Required reading

[unixronin]

Still think Obama is a moderate?  Want to see what kind of change he might bring?  Read all about it here.  Among other things, it turns out the Great New Hope Of The Left was personally instrumental in priming the banking crisis we're facing right now, representing ACORN in the lobbying drive that forced the strengthening of the Community Reinvestment Act and started the whole subprime-mortgage ball rolling.

(Pointer from the esteemed radarrider)

Comments

[jmkelly.livejournal.com]

And yes, I'm sure ACORN used CRA to beat up banks that appeared to be denying loans to deserving minority applicants. That was part of ACORN's raison d'etre. Just like a loan officer that refused to take part in the deregulated-lending orgy, an ACORN organizer that declined to smack a bank with any weapon available to get loans for ACORN's constituency would be a damn fool, soon replaced.

And the banks had no incentive to fight back -- they could securitize the loans and palm them off on someone else. So the applicant got the loan, ACORN looked like a hero, the bank looked like it finally saw the light, and if the loan didn't perform, who cares, it's Someone Else's Problem now.

[unixronin.livejournal.com]

People who push things off as Somebody Else's Problem need to remember that there's roughly 300 million people in the US, and to more than 299 million of those people, THEY are Somebody Else.