The policies of socialists are often justified through emotive appeals that invoke the needs of the poor and the greater good of society. The consequences are inevitably cruel, destroying lives by consuming the product of one's labor and enslaving the "beneficiaries" of the programs.
The Community Reinvestment Act is one such piece of legislation that institutionalized economic destruction by enabling those without sufficient credit or income to buy property they could not afford. Congress required banks to lower their credit standards and give out loans to those who didn't qualify. PhD economist and former Texas Senator Phil Gramm has called it: "a vast extortion scheme against the nation's banks."
We now know the laundry list of Democratic leaders who pushed this tragic program into law and defended its merits despite calls for scrutiny and regulation. Chris Dodd, Barney Frank, Bill Clinton, Jimmy Carter, Harry Reid, Nancy Pelosi, Franklin Raines, John Conyers, Jim Johnson and others.
Barack Obama played his role by representing the Association of Community Organizations for Reform (Acorn), one of America's most militant left-wing "community activist groups,"
Obama represented ACORN in the Buycks-Roberson v. Citibank Fed. Sav. Bank, 1994 suit against redlining. Most significant of all, ACORN was the driving force behind a 1995 regulatory revision pushed through by the Clinton Administration that greatly expanded the CRA and laid the groundwork for the Fannie Mae, Freddie Mac borne financial crisis we now confront. Barack Obama was the attorney representing ACORN in this effort. With this new authority, ACORN used its subsidiary, ACORN Housing, to promote subprime loans more aggressively.Yes, the government, and in particular, Democrats brought about our current and they are not done fleecing America:
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As a young attorney in the 1990s, Barack Obama represented ACORN in Washington in their successful efforts to expand Community Reinvestment Act (CRA) authority. In addition to making it easier for ACORN groups to force banks into making risky loans, this also paved the way for banks like Superior to package mortgages as investments, and for the Government Sponsored Enterprises Fannie Mae and Freddie Mac to underwrite them. These changes created the conditions that ultimately lead to the current financial crisis.
Knowing the history of our financial mess and its foundation in the Community Reinvestment Act ought to cause Americans to reject gross bailout plans and further scrutinize those who want to spend the hard earned tax dollars of this generation and the next.
Some call it the Great Bank Robbery of 2008:
The Paulson bailout failed in the House. If it isn't a death blow to the plan, it should be. This is not an economic plan: it is a heist.
It will go down as The Great Bank Robbery of 2008.
The economics behind it are nonsense, but we are naïve if we spend much time even considering the "arguments" for it. This is a money and power grab, pure and simple.
Read Rush Limbaugh, who heroically opposes the obscene $700 billion bailout tells the story behind yesterday's events:
Everybody is misunderstanding what happened yesterday. CNN is destroying the Republicans. Our friends at National Review Online and their blog The Corner are destroying the Republicans. Well, I know, Snerdley, you may not read 'em but people on the Hill do, and the Republicans on the Hill do not understand what's happened to Mr. Buckley's organization because they're being ripped to shreds by conservatives at The Corner and other places. The fact of the matter is Nancy Pelosi got exactly what she wanted yesterday. She got an economic disaster, perceived economic disaster. The bill went down to defeat. It was by design to go down to defeat. Nancy Pelosi didn't do one thing to stop renegade Democrats from voting against the bailout. There are a lot of Democrats in very unsafe seats, unsafe districts right now. They had to vote "no" because the overwhelming majority of the American people wanted no part of this, as written. They understand. As complicated as the language of this is, it's not complex for the average citizen, which understands that the market and the government are two different things.In otherwords, Pelosi manipulated events, even "allowing" Democrats to vote against the bailout, so that the bill would go down in flames which would enable her to impugn Republicans and John McCain. That's audacity.
You won't hear this in the MSM. Really, Glenn Reynolds publishes this email from a media insider:
"Off the record, every suspicion you have about MSM being in the tank for O is true. We have a team of 4 people going thru dumpsters in Alaska and 4 in arizona. Not a single one looking into Acorn, Ayers or Freddiemae. Editor refuses to publish anything that would jeopardize election for O, and betting you dollars to donuts same is true at NYT, others. People cheer when CNN or NBC run another Palin-mocking but raising any reasonable inquiry into obama is derided or flat out ignored. The fix is in, and its working."This is a setup. The bailout if fool's gold and marks the rise of Marxism in America:
There are alternatives - let's take them rather that letting orchestrated crisis and political fear mongering provoke an all-power messianic state.
In his Communist Manifesto, published in 1848, Karl Marx proposed 10 measures to be implemented after the proletariat takes power, with the aim of centralizing all instruments of production in the hands of the state. Proposal Number Five was to bring about the "centralization of credit in the banks of the state, by means of a national bank with state capital and an exclusive monopoly."
