WMP | RealPlayerPosted on 09/29/2008 8:54:44 PM PDT by Ooh-Ah
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RUSH: So what got us here? Well, you can say "white guilt" got us here, political correctness got us here, or a combination of all those things. Democrats' desire to socialize the country got us here. Efforts to stop it failing -- and we're on the verge of even more of it, ladies and gentlemen. Stanley Kurtz has been researching Obama, and he has a great piece today. Let me just give you a couple excerpts. "What exactly does a 'community organizer' do?" and one thing a community organizer does, if he's Barack Obama, is pressure banks to make bad loans. Obama's fingerprints are over this, too, because his group ACORN is all involved. The Community Reinvestment Act "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), and a group that is constantly engaged in illegal voter registration, among other things. "That has provided an opening to radical groups like ACORN ... 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 [these community redevelopment things] -- 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." Think of ACORN as a thousand Jesse Jacksons, in terms of shaking down companies and institutions. "Banks already overexposed by these shaky loans were pushed still further in the wrong direction when government-sponsored Fannie Mae and Freddie Mac began buying up their bad loans and offering them for sale on world markets," and by the way, speaking of that, Obama did it again in the debate (which we're going to get to). He said that our reputation in the world, I think everybody would agree, is not what it once was. He said it in Berlin', he said it to a seven-year-old kid asking him why he wants to be president. Frankly, I am fed up with it. Because, folks, if you want to know our reputation around the world -- to the extent that it is -- is in disrepair, you might take a look at the fact that a bunch of foreign banks were lied to by US institutions who said these subprime loans were AAA paper. You can buy 'em up. Do you know we're bailing out foreign banks that do business on the United States on this basis because they bought up some of these assets? So all this talk about how our image in the world has been dinged or damaged, let me tell you: to the extent that that's true, people in financial institutions around the world are saying, "What have you done to us? You've made us take on this worthless garbage paper. What have you done to us? What are you doing to your financial system?" It ain't about Iraq. It ain't about the war on terror. So there is Obama running around talking about how we've lost our esteem. That aggravates me like you cannot believe. We're going to analyze the debate as things shake out as the program unfolds before your very eyes. Of course Obama is as close to ACORN as anybody can be, closer to ACORN than anybody ever seeking the presidency. And ACORN went out and put their own pressure on these banks and lending institutions, political correctness pressure -- take it, you know, whatever it is -- to spread this misery far and wide under the terms and definitions of things like affordable housing. I think there's something more devious than that going on. We know several things institutionally. We know that the left wants as large a government as possible. We also know the left wants as many citizens in this country depending on government, not just for their needs but for their wants as well, but particularly their needs. We also know that owning a home in this country has been one of the most desirable things people have had. Many people, most people work themselves to the bone to be able to save up for a down payment, to be able to qualify -- and all of a sudden, the Democrats and the Clinton administration came along and said, "Why make it so hard on people? It's unfair. Let's just get 'em into homes. Let's threaten the lending institutions to loan 'em money they can't pay back. As long as home prices keep going up, this is not going to be a problem. It will be fine." Well, everything goes up goes down eventually. It's galled gravity. It's called supply and demand. It's called economic cycles, and we're where we are. So now the bailout is about making sure that all these people whose votes have been bought stay bought. |
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I’m sick of the MSM coverup of Obama and Dim influence in the crisis. Tired of hearing it here and not in MSM. Get your butt in gear McCain.
Rush is “Right-On.....Right-On” once again!!!!
“and one thing a community organizer does, if he’s Barack Obama, is pressure banks to make bad loans. Obama’s fingerprints are over this, too, because his group ACORN is all involved. The Community Reinvestment Act “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), and a group that is constantly engaged in illegal voter registration, among other things.”
Wow.
Hey Rush, we don't want to see you Wellstoned.
I would add:
"After we've forced these lending institutions into making risky loans, let's then blame the whole mess on the coerced lending institutions."
The changes that he ordered took affect on Jan 31, 1995. He outlined them July 15, 1993, BEFORE the Repubs took over. So the next time someone tells you the Repubs are responsible, you can tell them they aren't.
A Communist Party is essential for Marxists to test revolutionary theory through practice. We are not a debating society wrangling over obscure texts. We are a political movement, and we welcome all who accept our program. As Marx said, “The philosophers have only interpreted the world, in various ways; the point, however, is to change it.” The Communist Party USA is about changing the world.
The 28th National Convention of the Communist Party USA in Chicago, Illinois adopted this Program on July 2, 2005. The Program Drafting Committee: Marc Brodine, Libero Della Piana, José Cruz, Daniel Rubin, and Joelle Fishman. Hundreds of suggestions from members and clubs were incorporated into earlier drafts, and dozens of amendments were added by the Convention. The National Committee approved the final text on October 16, 2005.
They were forced to give mortgages to people whose income was welfare, child support and unemployment.
http://www.bos.frb.org/commdev/commaff/closingt.pdf
Sources of Income: In addition to primary employment income, Fannie Mae and Freddie Mac will accept the following as valid income sources: overtime and part–time work, second jobs (including seasonal work), retirement and Social Security income, alimony, child support, Veterans Administration (VA) benefits, welfare payments, and unemployment benefits
I assume you do, and will give you credit for the answer. Now, just tell me why McQueeg wants THE VERY SAME INDIVIDUAL, to wit, Andrew Cuomo, to be head of SEC, and why McQueeg ''respects'' him (his words, not mine).
es. That bothers me too.
That should be “Yes”. lol
I am a retired automobile auctioneer. In the late 80s Jesse Jackson reportedly threatened Ford Motor Co., and one of Jesse’s buds wound up with a dealership in south Baltimore.
Baltimoreans will remember the “$99 Down Man.” He came on TV in bib overalls, calling himself “The $99 Down Man.” and did commercials offering new Fords for $99 down. He obviously “sold” a lot of them. But the majority wound up being repoed.
Within little over a year the dealership was belly-up and everything was auctioned, right down to anything that couldn’t be taken back by FoMoCo. That was the automotive version of Sub-Prime Mortgages, I suppose.
Adding this link to my collection:
http://findarticles.com/p/articles/mi_m1282/is_n25_v45/ai_14779796
http://www.freerepublic.com/focus/f-news/1965239/posts
http://www.ibdeditorials.com/IBDArticles.aspx?id=306978378974502
http://www.ibdeditorials.com/IBDArticles.aspx?id=307149667289804&kw=cra
http://www.freerepublic.com/focus/f-news/2088795/posts
http://www.americanthinker.com/2008/09/the_financial_mess_how_we_got.html
http://www.freerepublic.com/focus/f-news/2092987/posts
http://www.freerepublic.com/focus/f-news/2093289/posts
http://www.freerepublic.com/focus/f-news/2093405/posts
http://www.freerepublic.com/focus/f-news/2093675/posts
According to Hannity McCain warned about this financial crisis three years ago, and now he has all this red meat, and won’t use it.
Well, maybe he still will. There’s time (but not much).
Talk about 'toxic', in this case, individuals!
;^)
These facts would get airtime, if Bush and McCain make the case. Absent their willingness to lay it on the line (Straight Talk Express) it goes nowhere.
Besides, getting this on the airwaves does nothing towards solving the totality of the problem. The totality of the problems is much greater than simply the low/moderate income loans (Acorn, Fannie/Freddie).
There are a whole lot of loans made outside those programs, which were very risky. And the overall mortgage loan portfolios are under pressure due to declining home values.
It is easy to claim the whole problem is Fannie/Freddie but it goes way beyond that. Dwelling on that aspect yields no solution; it is just re-stating some history.
JP Morgan Chase has gobbled up Bear Stearns and Wamu for a tiny fraction of their market capitalization just a few months back.
In effect they have probably received mortgages for 20 cents on the dollar. JP Morgan Chase is betting they will reap big profits.
Likewise the other “safe” financial institutions (B of A, Citibank, etc.) are doing acquisitions, of the “failed” institutions.
Theoretically, the federal bailout would put the government in the “acquisition” category.
The question becomes: Are there enough “safe” institutions, to acquire the “failed” institutions with their own resources?
1. Maybe the 535 geniuses in Congress can provide assistance (tax incentives) for safe private institutions, to acquire failed ones, without taking outright ownership by the government.
2. And how about some help, from States? Conservatives believe the best government is that which is most local.
If there is really a profit available in acquiring a failed institution, why not spread it around, and let state government in on the act?
3. Same thing for non-financial companies? How about Microsoft buying up some weak banks? How about Exxon Mobil doing likewise? Warren Buffet hints there is some money to be made, supposedly investing $5 billion (spare me that he is a democrat—I already know that, but the guy knows how to make money). Maybe incentivise with tax breaks.
4. What about other countries, with big stakes in the outcome? Maybe the Saudis, Kuwaitis could help too.
There are four ideas I have not seen or heard of from politicians, or from businesses.
The real crux (first cause) of this matter is failed ethics, by government AND BY the financial industry.
The other crux seems to be a failure of imagination, creativity, thinking outside the box—by everybody.
MBA Bush is coasting to the finish line, and is basically completely out of political capital. McCain has never had a private industry job, and seems confused by it all.
If the solution lies in the strength of our business capitalism, then business leaders had better get cracking, like I see the heads of the safe institutions are doing.
You all need to see this video, and so does Rush:
http://www.youtube.com/watch?v=nRmB93McZeI&feature=user
Burning Down the House: What Caused our Financial Crisis?
lay ACORNS on the hoods of cars parked for blocks around at Obama rallies. only, that might get expensive and we would run out of ACORNS
Talk about 'toxic', in this case, individuals!
Cuomo is my state Atty General. Paterson is my Governor. You know about Spitzer. Oh and then there's Schmucki and Hillary. I live in the middle of "toxic". Gotta keep the blood pressure down, ya know?
You’re right about the meltdown. Throwing money or logic at it will not work unless CRA is repealed. I only hear a few voices saying that and they’re all on FR.
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