RE: THE LEFT
“’You’ve got only a couple thousand bucks in the bank. Your job pays you dog-food wages. Your credit history has been bent, stapled, and mutilated. You declared bankruptcy in 1989. Don’t despair: You can still buy a house.’ So began an April 1995 article in the Chicago Sun-Times that went on to direct prospective home-buyers fitting this profile to a group of far-left ‘community organizers’ called ACORN, for assistance. In retrospect, of course, encouraging customers like this to buy homes seems little short of madness. At the time, however, that 1995 Chicago newspaper article represented something of a triumph for Barack Obama. That same year, as a director at Chicago’s Woods Fund, Obama was successfully pushing for a major expansion of assistance to ACORN, and sending still more money ACORN’s way from his post as board chair of the Chicago Annenberg Challenge. Through both funding and personal-leadership training, Obama supported ACORN. And ACORN, far more than we’ve recognized up to now, had a major role in precipitating the subprime crisis... In June of 1995, President Clinton, Vice President Gore, and Secretary Cisneros announced the administration’s comprehensive new strategy for raising home-ownership in America to an all-time high. Representatives from ACORN were guests of honor at the ceremony. In his remarks, Clinton emphasized that: ‘Our homeownership strategy will not cost the taxpayers one extra cent. It will not require legislation.’ Clinton meant that informal partnerships between Fannie and Freddie and groups like ACORN would make mortgages available to customers ‘who have historically been excluded from homeownership.’ In the end of course, Clinton’s plan cost taxpayers an almost unimaginable amount of money. And it was just around the time of his 1995 announcement that the Chicago papers started encouraging bad-credit customers with ‘dog-food’ wages, little money in the bank, and even histories of bankruptcy to apply for home loans with the help of ACORN...ACORN is at the base of the whole mess... And Barack Obama cut his teeth as an organizer and politician backing up ACORN’s economic madness every step of the way.” —Stanley Kurtz
Is this too far off base from reality? prove it!
Shorter McCain Campaign: Obama's a black, socialist, Muslim terrorist homo.
Who has been president for the last 8 years? Oh yea Obama. Who has controlled the congress for most of the last 18 years? Oh yea Obama. What party does Paulson
and Bernanke belong? Oh yea Obama's. 'Fraid the reason for this mess is because you vote republican. And you'll do it again. So quit complaining and blaming everyone else.
not complaint nor blame...just facts. Are you so partisan that history offends you? It doesn't me...I know it takes more than one person to create a situation (democrats and republicans)...we all do the best we can...or do we? Hind sight is 20/20. Let's learn from history to see the present more clearly so that the future can be brighter for everyone
It sure is interesting to note that you (and others) assume I am republican...I don't play that game
It sure is interesting that you start this many threads questioning/attacking/aimed at THE LEFT; argue all the usual right-wing war-mongering positions; show clear preferences for all the right-wing christian "values" and then claim not to be a republican. Just exactly what game are you playing then?
Clear communication. I am sure this is not an issue in your life
Having done some Googling, ACORN appears to be an affordable housing organisation which helps low-income earners with the process of buying a home.
If you can provide evidence that people who used ACORN are the ones in trouble, I'd be glad to hear it. However based on what I've seen, the people in trouble are more likely to be the ones who DIDN't use ACORN's counselling services and therefore didn't have a realistic idea of what they could afford and fell prey to predatory lenders.
Private Sector Loans, Not Fannie or Freddie, Triggered Crisis
Misunderstanding Credit and Housing Crises: Blaming the CRA, GSEs
I can go on - I have quite a list of articles on this subject, but these two are a good intro on the subject of why Fannie, Freddie, and the CRA were minimally responsible for the crisis.
Here are some highlights:
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