ENTITLEMENT CULTURE GONE MAD
April 2, 2008
LAST week, a mob of screeching protesters invaded the Bear Stearns headquarters in Manhattan demanding more aid for homeowners. As you know, I oppose federal bailouts of every make and model - and that includes both the Bear Stearns deal and the bipartisan stimulus-palooza in Washington.
Here is the face of the entitlement culture gone mad: “We will go to their neighborhood, we will educate their children on what their parents do. They should be ashamed,” said Neighborhood Assistance Corporation of America (NACA) founder Bruce Marks in a nasty warning issued to employees of both banks.
This isn’t an idle threat. Bruce Marks is no harmless lone nut. He has a record of showing up at children’s schools and bullying them because of their parents’ employment. All in the name of “social justice,” of course, and securing loans for every last bad risk on the face of the planet. He’s so proud of his behavior, he calls himself a “bank terrorist.”
It’s all about the money for Marks’ group, which browbeats banks and lenders into billion-dollar deals to allow its activists to arrange mortgages for their high-risk constituents. NACA - with dozens of offices across the country - has a no-down-payment, no-closing-costs, low-interest-rate policy for low-income minority borrowers and takes a hefty fee for each transaction.