The Real Reason The Market Crashed -

[America]

WHAT exactly does a "community organizer" do? Barack Obama's rise has left many Americans asking themselves that question. Here's a big part of the answer: 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.

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.

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.

Banks already overexposed by these shaky loans were pushed still further in the wrong direction when government-sponsored Fannie Mae and Freddie Mac began buying up their bad loans and offering them for sale on world markets.

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.

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.



Link:
http://www.nypost.com/seven/09292008/postopinion/opedcolumnists/os_dangerous_pals_131216.htm

[SeniorChief]

Pelosi

Period.

[Cat slave]

WHAT exactly does a "community organizer" do? Barack Obama's rise has left many Americans asking themselves that question. Here's a big part of the answer: 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.

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.

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.

Banks already overexposed by these shaky loans were pushed still further in the wrong direction when government-sponsored Fannie Mae and Freddie Mac began buying up their bad loans and offering them for sale on world markets.

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.

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.



Link:
http://www.nypost.com/seven/09292008/postopinion/opedcolumnists/os_dangerous_pals_131216.htm


Youre right but its scary how so many people refuse to see the truth.

[Betty Blowtorch]

It's scary how so many people refuse to see the truth.
Ohhh... I get it now!! The financial meltdown was caused by
Obama and those irresponsible niggers who don't pay their bills.

http://img220.imageshack.us/img220/1281/obamasblackpalspsck8.png


Thank you so much for helping me to see the truth.

Obviously the meltdown couldn't have been caused by
greedy bankers or the Republicans who controlled the
White House for 20 of the last 28 years and controlled
both houses of Congress for 12 of the last 14 years.

Nah, it must have been the niggers' fault.
Damn niggers!

[asroc]

Betty don't you know it's PC to accuse racists of racism (http://dcjunkies.com/showthread.php?t=6211)?

[SeedyROM]

Betty is a RACIST Ho!!!

[Betty Blowtorch]

Sarah Palin is McCain's Official White House Ho

http://img518.imageshack.us/img518/8549/palindrillbabypsxd1.jpg

McCain was gonna give the job to Rudy Giuliani...

http://img508.imageshack.us/img508/1033/rudygiulianimickeyuz5.png

But Sarah gives better head and lets McCain
ejaculate in her asshole and all over her face,
so naturally she beat out Rudy for the position:
down on her knees, buttcheeks spread wide.

McCain has a deep abiding respect for Sarah's
religious commitment to swallowing his cum
and lubricating her poopchute with his warm
sticky lovejuice.

Nobody gives a better "oral job interview"
than Sexy Sarah, America's #1 top-ranked
right-wing Republican redneck whore.

[SeniorChief]

I think you (Betty) have completely lost your fucking mind.

[Betty Blowtorch]

I think you (Betty) have completely lost your fucking mind.
I know you're jealous because you want to screw Sexy Sarah
so fucking bad you can taste her wet stinky fish smell on the
tip of your tongue.

But unfortunately it will never amount to anything more than
an unrequited love that will leave you sexually frustrated and
crying into your beer.

But I've got your back, Bud. If you can't have the real thing,
at least you can achieve masturbatory ecstasy while staring
deep into the eyes of your beloved Sarah.

Have fun, man. Enjoy!

http://img404.imageshack.us/img404/3679/palinmissmccainfw2.jpg

[Cat slave]

Ohhh... I get it now!! The financial meltdown was caused by
Obama and those irresponsible niggers who don't pay their bills.

http://img220.imageshack.us/img220/1281/obamasblackpalspsck8.png


Thank you so much for helping me to see the truth.

Obviously the meltdown couldn't have been caused by
greedy bankers or the Republicans who controlled the
White House for 20 of the last 28 years and controlled
both houses of Congress for 12 of the last 14 years.

Nah, it must have been the niggers' fault.
Damn niggers!

Oh, get off it BB!!! This is nothing to do with race. I know that is a difficult
concept for you to grasp and would require you to think out of your box.

This is about the CRA. The gov insisting that people obtain loans for houses
whether they could pay for them or not. That is the root of the problem.

Your concept that anything that requires personal responsibility of anyone
regardless of color, that requires people to know what they are doing or
committing to buying only what they can afford is from your stand....racist!
Hmm......flagrant racism there BB.

[asroc]

You might want to read about redlining sometime, Cat Slave.

[Cat slave]

I think you (Betty) have completely lost your fucking mind.

I agree. BB is just like another poster on another forum some time back.
All the cartoons, the lack of class and absence of rationale....sounds like
somebody who was the "ape lady" and the avatar was a friggin gorilla!
Very similar mo.

[Cat slave]

asroc, there is more than one component of this mess. Yes, you can pick out
things that they have done really, really wrong from BOTH SIDES of the aisle.
But it did start with the CRA. You cant change history....well, maybe you
think you can but that only flies for just so long and the truth comes out.

[asroc]

asroc, there is more than one component of this mess. Yes, you can pick out
things that they have done really, really wrong from BOTH SIDES of the aisle.
But it did start with the CRA. You cant change history....well, maybe you
think you can but that only flies for just so long and the truth comes out.

Please read more:

http://en.wikipedia.org/wiki/United_States_housing_bubble#Identifying_the_housi ng_bubble
http://en.wikipedia.org/wiki/Causes_of_the_United_States_housing_bubble
http://en.wikipedia.org/wiki/Subprime_mortgage_crisis

Currently you are saying the root cause for the housing bubble was a bill passed almost 30 years prior to it, which is just a tad completely ridiculous. At best, there is debate about the impact of the CRA, not consensus. Meanwhile, there is lots of actual consensus to go around.

It's like saying that repealing a handgun ban is the root cause of a school shooting 30 years after the fact

[Cat slave]

And its obvious that you have your mind shut like a steel trap.
Hey, whatever makes your world work.

We would not be in this mess if loan companies had not been told by Big Bro
to drop the long established process of down payments and loans based on
a percentage of your income...so viola, you could pay for what you bought.

I have a few questions. What part of ARM was a mystery? With industries
being sent out of the country at lightning speed and blue collar jobs being
lost like landslides....who could have possibly have been so naive as to think
they could get and keep something they had no investment in? Oh, yes,
but they figured the gov would bail out everybody! Well, they were partially
right except that some people have put two and two together and realized
how bastardized the system has become no matter how noble the origianal
intention was and now the chickens have come home to roost...lol...couldnt
resist!

We need to old ways back when we had to plunk down about 20% and
qualify for a loan and our mortgages were important to us and we paid
for them and got our houses. Maybe not everyone is homeowner material.
Maybe they would be better off in apartments. Maybe a month to month
rental fee fits their lifestyle and ability to pay. Ya think?

We are home owner material and have bought and paid for two. This is
the last home we will ever buy but its paid for and that feels good but we
had to work for every red cent of it....and its ours! If we had not paid on
time the loan company would have taken it. Whats so hard about understanding that? Thats the way it should be.

And one should never sign anything without understanding it and reading
the fine print or all the print and surprise, its always about the money.

[Cat slave]

And of course NO, scalawags in the market or government should not have
been allowed to run amuck but like the government they found a schtick that
made money. Big money, but there are no victims in this unless it is the small
business owner, mom and pop stores and people with 401Ks and pensions
and they will suffer for the folly of others.

Oh, but then, Uncle Sam and Aunt Samantha can bail us all out and put us
up in little cubicles of government funded housing, give us mediocre semblance
of free health care and we will have womb to tomb social everything.

[Cat slave]

Id like to keep arguing but Ive got things to do....later.

[asroc]

That wasn't an argument. I don't know what it was.

[SeedyROM]

Please read more:

http://en.wikipedia.org/wiki/United_States_housing_bubble#Identifying_the_housi ng_bubble
http://en.wikipedia.org/wiki/Causes_of_the_United_States_housing_bubble
http://en.wikipedia.org/wiki/Subprime_mortgage_crisis

Currently you are saying the root cause for the housing bubble was a bill passed almost 30 years prior to it, which is just a tad completely ridiculous. At best, there is debate about the impact of the CRA, not consensus. Meanwhile, there is lots of actual consensus to go around.

It's like saying that repealing a handgun ban is the root cause of a school shooting 30 years after the fact

Catslave said it started with the CRA, not that CRA was the only cause dipshit. You failed to read and comprehend once again! Re-read the post #13
But it did start with the CRA

[LadyMod at scam.com]

Public sentiment gets ugly.


http://www.myconfinedspace.com/wp-content/uploads/2008/09/jumpyoufackersuo1.jpg



Demonstrators protest the proposed 700 billion USD Wall Street bail-out in front of the New York Stock Exchange in the Financial District in New York on September 25, 2008.



In response to the global financial crisis, protesters, from a variety of activist groups, denounced the capitalist system, Wall Street and the administration of US President George W, Bush. AFP PHOTO/Nicholas ROBERTS (Photo credit should read NICHOLAS ROBERTS/AFP/Getty Images)


http://www.myconfinedspace.com/2008/09/29/jump-you-fuckers/

[SeedyROM]

Public sentiment gets ugly.


http://www.myconfinedspace.com/wp-content/uploads/2008/09/jumpyoufackersuo1.jpg



Demonstrators protest the proposed 700 billion USD Wall Street bail-out in front of the New York Stock Exchange in the Financial District in New York on September 25, 2008.



In response to the global financial crisis, protesters, from a variety of activist groups, denounced the capitalist system, Wall Street and the administration of US President George W, Bush. AFP PHOTO/Nicholas ROBERTS (Photo credit should read NICHOLAS ROBERTS/AFP/Getty Images)


http://www.myconfinedspace.com/2008/09/29/jump-you-fuckers/

Photoshopped piece of cardboard, look at the ripped paper, lol.:lmao2:

[asroc]

Catslave said it started with the CRA, not that CRA was the only cause dipshit. You failed to read and comprehend once again! Re-read the post #13

I see, she's saying it "started with the CRA" but that the CRA is not a root cause.

You parse words better than a politician, Seedy.

[disrupter]

Yeah those reckless wall street bankers were just ripping off their shareholders out of the goodness of their hearts for the poor & underprivileged.

They 'deserved' to walk away with hundreds of millions of dollars each.

The brains of the radical right have been substituted with sloppy cow patties. <snicker>

[SeedyROM]

I see, she's saying it "started with the CRA" but that the CRA is not a root cause.

You parse words better than a politician, Seedy.

ummmmmmm no actually, you made an inference from Cats post and forgot it was your intepretation of the words. You went beyond her post.

[asroc]

ummmmmmm no actually, you made an inference from Cats post and forgot it was your intepretation of the words. You went beyond her post.

Feel free to explain what this means.

She said "it started with CRA" to which I offered extensive histories and causes of the subprime mortgage crisis that put that claim in doubt. What do you think I was doing?

[SeedyROM]

Feel free to explain what this means.

She said "it started with CRA" to which I offered extensive histories and causes of the subprime mortgage crisis that put that claim in doubt. What do you think I was doing?

Wasting time going beyond what Cat was taling about. Her claim was valid, you went way beyond like who cares, extensive waste!