a lot of things that turned out not to be true, but they don't censor their news to help one side or the other. No, I've never listened to that radio program.

You guys always come up with the same ridiculous BS. Fox News, Rush Limbaugh, we're dumb because we're not Democrats. Did it ever occurred to you idiots that the internet a good way to double-check all of this. It's not very hard to look up information using key words and phrases. The same way legal secretaries do it. I listen to both sides and I check to see if it's authentic. G5000 posts a link to a document supposedly from the Security and Exchange Commission that is so long it would take me all day to read it rather than getting to the point, and that's supposed to prove something. You see, if you don't read the whole thing, and don't fact check it you can't know if it's even true or not. It's a well-worn lawyers trick. Flood them with bullshit to confuse them.

You listen to both sides?

Another reason to laugh.

Do you have a point other than you're an idiot?

Only an idiot would believe that you listen to any other viewpoint....you've proven this time and again. Remember back when you thought Obama was lying about killing OBL? Somehow the SEALs words were not good enough for you at the time. Another time when you said that Obama got "food and women" for Chris Christie?

It's easy to lampoon you...you're nothing but a big, bad joke who has some sort of "tough guy" complex which makes the whole affair perversely humorous.

Keep em coming.

I think you're confusing me with someone else on one of your points.
It's easy not to trust Obama when he claimed he got Bin Laden. He erased all of the proof of it. The excuse he made was that it would inflame the middle-east. We all know that his drone strikes do that all of the time. The Chris Christie thing, I don't even know what you're talking about.

Considering your infatuation with Sandra Fluke, you need to just quit while you're ahead.

Navy SEAL who killed bin Laden left in poverty with no pension healthcare or protect Page 13 US Message Board - Political Discussion Forum

How soon they forget....Apparently the worst thing you can do for a conserve-hate-ive is listen to them because they hate it when you point out their previous statements.

Funny you would remember that. Course I said chances are Obama offered Christie something for his cooperation, be it this or that. And what does this prove? That you're naivete knows no bounds?

One thing that really tickles me is I made you go through the trouble of looking for it. It was so inconsequential that I had totally forgotten about it.

One thing we've firmly established. You're a little bitch that spends all of her time trolling USMB and not offering an original thought or offers anything of value to the conversation.

 

[mudwhistle]

Like I said when I started this thread, the usual suspects always show up like clockwork.
Maybe it's their job to act like this. Confuse the subject and discredit the messenger.

The tactics never change.

 

[Iceweasel]

All false. But, hey, thanks for reinforcing the fact that conservatives are racist and hate the poor.

LOL. That was all you were able to understand?

 

[g5000]

Like I said when I started this thread, the usual suspects always show up like clockwork.
Maybe it's their job to act like this. Confuse the subject and discredit the messenger.

The tactics never change.

When you toss out the same old exhausted lies, the same people will show up to embarrass you again, yes.

 

[mudwhistle]

These liberals and they sycophantic fantasies about their leaders.

 

[mudwhistle]

Like I said when I started this thread, the usual suspects always show up like clockwork.
Maybe it's their job to act like this. Confuse the subject and discredit the messenger.

The tactics never change.

When you toss out the same old exhausted lies, the same people will show up to embarrass you again, yes.

Anything that doesn't paint a pretty picture of Obama is a lie you folks.
They only embarrass themselves.

And I love the way you run away every time. Never stick around to argue. Just present a fallacy and then leave someone else to do all of the taunting for you.

 

[mudwhistle]

This is the kind of shit that makes this place so unpleasant. All of the dickheads that pull this same ole same ole.

I'd rather post pretty pictures than talk to all of you jizzbreath mofos.

 

[Wry Catcher]

He didn't even have time to read it all and he claims it's all false. Took him less than 2 minutes to absorb all of that stuff and he's already responded. You must read really fast.

It's always best to consider the source, then decide on how worthy it might be to read a long post. Consider everything posted by PoliticalChic, the best example of a partisan propaganda purveyor. Thus, others like her are best ignored.

 

[Wry Catcher]

Obama and ACORN - Bing Images

This is an article that was posted 2 months before Obama took office. Everything in it has proven to be true. It's strange how all of this information has been out there for years yet little bits and pieces of it keep surfacing. The left will claim that it's all old news and they'll say that anyone who brings it up is just trolling. I expect the usual USMB members to do their jobs and attack me personally. Well, bring it on:

​

As a New York Post article describes it:

A 1995 strengthening of the Community Reinvestment Act required banks to find ways to provide mortgages to their poorer communities. It also let community activists intervene at yearly bank reviews, shaking the banks down for large pots of money.


Banks that got poor reviews were punished; some saw their merger plans frustrated; others faced direct legal challenges by the Justice Department.

Flexible lending programs expanded even though they had higher default rates than loans with traditional standards. On the Web, you can still find CRA loans available via ACORN with "100 percent financing . . . no credit scores . . . undocumented income . . . even if you don't report it on your tax returns." Credit counseling is required, of course.

Ironically, 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 lender they were speaking of was Countrywide, which specialized in subprime lending and had a working relationship with ACORN.

Investor's Business Daily added:

The revisions also allowed for the first time the securitization of CRA-regulated loans containing subprime mortgages. The changes came as radical "housing rights" groups led by ACORN lobbied for such loans. ACORN at the time was represented by a young public-interest lawyer in Chicago by the name of Barack Obama. (Emphasis, mine.)

Since these loans were to be underwritten by the government sponsored Fannie Mae and Freddie Mac, the implicit government guarantee of those loans absolved lenders, mortgage bundlers and investors of any concern over the obvious risk. As Bloomberg reported: "It is a classic case of socializing the risk while privatizing the profit."

And if you think Washington policy makers cared about ACORN's negative influence, think again. Before this whole mess came down, a Democrat-sponsored bill on the table would have created an "Affordable Housing Trust Fund," granting ACORN access to approximately $500 million in Fannie Mae and Freddie Mac revenues with little or no oversight.

Even now, unbelievably -- on the brink of national disaster -- Democrats have insisted ACORN benefit from bailout negotiations! Senator Lindsay Graham reported last night (9/25/08) in an interview with Greta Van Susteren of On the Record that Democrats want 20 percent of the bailout money to go to ACORN!

This entire fiasco represents perhaps the pinnacle of ACORN's efforts to advance the Cloward-Piven Strategy and is a stark demonstration of the power they wield in Washington.

Enter Barack Obama

In attempting to capture the significance of Barack Obama's Radical Left connections and his relation to the Cloward Piven strategy, I constructed following flow chart . It is by no means complete. There are simply too many radical individuals and organizations to include them all here. But these are perhaps the most significant.

In his few years as a U.S. senator, Obama has received campaign contributions of $126,349, from Fannie and Freddie, second only to the $165,400 received by Senator Chris Dodd, who has been getting donations from them since 1988. What makes Obama so special?

His closest advisers are a dirty laundry list of individuals at the heart of the financial crisis: former Fannie Mae CEO Jim Johnson; Former Fannie Mae CEO and former Clinton Budget Director Frank Raines; and billionaire failed Superior Bank of Chicago Board Chair Penny Pritzker.

........
Most significantly, Penny Pritzker, the current Finance Chairperson of Obama's presidential campaign helped develop the complicated investment bundling of subprime securities at the heart of the meltdown. She did so in her position as shareholder and board chair of Superior Bank. The Bank failed in 2001, one of the largest in recent history, wiping out $50 million in uninsured life savings of approximately 1,400 customers. She was named in a RICO class action law suit but doesn't seem to have come out of it too badly.

As a young attorney in the 1990s, Barack Obama represented ACORN in Washington in their successful efforts to expand Community Reinvestment Act (CRA) authority. In addition to making it easier for ACORN groups to force banks into making risky loans, this also paved the way for banks like Superior to package mortgages as investments, and for the Government Sponsored Enterprises Fannie Mae and Freddie Mac to underwrite them. These changes created the conditions that ultimately lead to the current financial crisis.


​

Note the repeated theme of using existing laws and expanding their reach thus changing their intended purpose. This has been repeated over and over throughout Obama's tenure as president. He expands on existing laws or programs and renders them unrecognizable. He did this with Fast & Furious and several other programs. The excuse is always that it was a law or program from a previous administration. He's doing the same thing with the Patriot Act. Many liberals here think this is funny, but this is no joke.

ACORN has split up and changed it's name, but it is still highly active. Ferguson was one of it's babies.

Links:
Articles Barack Obama and the Strategy of Manufactured Crisis
Obama 8217 s new pardon chief funded ACORN
Obama and ACORN - WikiLeaks
Association of Community Organizations for Reform Now - Wikipedia the free encyclopedia
Obama 8217 s Secret Collaboration with ACORN Bosses FrontPage Magazine
Obama and ACORN Chicago-The Barack Obama Campaign 2004 - WikiLeaks​

The real cause? George W. Bush. The dam was leaking before W. took office, but he's the one who told the Congress to take their fingering out of the leak.

 

[mudwhistle]

He didn't even have time to read it all and he claims it's all false. Took him less than 2 minutes to absorb all of that stuff and he's already responded. You must read really fast.

It's always best to consider the source, then decide on how worthy it might be to read a long post. Consider everything posted by PoliticalChic, the best example of a partisan propaganda purveyor. Thus, others like her are best ignored.

But you can't argue against anything she posts so you ignore her.

 

[mudwhistle]

Obama and ACORN - Bing Images

This is an article that was posted 2 months before Obama took office. Everything in it has proven to be true. It's strange how all of this information has been out there for years yet little bits and pieces of it keep surfacing. The left will claim that it's all old news and they'll say that anyone who brings it up is just trolling. I expect the usual USMB members to do their jobs and attack me personally. Well, bring it on:

​

As a New York Post article describes it:

A 1995 strengthening of the Community Reinvestment Act required banks to find ways to provide mortgages to their poorer communities. It also let community activists intervene at yearly bank reviews, shaking the banks down for large pots of money.


Banks that got poor reviews were punished; some saw their merger plans frustrated; others faced direct legal challenges by the Justice Department.

Flexible lending programs expanded even though they had higher default rates than loans with traditional standards. On the Web, you can still find CRA loans available via ACORN with "100 percent financing . . . no credit scores . . . undocumented income . . . even if you don't report it on your tax returns." Credit counseling is required, of course.

Ironically, 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 lender they were speaking of was Countrywide, which specialized in subprime lending and had a working relationship with ACORN.

Investor's Business Daily added:

The revisions also allowed for the first time the securitization of CRA-regulated loans containing subprime mortgages. The changes came as radical "housing rights" groups led by ACORN lobbied for such loans. ACORN at the time was represented by a young public-interest lawyer in Chicago by the name of Barack Obama. (Emphasis, mine.)

Since these loans were to be underwritten by the government sponsored Fannie Mae and Freddie Mac, the implicit government guarantee of those loans absolved lenders, mortgage bundlers and investors of any concern over the obvious risk. As Bloomberg reported: "It is a classic case of socializing the risk while privatizing the profit."

And if you think Washington policy makers cared about ACORN's negative influence, think again. Before this whole mess came down, a Democrat-sponsored bill on the table would have created an "Affordable Housing Trust Fund," granting ACORN access to approximately $500 million in Fannie Mae and Freddie Mac revenues with little or no oversight.

Even now, unbelievably -- on the brink of national disaster -- Democrats have insisted ACORN benefit from bailout negotiations! Senator Lindsay Graham reported last night (9/25/08) in an interview with Greta Van Susteren of On the Record that Democrats want 20 percent of the bailout money to go to ACORN!

This entire fiasco represents perhaps the pinnacle of ACORN's efforts to advance the Cloward-Piven Strategy and is a stark demonstration of the power they wield in Washington.

Enter Barack Obama

In attempting to capture the significance of Barack Obama's Radical Left connections and his relation to the Cloward Piven strategy, I constructed following flow chart . It is by no means complete. There are simply too many radical individuals and organizations to include them all here. But these are perhaps the most significant.

In his few years as a U.S. senator, Obama has received campaign contributions of $126,349, from Fannie and Freddie, second only to the $165,400 received by Senator Chris Dodd, who has been getting donations from them since 1988. What makes Obama so special?

His closest advisers are a dirty laundry list of individuals at the heart of the financial crisis: former Fannie Mae CEO Jim Johnson; Former Fannie Mae CEO and former Clinton Budget Director Frank Raines; and billionaire failed Superior Bank of Chicago Board Chair Penny Pritzker.

........
Most significantly, Penny Pritzker, the current Finance Chairperson of Obama's presidential campaign helped develop the complicated investment bundling of subprime securities at the heart of the meltdown. She did so in her position as shareholder and board chair of Superior Bank. The Bank failed in 2001, one of the largest in recent history, wiping out $50 million in uninsured life savings of approximately 1,400 customers. She was named in a RICO class action law suit but doesn't seem to have come out of it too badly.

As a young attorney in the 1990s, Barack Obama represented ACORN in Washington in their successful efforts to expand Community Reinvestment Act (CRA) authority. In addition to making it easier for ACORN groups to force banks into making risky loans, this also paved the way for banks like Superior to package mortgages as investments, and for the Government Sponsored Enterprises Fannie Mae and Freddie Mac to underwrite them. These changes created the conditions that ultimately lead to the current financial crisis.


​

Note the repeated theme of using existing laws and expanding their reach thus changing their intended purpose. This has been repeated over and over throughout Obama's tenure as president. He expands on existing laws or programs and renders them unrecognizable. He did this with Fast & Furious and several other programs. The excuse is always that it was a law or program from a previous administration. He's doing the same thing with the Patriot Act. Many liberals here think this is funny, but this is no joke.

ACORN has split up and changed it's name, but it is still highly active. Ferguson was one of it's babies.

Links:
Articles Barack Obama and the Strategy of Manufactured Crisis
Obama 8217 s new pardon chief funded ACORN
Obama and ACORN - WikiLeaks
Association of Community Organizations for Reform Now - Wikipedia the free encyclopedia
Obama 8217 s Secret Collaboration with ACORN Bosses FrontPage Magazine
Obama and ACORN Chicago-The Barack Obama Campaign 2004 - WikiLeaks​

The real cause? George W. Bush. The dam was leaking before W. took office, but he's the one who told the Congress to take their fingering out of the leak.

Clever. Now explain why.

 

[Politico]

There was no great recession.

 

[mudwhistle]

There was no great recession.

Yup. It was pretty much something that was created in the media. The Dems started talking down the economy and eventually consumer confidence lagged to the point that it effected the housing industry and financial industry. Somehow millions of Americans got the crazy idea that defaulting on their credit was something they could get away with. ACORN helped millions of minority families to get into homes they weren't qualified for and then told them all to walk. So they walked.