community organizers helped wreck the American economy
So this well-researched piece that I link to is Stankley Kurtz’s New York Post article on Barack Obama and community organizing. It should be referenced as many times as possible as an example of the villains our President surrounds himself with as his friends, political allies and so-called professional associates. What kind of profession did Mr. Obama take as his in life? That is not as important, right now, as placing blame.
I know that as a whole the greed of the human being caused the latest economic crisis, both in my country and in the world as a whole. People want as much as possible for as little work, risk, and effort as possible. Anytime one thinks he can invest only a little and profit much he will do so, for better or for worse, usually for worse. Of course anyone who says that banks schemed to give bad loans to people unable to pay the loans as part of a scheme to get the money from what payments they could get and then to get a house the people were evicted from is saying something stupid. Banks deal in money. They do not deal in houses that cannot be sold easily. There are different causes for each respective case but in a whole slew of problems we can trace the cause to community organizers, at least o the leftist variety.
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.
That partially intends to partially answer the question of “just what does a community organizer do?” People ask that question because that is a major facet of President Obama’s background, and when the question was first asked (and in this article answered) he was a Senator running for President. Now there is a root in legislation made back before Barack Obama even graduated High School,
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.
I guess seeds are a more apt description than “a root”. It does grow, however, to be an ongoing phenomenon, a problem, quite intertwined with the villains of community organizing.
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. Any bank that wants to expand or merge with another has to show it has complied with CRA – 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.
Then Fanny Mae and Freddie Mac (sounds more like bakeries than financial institutions with earth-shaking power) made things worse by purchasing up debts and then selling those debts, which definitely makes the business of “who owes whom” more difficult to unravel. I need not point out that when President Obama was a community organizer he worked with/for ACORN. He also assisted them as a lawyer, but ceasing that digression,
Fannie and Freddie acted in response to Clinton administration pressure to boost homeownership rates among minorities and the poor. However compassionate the motive, the result of this systematic disregard for normal credit standards has been financial disaster.
What this is is an example of the President of the United States playing god with the fundamental rules of economics, economics itself being a system or continuum with rules, patterns, causes and effects, where improper influence or interference can make or break proper effects and cause disastrous events. In this instance the President desired to make a virtuous status available to people who cannot afford to own it. It is like giving a live hand grenade (with the pin pulled) to a ten-year-old with two sprained elbows. Let’s get personal here.
ONE key pioneer of ACORN’s subprime-loan shakedown racket was Madeline Talbott – an activist with extensive ties to Barack Obama. She was also in on the ground floor of the disastrous turn in Fannie Mae’s mortgage policies. Long the director of Chicago ACORN, Talbott is a specialist in “direct action” – organizers’ term for their militant tactics of intimidation and disruption. Perhaps her most famous stunt was leading a group of ACORN protesters breaking into a meeting of the Chicago City Council to push for a “living wage” law, shouting in defiance as she was arrested for mob action and disorderly conduct. But her real legacy may be her drive to push banks into making risky mortgage loans… aided by ACORN organizer Sandra Maxwell, Talbott announced plans to conduct demonstrations in the lobbies of area banks that refused to attend an ACORN-sponsored national bank “summit” in New York. She insisted that banks show a commitment to minority lending by lowering their standards on downpayments and underwriting – for example, by overlooking bad credit histories. By September 1992, The Chicago Tribune was describing Talbott’s program as “affirma- tive-action lending” and ACORN was issuing fact sheets bragging about relaxations of credit standards that it had won on behalf of minorities. And Talbott continued her effort to, as she put it, drag banks “kicking and screaming” into high-risk loans. A September 1993 story in The Chicago Sun-Times presents her as the leader of an initiative in which five area financial institutions (including two of her former targets, now plainly cowed – Bell Federal Savings and Avondale Federal Savings) were “participating in a $55 million national pilot program with affordable-housing group ACORN to make mortgages for low- and moderate-income people with troubled credit histories.
Fannie Mae’s participation, which was purchasing loans, effectively centralized the debt into massive quantities. Now an irritating part of American history is not only a group of its citizens working to destroy and harm banks and banking systems, but that as a younger man (and he is quite unrepentant now) Barack Obama was complicit in these acts.Obama was funding them. As he rose to a leadership role at Chicago’s Woods Fund, he became the most powerful voice on the foundation’s board for supporting ACORN and other community organizers. In 1995, the Woods Fund substantially expanded its funding of community organizers – and Obama chaired the committee that urged and managed the shift. That committee’s report on strategies for funding groups like ACORN features all the key names in Obama’s organizer network. The report quotes Talbott more than any other figure; Sandra Maxwell, Talbott’s ACORN ally in the bank battle, was also among the organizers consulted. MORE, the Obama-supervised Woods Fund report ac knowledges the problem of getting donors and foundations to contribute to radical groups like ACORN – whose confrontational tactics often scare off even liberal donors and foundations. Indeed, the report brags about pulling the wool over the public’s eye. The Woods Fund’s claim to be “nonideological,” it says, has “enabled the Trustees to make grants to organizations that use confrontational tactics against the business and government ‘establishments’ without undue risk of being criticized for partisanship.” Hmm. Radicalism disguised by a claim to be postideological. Sound familiar? The Woods Fund report makes it clear Obama was fully aware of the intimidation tactics used by ACORN’s Madeline Talbott in her pioneering efforts to force banks to suspend their usual credit standards. Yet he supported Talbott in every conceivable way. He trained her personal staff and other aspiring ACORN leaders, he consulted with her extensively, and he arranged a major boost in foundation funding for her efforts. And, as the leader of another charity, the Chicago Annenberg Challenge, Obama channeled more funding Talbott’s way – ostensibly for education projects but surely supportive of ACORN’s overall efforts.Children are raised to see this man as a hero. In fact he was such a political creature, a Chicago politician, if you will, that an ethical individual should have a difficult time touting him as an American through the more common idealistic lenses on what true leadership should be.
That is, a Chicago politician used deception to shift charitable efforts to fund attacks on a morally neutral (at worst) service industry, and had at least some role in the destruction of lives and damage to the value of American currency.It’s likely better to read Mr. Kurt’s article without my constant interruptions.