George Bush saw Obama, Clinton, ACORN, and other progressives deliberately pushing the car (the economy) toward a 500-foot cliff (utter financial disaster) dived into the front seat, grabbed the steering wheel and slammed on the brakes creating a controlled skid that put the vehicle into the nearest friendly-looking ditch.
Damn You, Republicans, Damn You!
The Truth Shall Set You Free
“President G.W. Bush warned congress at least 20 times about the problem after January, 2005, when his administration made their first attempt to undo the evils of CRA legislation, especially the last three expansions by Clinton (1995 twice and 1998’s steroid version), but were defeated by the progressives. Finally thirty months later in July of 2007 a much weaker, watered down bill was passed by bi-partisan vote. It would prove far too little, far too late and the meltdown began soon afterward. However, it was sufficient help to the economy that Treasury Secretary Geithner in August, 2010, credited Bush with preventing a truly deep recession and preventing home prices from plummeting dangerously.” Rajjpuut
Those Kate Winslet aficionados among you are undoubtedly big fans of her 2008 movie The Reader. The haunting story garnered several Academy Award nominations including Winslett’s 6th for Best Actress (she’s had seven Golden Globe nominations). Of course, Winslett won the Oscar for The Reader. Without ruining the story for you, the plot goes something like this: a fifteen year old German boy is rescued by an older woman in the mid to late 1950’s. Some months later when he is well again he goes to thank her and is captivated by her romantically and eventually sexually. The boy grows up and goes to law school . . . while on a “field trip” he sees her again, on trial potentially for her life.
The theme of The Reader is almost shocking in its power . . . sometimes mundane hidden personal truth can be far more personally devastating then other seemingly obvious and horrific truth. And, GASP! that’s also the theme of this blog . . . why won’t the Republican Party reveal the truth about the financial meltdown that began in 2007? Rajjpuut has come to believe that some comparatively innocent failings of both a personal and party nature are so embarrassing to the G.O.P. that even though the truth about this issue can literally rescue the country from our present headlong plunge into Marxism and fiscal collapse, the Republican leadership and conservatives in general are ashamed to ‘fess up.
Here’s the truth (immediately below); why won’t the G.O.P. reveal it to the voters and save the country? Whatever the reason, it’s time for Republicans and conservatives to ‘man up’ and stop the present Obamanation of American principles, the free market, fiscal common sense and human decency. Time to save our children’s and grandchildren’s future. The villain is NOT Barack Obama, he’s only a minor villain . . . .
It’s well known that the American housing loan industry was the finest in the world before progressive legislators got involved. Our sparkling 64% private ownership of homes was the envy of the planet. Sub-prime lending (that is lending to people who probably can’t afford their mortgage and will default on their loan unless they win the lottery) was unheard of. Banks that failed just failed in those days and the government only stepped in on those rare occasions when something went very wrong in order to protect the depositors. Only 1 in every 404 home loans was made at less than 3% down payment in 1975, almost always to distinguished veteran officers from our military who were going to college and working part time. More than any other single person, Bill Clinton changed all that.
It’s NOT well-known that Bill Clinton was the first ACORN president, but he was. ACORN (originally “Arkansas Community Organizations for Reform Now”) was the brainchild of Wade Rathke created in Arkansas in 1977 to take advantage of Jimmy Carter’s Community Reinvestment Act of 1977 (CRA ’77). Much later when ACORN proved itself successful in Arkansas it was expanded across the whole nation, the “A” in ACORN stopped meaning “Arkansas” and came to mean “Association of.” Bill Clinton obviously was a political comer (elected Arkansas lieutenant governor in 1976 at the age of 30), but his politicking was made much easier with the backing of ACORN over the next 18 years. ACORN helped Clinton win the governor’s mansion in Arkansas 12 of the next 14 years as well as two terms as president of the United States. It happened this way . . . .
Wade Rathke, was a George Wiley lieutenant sent to establish a National Welfare Rights Organization (NWRO) branch in the state of Arkansas. NWRO had been created by Wiley and Richard Cloward and Frances Piven in NYC to test out the Cloward-Piven Strategy (published in a 1966 article in The Nation magazine, The Weight of the Poor: a Strategy to End Poverty) and they planned to sufficiently overload the nation’s welfare system so that Congress would have to create a GNI (guaranteed national income) Law and abolish American poverty on the spot.
It didn’t work, but using Alinsky tactics (Saul Alinsky was a self-described “neo-Marxist” community organizer who had authored Reveille for Radicals and later Rules for Radicals) but by putting 8.2 million presumably unqualified new recipients on the welfare rolls, they did bankrupt New York City and almost bankrupt New York State. The federal government stepped in to bail out NYC in 1975. Despite their failure to get GNI and abolish poverty, Wiley, Piven and Cloward bragged publicly and in writing about their ‘great accomplishment.’ They told their eager followers that voter registration and housing were the next areas to test. Not surprisingly, ACORN today is known for voter registration fraud and exploiting and abusing the nation’s housing legislation . . . .
So Wade Rathke (who would later create the nation’s and the world’s largest union SEIU) created ACORN in Arkansas to carry out voter registration and housing “activities” of a highly questionable nature. ACORN during Clinton’s first run for governor in Arkansas registered roughly 24,000 persons to vote and then threw away all the paper work for would-be Republican registrants. Clinton won, of course. They were less successful in getting CRA ’77 housing loans. But thanks to their efforts (mostly in Arkansas), the percentage of home loans made at 3% down payment or less around the nation more than doubled from 0.24% in 1975 to 0.51% in 1985 . . . but it was a “drop in the bucket.” From 1977 to 1993 only about $100 Billion in CRA ’77 loans were even issued to questionable borrowers. This was nothing like bankrupting NYC . . . .
However, because of success in registering Democrats, ACORN was successfully expanding across the nation and was sufficiently strong to put William Jefferson Clinton into the Oval Office in November, 1992. Things changed overnight for ACORN and for CRA ’77. The process had not been very active or very successful during the ‘70s or ‘80s, because banks only had to demonstrate to CRA regulators a “reaching out to the inner city.” As a result, only about 100 billion dollars was loaned to questionable borrowers. In the two great ACORN concern areas, Clinton did ACORN proud. He created the motor voter act (“a 12-lane highway leading to voter fraud” according to critics) in 1993 and brought in Richard Cloward and Frances Piven to stand directly behind him during the White House signing ceremonies. Clinton moved next on housing . . . first by Presidential edict in 1993. He put teeth into CRA regs by using the regulatory process itself to more or less make law, skipping Congress altogether. From now on inner city dwellers were to become preferred home loan recipients, mortgage traditions and their poverty be damned. Clinton went outside the CRA regs and also ordered HUD to set quotas for "Affirmative Action Lending" through Fannie Mae and Freddie Mac. A new pressure fell upon the banking industry to make loans that banks would otherwise have rejected as “financially absurd.”
Subprime lending was virtually unknown before the multiple changes made by Clinton. The system was no longer recognizable as “free market.” Then it snowballed with more regulatory change and then two expansions of CRA law in 1995, the Clinton administration forced banks to loan more than a trillion dollars in high risk loans accepting as “income” items like welfare checks, unemployment checks, seasonal income, occasional part time work and other questionable sources of “qualified income.” By the end of 1995, 14% of all home loans were conducted with less than 3% down payments, many of them with no down payment at all.
With ACORN in the streets embarrassing and badgering and shaking down lenders (Barack Obama, an ACORN lawyer in Chicago, was reportedly one of the best at not only securing loans and future loan promises but also at getting large ACORN donations from the lenders he was shaking down!) and with officious federal regulators promoting and pushing and applauding bad loans not only with “the stick” of CRA and HUD but also using Fannie Mae and Freddie Mac as “carrots” due to their nature as implicitly guaranteed by the federal government. Millions of loans were made, often at breakneck pace in the normally snail-action world of mortgages.
In 1998, Clinton’s steroid-expansion of CRA law was passed. It was a nightmare. Now “food stamps” were regarded as income. Now ACORN found that they didn’t need high-powered extorters like Barack Obama, anyone with an eighth grade education could secure a loan for an ACORN client . . . and they found that it was now just as easy to get a poor person into a $450,000 home as it had been to buy a $120,000 home ten years earlier.
President G.W. Bush warned congress at least 20 times about the problem after January, 2005, when his administration made their first attempt to undo the evils of CRA legislation, especially the last three expansions by Clinton (1995 twice and 1998’s steroid version), but were defeated by the progressives. Finally thirty months later in July of 2007 a much weaker, watered down bill was passed by bi-partisan vote. It would prove far too little, far too late and the meltdown began soon afterward. However, it was sufficient help to the economy that Treasury Secretary in August, 2010, credited Bush with preventing a truly deep recession and preventing home prices from plummeting dangerously. And ACORN, even as they got loans for illegal aliens and people without even a rental history, they were getting paid to market CRA loans and made millions as a result.
All of this corruption enforced by strong-armed government agencies put millions of people into homes they simply could not afford. This caused an artificial feeling of financial prosperity for everyone and trillions of dollars were going into bad investments including derivatives based upon these horrific loans. Now, 90% of these laws are still on the books while the tax payer must pay for millions of past risky loans and are forced to bail out the irresponsible banks, insurance companies, automobile companies and Wall Street. Until we totally remove the government’s power to coerce, bribe, reward and bail out irrational and unfree decisions in the UNFREE MARKET, more of the same is always possible. The free market was working fine, so fine it took thirty years of deliberate abuse for the unfree market to bring America to its knees. Too much government? Yep! Blame it mostly on William Jefferson Clinton.
You did remember that the system originally wasn’t broken, right? You did remember that the progressives set out to manufacture a crisis a la Cloward-Piven Strategy and Alinsky Tactics that would “overload the system?” You have heard Barack Obama talking about somebody else driving the car in the ditch and now wanting the keys back, haven’t you? Are you going to ignore the evidence and head back to your sitcom? How about thinking this over . . . ?
George Bush saw Obama, Clinton, ACORN, and other progressives deliberately pushing the car (the economy) toward a 500-foot cliff (utter financial disaster) dived into the front seat, grabbed the steering wheel and slammed on the brakes creating a controlled skid that put the vehicle into the nearest friendly-looking ditch.
So Monica, Paula and Jennifer weren’t the only ones, were they? Slick Willy also had his nasty way with you and with all the American public . . . .
Ya’all live long, strong and ornery,
Rajjpuut
