From Investors Business Daily:
How do you think we ended-up writing billions in sub-prime mortgages? Do you think bankers suddenly lost their collective minds in the mid-90s after thousands of years of prudent lending? Who could forget the sub-prime crisis of 1850? Or the sub-prime crisis of 1921? How about the sub-prime crisis of 1952? Of course, there was no such thing as a sub-prime mortgage ever in the history of banking until community organizers like Barack Obama and ACORN began protesting outside banks and accusing them of discriminatory lending. It was a bold attempt to redistribute money and credit to unqualified borrowers and it worked fabulously well. In stepped Bill Clinton in the mid 90’s and through regulation, arm-twisting, and executive orders, out popped a decade of run-away sub-prime, no-doc, and liar-loans, all underwritten by US taxpayers through Fannie Mae and Freddie Mac.Obama, who once represented ACORN in a lawsuit against the state of Illinois, was hired by the group to train its community organizers and staff in the methods and tactics of the late Saul Alinsky. ACORN would stage in-your-face protests in bank lobbies, drive-through lanes and even at bank managers’ homes to get them to issue risky loans in the inner city or face charges of racism.
In the early 1990s, reports Stanley Kurtz, senior fellow at the Ethics and Policy Center, Obama was personally recruited by Chicago’s ACORN to run training sessions in “direct action.” That’s the euphemism for the techniques used under the cover of the federal Community Reinvestment Act to intimidate financial institutions into giving what have been called “Ninja” loans — no income, no job, no assets — to people who couldn’t afford them.
CRA was designed to increase minority homeownership. Whenever a bank wanted to grow or expand, ACORN would file complaints that it was not sufficiently sensitive to the needs of minorities in providing home loans. Agitators would then be unleashed.
Chicago’s ACORN used Alinsky’s tactics against institutions such as Bell Federal Savings and Loan and Avondale Federal Savings. In September 1992, the Chicago Tribune described the group’s agenda as “affirmative action lending.”
Now Obama and his community organizer friends are at it again protesting banks and twisting arms in the name of more redistribution. As a few have pointed out, the timing of these protests coincides exactly with a marked shift in Wall Street’s political donations. Whereas 70% of Wall Street money had been flowing into Democrat coffers and specifically Barack Obama’s war chest, that trend has reversed lately:
Wall Street Donors Stop Giving Money to President Obama August 24, 2011The soft economy, overbearing regulation, and class-warfare has finally out-bid the crony capitalism and bailout billions which attracted Wall Street to Obama in the first place. This Occupy Wall Street mob is actually Obama’s Useful Idiot Corps throwing a temper tantrum in an unwitting attempt to restart the Wall Street money pump for him. Don’t believe me? Watch the donations. How much you wanna bet, the protests end the moment Wall Street caves and sends a $10,000,000 check to Obama’s campaign? And if the check doesn’t materialize, watch for the protests to get violent.
This is Obama’s play-book and we’ve seen it all before. It never works out for anyone but him. Expect the same this time.