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The Financial Bailout
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dust54
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PostPosted: Wed Oct 01, 2008 3:23 pm    Post subject: Re: The Financial Bailout Reply with quote

Jsut wanted to pile on:

By INVESTOR'S BUSINESS DAILY | Posted Tuesday, September 30, 2008 4:20 PM PT
Election '08: Barack Obama wasn't just the second-largest recipient of Fannie Mae and Freddie Mac political contributions. He was also the senator from ACORN, the activist leader for risky "affirmative action" loans
Despite efforts to blame the rescue bill's failure on the GOP, it should be remembered that 95 Democrats — some 40% of the Democratic Caucus — withheld support. Obama himself also deserves blame — not only for the bill's failure, but also for the crisis it was designed to solve.
As the New York Times reports, "Aides to Mr. Obama said he had not directly reached out to try to sway any House Democrats who opposed the measure." Is the reason the fact that the slush fund for ACORN in the original bill, siphoning off 20% of any future profits for such activist groups, was trimmed from the tree?
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."
Obama also helped ACORN get funding. When he served on the board of the Woods Fund for Chicago with Weather Underground terrorist William Ayers, the Woods Fund frequently gave ACORN grants to fund its activist agenda.
In 1995, Kurtz reports, Obama chaired the committee that increased funding of ACORN and other community organizers. The committee report boasted that the fund's "non-ideological" image "enabled the Trustees to make grants to organizations that use confrontational tactics against the business and governmental 'establishments' without undue risk of being accused of partisanship."
The CRA empowered regulators to punish banks that failed to "meet the credit needs" of "low-income, minority and distressed neighborhoods." It gave groups such as ACORN a license and a means to intimidate banks, claiming they were "redlining" poor and minority neighborhoods. ACORN employed its tactics in 1991 by taking over the House Banking Committee room for two days to protest efforts to scale back the CRA.
As a former White House staff economist writes in the American Thinker, Obama represented ACORN in a 1994 suit against redlining. ACORN was also a driving force behind a 1995 regulatory revision pushed through by the Clinton administration that greatly expanded the CRA and helped spawn the current financial crisis.
Obama was the attorney representing ACORN in this effort. Last November, he told the group, "I've been fighting alongside ACORN on issues you care about my entire career." Indeed he has. Obama was and is fully aware of what ACORN was doing with the money and expertise he provided. The voters should be aware on Nov. 4 of the roles of both in creating the current crisis.

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Joe Boleo
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PostPosted: Wed Oct 01, 2008 5:26 pm    Post subject: Re: The Financial Bailout Reply with quote

I just read that the CEO of Washington Mutual earned 19 million dollars for three weeks of work. In that time, he took the bank right into the ground as the largest bank failure in U.S. history. Now that is what the bailout is intended to rescue? I don't think so. Take care...
Joe
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hunterjoe21
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PostPosted: Wed Oct 01, 2008 5:34 pm    Post subject: Re: The Financial Bailout Reply with quote

Joe Boleo wrote:
I just read that the CEO of Washington Mutual earned 19 million dollars for three weeks of work. In that time, he took the bank right into the ground as the largest bank failure in U.S. history. Now that is what the bailout is intended to rescue? I don't think so. Take care...
Joe

Joe...


WaMu was on its way out LONG before he took over

While I agree that 6mm+ per week is ridiculous, he has a contract with the Board. That money has already been accounted for.

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hunterjoe21
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PostPosted: Wed Oct 01, 2008 5:41 pm    Post subject: Re: The Financial Bailout Reply with quote

Dust (among others) hit the nail on the head with his comments about CRA. I don't know much about ACORN, but the Company I work for is constantly defending itself from discrimination allegations. Everything from a new branch opening to a branch being consolidated is contested by some dumb-azz democrat (read Dennis Kucinich) as being unfair in one way or another to the LMI community. All in an effort to secure ONE thing. VOTES from the LMI masses that the socialists have failed with their hand-out programs.

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twofifty
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PostPosted: Wed Oct 01, 2008 7:32 pm    Post subject: Re: The Financial Bailout Reply with quote

Dust54 are you absolutely sure of your source? Not doubting you, just wanting to make sure. Thanks for that information.

Mortgage loans to folk without jobs or assets or an ok credit rating is plain nuts I don't care what the affirmative action programs say. Common sense ended up in the trash can on this one that's for sure.
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vint2
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PostPosted: Wed Oct 01, 2008 8:03 pm    Post subject: Re: The Financial Bailout Reply with quote

The really intresting point in this whole mess is WHAT ARE WE GOING TO DO ABOUT IT????????? Mad

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PostPosted: Wed Oct 01, 2008 8:48 pm    Post subject: Re: The Financial Bailout Reply with quote

I just heard that the revised bailout plan received first level approval tonight. I still think any bailout is a mistake. In fact, I've read where a bailout will not help, but actually make the situation worse. Banks will be selling off non-performing mortgage backed securities for pennies on the dollar to the Fed. This will force the banks to write off the difference in the sale price vs. book price, which will further deteriorate the banks reserves. Once the value of the new write-offs is deducted from any profits they earned or added to any losses they experienced, it's gonna cause a new round of investors dumping financial stocks, driving stock prices lower, and creating even more depositor uneasiness. A depositor RUN is what caused the failure of the first bank this year (IndyMac), thanks to a letter written by our old friend Chuck Schumer (Democratic, Center of Socialist Universe, New York)warning that a RUN may be the end of IndyMac.

en.wikipedia.org/wiki/...es_Schumer

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Handloader
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PostPosted: Thu Oct 02, 2008 1:08 am    Post subject: Re: The Financial Bailout Reply with quote

vint2 wrote:
The really intresting point in this whole mess is WHAT ARE WE GOING TO DO ABOUT IT????????? Mad

Its probable the House will confirm the Senate's vote and then the fun will begin. Remember those that voted for this sham. It is disasterous in all regards and the fruits of this rotten plan will soon be realized. Too, reread the Declaration of Independence about what constitutes justifiable overturning of the government. That 2nd Ammendment was added for a darn good reason. In essence, despite all the backtalk and subterfuge, this is economic treason on the part of all those that back such a bailout (read: takeover). Both McCain and Obama supported the Senate version and I resigned from the local committee to re-elect McCain tonight. This bill is madness and included are provisions to disallow judicial or legislative review.

Are we ready for a third part yet? What will we call it? The American Party? Polls of the great unwashed show overwhelming resistance to this hijacking of the economy. Socialists are rejoicing.

The time is near to clean house.
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dust54
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PostPosted: Thu Oct 02, 2008 4:45 am    Post subject: Re: The Financial Bailout Reply with quote

You can check these through several sources (google, yahoo) and find several state newspapers that have run articles since 1980 or so. Just found another one from Chicago. This has been going on for quite a while.

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PostPosted: Thu Oct 02, 2008 10:31 am    Post subject: Re: The Financial Bailout Reply with quote

:wtf:The entire washington group of bloodsuckers has just done it again,added tons of "pork" to this bailout that have not a damn thing to do with the wall street "dinguses". Mad

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PostPosted: Thu Oct 02, 2008 10:34 am    Post subject: Re: The Financial Bailout Reply with quote

Oh...And you expected something different? Mad

You've been puttin' yer finger in too many light sockets if ya did... Very Happy

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PostPosted: Thu Oct 02, 2008 11:12 am    Post subject: Re: The Financial Bailout Reply with quote

Mad We just need to dig a moat around washington dc,fill it full of gators,cut off all supplies of food and let them feed on each other untill they're all gone.With the way they go thru our money-it would only be about three days! Sad

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twofifty
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PostPosted: Thu Oct 02, 2008 1:58 pm    Post subject: Re: The Financial Bailout Reply with quote

Wonder what kind of nonsense we will hear from the Canadian and American federal candidates at tonight's debates...

Hey Vince, what's the Aussie word for "pork barrel" ? Surely your politicians have their own recipe for salted pork....
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Sharpshooter
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PostPosted: Thu Oct 02, 2008 11:47 pm    Post subject: Re: The Financial Bailout Reply with quote

Joe Boleo wrote:
I just read that the CEO of Washington Mutual earned 19 million dollars for three weeks of work. In that time, he took the bank right into the ground as the largest bank failure in U.S. history. Now that is what the bailout is intended to rescue? I don't think so. Take care...
Joe

Actually, he just signed on three weeks before the company went under. He was hired to fix the problems, but by the time he got there it was too late. It was not he who "took the bank into the ground". No CEO, not matter how incompetent, could do that in three weeks.

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PostPosted: Thu Oct 02, 2008 11:55 pm    Post subject: Re: The Financial Bailout Reply with quote

hunterjoe21 wrote:
Joe Boleo wrote:
I just read that the CEO of Washington Mutual earned 19 million dollars for three weeks of work. In that time, he took the bank right into the ground as the largest bank failure in U.S. history. Now that is what the bailout is intended to rescue? I don't think so. Take care...
Joe

Joe...


WaMu was on its way out LONG before he took over

While I agree that 6mm+ per week is ridiculous, he has a contract with the Board. That money has already been accounted for.

Indeed; he left a very lucrative job to come over to WaMu and stop the hemorrhaging, but the patient had already been dead for some months.

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