Would the Last Honest Reporter Please Turn On the Lights

Finally!
A journalist (and a Democrat) who has
the INTEGRITY to tell the TRUTH about both!

Quoting Orson Scott Card in
“an open letter to… almost every local daily paper in America”:

“These are facts. This financial crisis was completely preventable. The party that blocked any attempt to prevent it was ... the Democratic Party. The party that tried to prevent it was ... the Republican Party.”

“If you who produce our local daily paper actually had any principles, you would be pounding this story, because the prosperity of all Americans was put at risk by the foolish, short-sighted, politically selfish and possibly corrupt actions of leading Democrats, including Obama.”

“So I ask you now: Do you have any standards at all? Do you even know what honesty means?

Is getting people to vote for Barack Obama so important that you will throw away everything that journalism is supposed to stand for?”

PLEASE!
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& read the rest:


Hat Tip to Ivin at the Green Cool-Aid blog!

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The Financial Mess: How We Got Here

Quoting Abraham H. Miller,
emeritus professor of political science,
University of Cincinnati:

“I am not suggesting that the CRA [Community Reinvestment Act] by itself led to the current crisis, but the CRA was the first and most important part of the food chain.”

I would say the CRA, combined with the Clinton “enhancements” to the CRA, created the catalyst for a chain reaction. Without that catalyst, this financial mess never would have happened.

In this essay, Dr. Miller both lays out the details of how Democrats caused this mess and eloquently articulates the futility of arguing the point with the hopelessly indoctrinated.

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O's Dangerous Pals

Quoting Stanley Kurtz at The New York Post:

“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.”

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Obama and ACORN

Quoting The Cleveland Leader:

“Not only does Foulkes boast of Obama's ACORN leadership training, but also makes it clear that Obama's post-law school organizing of ‘Project VOTE’ in 1992 was undertaken in direct partnership with ACORN. The tie between Project VOTE and ACORN is also something that Obama and others have attempted to disprove in recent weeks as ACORN has come under fire for allegations of voter registration fraud.”

“Barack Obama's campaign website continues to lie and deny the truth about his involvement and association with ACORN. No matter how many times you say it, it does not make it true. The facts do not lie, Senator Obama. It's time to come clean and tell the truth, and it's time for the American people to demand it.”

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Also see this LGF post and
their copy of the now purged PDF file.
Note: As the Obama campaign continues to bob, weave and deceive, this update to the article linked to above became necessary. Why do so many of the stories surrounding Obama keep changing? Why are there so many contradictions in the stories? Why? Because those who are fundamentally dishonest cannot keep their stories straight!

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ACORN Obama FBI Fraud

Google searches for your Saturday reading:

ACORN + Obama

ACORN + FBI

ACORN + fraud

ACORN + fraud + Obama

Also see:








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(including this one).

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Clinton, Raines, Fannie Mae and Obama - 9/30/1999

Quoting The New York Times from 9/30/1999:

“In a move that could help increase home ownership rates among minorities and low-income consumers, the Fannie Mae Corporation is easing the credit requirements on loans that it will purchase from banks and other lenders.”

“Fannie Mae, the nation's biggest underwriter of home mortgages, has been under increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people and felt pressure from stock holders to maintain its phenomenal growth in profits.

In addition, banks, thrift institutions and mortgage companies have been pressing Fannie Mae to help them make more loans to so-called subprime borrowers. These borrowers whose incomes, credit ratings and savings are not good enough to qualify for conventional loans, can only get loans from finance companies that charge much higher interest rates -- anywhere from three to four percentage points higher than conventional loans.

‘Fannie Mae has expanded home ownership for millions of families in the 1990's by reducing down payment requirements,’ said Franklin D. Raines [current Obama advisor?], Fannie Mae's chairman and chief executive officer. ‘Yet there remain too many borrowers whose credit is just a notch below what our underwriting has required who have been relegated to paying significantly higher mortgage rates in the so-called subprime market.’ ”

“In moving, even tentatively, into this new area of lending, Fannie Mae is taking on significantly more risk, which may not pose any difficulties during flush economic times. But the government-subsidized corporation may run into trouble in an economic downturn, prompting a government rescue similar to that of the savings and loan industry in the 1980's.”

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of this damning tale:

Also see:

1999 NY Times Article Revealed True Cause of Current Fannie Mae Crises

Barney Frank's Bankrupt Ideas

Testimony
Sandra F. Braunstein, Director, Division of Consumer and Community Affairs
The Community Reinvestment Act
Before the Committee on Financial Services, U.S. House of Representatives

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Obama Got Some 'Splainin' to do - 700 Billion Dollar Bailout

Quoting NRO:

“One of the reasons so many bad mortgage loans were made in the first place is that Barack Obama’s celebrated community organizers make their careers out of forcing banks to do so. ACORN, for which Obama worked, is one of many left-wing organizations that spent decades pressuring banks and bank regulators to do more to make mortgages available to people without much in the way of income, assets, or credit. These campaigns often were couched in racially inflammatory terms. The result was the Community Reinvestment Act. The CRA empowers the FDIC and other banking regulators to punish those banks which do not lend to the poor and minorities at the level that Obama’s fellow community organizers would like. Among other things, mergers and acquisitions can be blocked if CRA inquisitors are not satisfied that their demands — which are political demands — have been met. There is a name for loans made to people who do not have the credit, assets, income, or down payment to qualify for a normal mortgage: subprime.”

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Click here for a directly related post.
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How The Democrats Created The Financial Crisis

Quoting Bloomberg.com:

“the bill [which would have prevented this housing mess] didn't become law, for a simple reason: Democrats opposed it on a party-line vote in the committee, signaling that this would be a partisan issue. Republicans, tied in knots by the tight Democratic opposition, couldn't even get the Senate to vote on the matter.”

“But we now know that many of the senators who protected Fannie and Freddie, including Barack Obama, Hillary Clinton and Christopher Dodd, have received mind-boggling levels of financial support from them over the years.

Throughout his political career, Obama has gotten more than $125,000 in campaign contributions from employees and political action committees of Fannie Mae and Freddie Mac, second only to Dodd, the Senate Banking Committee chairman, who received more than $165,000.

Clinton, the 12th-ranked recipient of Fannie and Freddie PAC and employee contributions, has received more than $75,000 from the two enterprises and their employees. The private profit found its way back to the senators who killed the fix.”

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The Housing Mess That Dems Created, Part VII

Quoting Investor’s Business Daily (emphasis mine):

“The [Community Reinvestment Act] regulation grew to monstrous proportions during the Clinton administration, obsessed as it was with multiculturalism. Amendments to the CRA in the mid-1990s dramatically raised the amount of home loans to otherwise unqualified low-income borrowers.

The revisions also allowed for the first time the securitization of CRA-regulated loans containing subprime mortgages. The changes came as radical ‘housing rights’ groups led by ACORN lobbied for such loans. ACORN at the time was represented by a young public-interest lawyer in Chicago by the name of Barack Obama.”

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So… Is THAT what a “community organizer” does?
Rob the tax payers on behalf of Socialist corruption?

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The Housing Mess That Dems Created, Part I

Barack, the Dems & Fannie:


This commentary sheds additional light on the mess the Dems created.

Also see:

McCain’s attempt to fix Fannie Mae, Freddie Mac in 2005

The Real Culprits In This Meltdown

Historical revisionism revisionism

Mistress of Disaster: Jamie Gorelick

The Dangers of Government Guarantees

Bank Mess Started With Gov't Intervention

Subprime Bailout

Congress Tries To Fix What It Broke

Even the extremely Liberal Washington Post knows
EXACTLY where to place the blame.

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