Driven Wall
Shouldn't the Democrats share the blame with the Republicans for the Wall Street mess ?
OK people, what I have been seeing so far is blaming on the Republicans for deregulation on the Wall Street. Let's face the truth. Fannie and Freddie are the major contributors of the Democrats. And it's all started from the greed-driven banks and the reckless borrowers who took the mortgages based on their lied incomes.
Close but you did not quite hit the mark.
This Article written by Mona Charen should help you understand the Democrats involvement in the crises. It is not because of the greed-driven banks. They did not have a choice when the democrats had the qualifications lowered to increase the number of low income homeowners.
Check this out.
ACORN, Obama, and the Mortgage Mess
By Mona Charen
The financial markets were teetering on the edge of an abyss last week. The
secretary of the Treasury was literally on his knees begging the speaker of
the House not to sabotage the bailout bill. The crash of falling banks made
the earth tremble. The Republican presidential candidate suspended his
campaign to deal with the crisis. And amid all this, the Democrats in
Congress managed to find time to slip language into the bailout legislation
that would provide a dandy little slush fund for ACORN.
ACORN stands for the Association of Community Organizations for Reform Now,
a busy hive of left-wing agitation and "direct action" that claims chapters
in 50 cities and 100,000 dues-paying members. ACORN is where Sixties
leftovers who couldn't get tenure at universities wound up. That the
bill-writing Democrats remembered their pet clients during such an emergency
speaks volumes. This attempted gift to ACORN (stripped out of the bill after
outraged howls from Republicans) demonstrates how little Democrats
understand about what caused the mess we're in.
ACORN does many things under the umbrella of "community organizing." They
agitate for higher minimum wages, attempt to thwart school reform, try to
unionize welfare workers (that is, those welfare recipients who are obliged
to work in exchange for benefits) and organize voter registration efforts
(always for Democrats, of course). Because they are on the side of
righteousness and justice, they aren't especially fastidious about their
methods. In 2006, for example, ACORN registered 1,800 new voters in
Washington. The only trouble was, with the exception of six, all of the
names submitted were fake. The secretary of state called it the "worst case
of election fraud in our state's history." As Fox News reported:
"The ACORN workers told state investigators that they went to the Seattle
public library, sat at a table and filled out the voter registration forms.
They made up names, addresses, and Social Security numbers and in some cases
plucked names from the phone book. One worker said it was a lot of hard work
making up all those names and another said he would sit at home, smoke
marijuana and fill out the forms."
ACORN explained that this was an "isolated" incident, yet similar stories
have been reported in Missouri, Michigan, Ohio, and Colorado -- all swing
states, by the way. ACORN members have been prosecuted for voter fraud in a
number of states. (See
.) Their philosophy seems to be that everyone deserves the right to vote,
whether legal or illegal, living or dead.
ACORN recognized very early the opportunity presented by the Community
Reinvestment Act (CRA) of 1977. As Stanley Kurtz has reported, ACORN proudly
touted "affirmative action" lending and pressured banks to make subprime
loans. Madeline Talbott, a Chicago ACORN leader, boasted of "dragging banks
kicking and screaming" into dubious loans. And, as Sol Stern reported in
City Journal, ACORN also found a remunerative niche as an "advisor" to banks
seeking regulatory approval. "Thus we have J.P. Morgan & Co., the legatee of
the man who once symbolized for many all that was supposedly evil about
American capitalism, suddenly donating hundreds of thousands of dollars to
ACORN." Is this a great country or what? As conservative community activist
Robert Woodson put it, "The same corporations that pay ransom to Jesse
Jackson and Al Sharpton pay ransom to ACORN."
ACORN attracted Barack Obama in his youthful community organizing days.
Madeline Talbott hired him to train her staff -- the very people who would
later descend on Chicago's banks as CRA shakedown artists. The Democratic
nominee later funneled money to the group through the Woods Fund, on whose
board he sat, and through the Chicago Annenberg Challenge, ditto. Obama was
not just sympathetic -- he was an ACORN fellow traveler.
Now you could make the case that before 2008, well-intentioned people were
simply unaware of what their agitation on behalf of non-credit-worthy
borrowers could lead to. But now? With the whole financial world and
possibly the world economy trembling and cracking like a cement building in
an earthquake, Democrats continue to try to fund their friends at ACORN?
And, unashamed, they then trot out to the TV cameras to declare "the party
is over" for Wall Street (Nancy Pelosi)? The party should be over for the
Democrats who brought us to this pass. If Obama wins, it means hiring an
arsonist to fight a fire.
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