Skip to comments.Subprime Bubble: Obama 'Vampire Socialism' Built It
Posted on 09/04/2012 5:22:00 PM PDT by raptor22
Housing Crisis: Previously unpublished court documents reveal that as a young lawyer from Chicago, President Obama's lawsuit against big banks started inflating the housing bubble that created the mess he says he inherited.
We have often written that the true roots of our current economic crisis lay in the excesses of the 1977 Community Reinvestment Act as redefined under the Clinton administration. We have explained how community outreach by banks, under pressure from groups such as Acorn, was transformed into the mandatory credit issuance based not of creditworthiness, but on the basis of "fairness."
"Redlining," the activists argued, was the antithesis of the American dream of owning a home. Moreover, they insisted, everyone had the "right" to own a home. So the banks were forced to issue loans to people who couldn't afford to pay them back. The banking system was forced to inflate a housing bubble that set us up for a near-catastrophic economic collapse.
This did not occur by accident, but by design at the hands of disciples of the Cloward-Piven strategy of overwhelming the system, causing it to collapse, then to be replaced by a worker's paradise of redistributed income with the individual totally subservient to the greater good.
Presidential candidate Barack Obama called it the "fundamental transformation" of America, and he was there when the seeds of collapse were planted.
The Daily Caller has obtained and analyzed previously unpublished court documents relating to a class-action lawsuit filed in 1995 by young attorney Barack Obama on behalf of three lead plaintiffs and 180 subsidiary plaintiffs against Citibank for alleged discrimination in lending practices.
(Excerpt) Read more at news.investors.com ...
Romney and Republican backers should be shouting about this, but I don’t see it in any of the Romney ads. A majority of Americans still think Republicans are responsible for the financial debacle of the 2008. It’s why Obama is still close to or leading Romney in a number of polls. The truth is Dem policies of Clinton actually caused the crash. Pubbies must heavily scream this out in their political ads.
Previously unpublished my behind! This was well published in the Chicago newsprint media starting in 1996 - when Barry started suing banks to loan money to people who couldn't afford to pay it back.
Barry Obama's first full-fledged victim was Avondale Financial in Chicago. One of the country's largest mortgage providers (at the time) .... they no longer exist thanks in large part to Obama. Avondale Financial was a client of mine when I was an Internet Service Provider, and I'm very familiar with the damage Obama did to that bank.
Those of us who lived in Chicago during Obama’s rise can tell you that this is exactly correct. He even encouraged a stunt to crash and disrupt the Chicago City Council (exactly like the goons in Madison last year).
$”360,000 in benefits to be divided among the 183 other clients. Their portion of the settlement was not in cash, but in coupons”
Coupons? WTF are ‘coupons’?
>> “ He even encouraged a stunt to crash and disrupt the Chicago City Council” <<
Just what do you think a Community Organizer does?
A polite term for a $h!t disturber.
“We have often written that the true roots of our current economic crisis lay in the excesses of the 1977 Community Reinvestment Act as redefined under the Clinton administration. We have explained how community outreach by banks, under pressure from groups such as Acorn, was transformed into the mandatory credit issuance based not of creditworthiness, but on the basis of “fairness.””
Community Reinvestment Act initiated by Jimmy Carter and exploited by Clinton (not unlike the EPA initiated by NIxon) and also heavily exploited by Clinton. Carter was just going on about “fairness” in his video lecture.
Bubbles are a bipartisan product. Politicians on every side are socialist, because they do the bidding of their favorite constituents (mostly government income recipients, and most of the remainder government-linked).
But that won't happen because:
The Wall Street Journal also was writing about this early on.
We allowed the Democrat/media to lie in 2008 and now the sheeple believe the lie. This is why we are not 10% up.