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ACORN ruled the day and ruined us all
By: Carl Langley
posted October 7, 2008
GUEST COLUMN – If the situation was not so
deplorable, the incompetents standing before the cameras looking like
deer caught in the headlights would be laughable. But this was deadly
serious business and our professional politicians were doing what they
have always done best - blame everything on the opposition.
Among those trying to shift blame for the nation’s economic mess were
House Speaker Nancy Pelosi, Senate Majority leader Harry Reid, Sen.
Christopher Dodd, Rep. Barney Frank and others who were among the main
architects of a fraud-riddled mortgage system that has nearly destroyed
They had allies on the other side of the political fence. In this
respect I refer to slick Wall Street investment bankers, insurance
moguls, Republicans and assorted other speculators who pray daily at
the temples of greed and avarice. There was, for sure, enough blame to
go all around, even among those who stood silent and let this disaster
The fuse for this economic bomb can be traced back to the Community
Reinvestment Act (CRA), created in 1938 by President Franklin
Roosevelt, who, goaded on by his wife, Eleanor, wanted home ownership
for every American, including those who didn’t have a dime in their
The fuse was further refined in 1999 at the insistence of a Chicago
street gang known as ACORN. ACORN is the acronym for Association of
Community Organizers for Reform Now. ACORN, for those unfamiliar with
history, can be compared to the communist gangs that overthrew the
Russian government in 1917.
With the complicity of Congress and the Clinton administration, CRA
laws were amended to forbid lenders from merging or expanding their
financial institutions unless first priority was given to extending
mortgage credit to those unable to pay monthly home loans.
So ACORN went to work in the financial market, doing what radicals
always do best, becoming an outrage to proper behavior while rewriting
the rules of economics.
ACORN, whose most illustrious member is presidential candidate Barack
Obama, has a sorry track record in obeying our laws. Some of its
members have been convicted of vote fraud and sent to jail. Others have
been caught slashing car tires of people who disagree with their
methods. Others have broken into offices of bank officials reluctant to
approve worthless loans and others have staged street protests in front
of the homes of bankers skeptical about loan applications.
ACORN’s people can never be confused with the memberships of Rotary
clubs, the DAR, the Masonic Order or other organizations committed to
While the Democrats have been busy distancing themselves from our
current economic crisis, their fingerprints in this sordid bit of
business can be found in an article written by a man named Steven
Holmes and which appeared in the New York Times on Sept. 30, 1999. It
is there for all to see, blinking like the neon lights on a billboard
that would cover half of this state.
The lead sentence in Homes’ article was an historical footprint leading
to the disaster that has befallen this once proud country. It read: “In
a move that could help increase home ownership rates among minorities
and low-income consumers, the Fannie Mae Corporation (the government
entity created 70 years ago to sell this snake oil to the taxpayers) is
EASING THE CREDIT REQUIREMENTS on loans that it will purchase from
banks and other lenders.”
In other words, the American taxpayer was committed then and forever
more to take on the burden of defaults and foreclosures. This one
simple act turned lending, borrowing and paying off debt into a
socialist anchor drooped around the necks of those who work hard, pay
their taxes and pay for their own homes.
Fannie Mae is not a bank or savings and loan. Its sole purpose is to
buy up shaky mortgages and encourage banks and savings and loans to be
reckless. But government-backed programs attract crooks like a magnet
does iron filings, so it was not unexpected fiscal parasites (those
within Fannie Mae and its awful sibling Freddie Mac) and unscrupulous
lenders would take advantage of this opportunity to become
Franklin Raines and Jim Johnson, two Democratic operatives who have
never been weaned from the public teat, are among those who have
ravaged the taxpayers, reaping salaries and bonuses in the millions
while jimmying the numbers to cover their tracks. They created the
illusion that federal housing agency assets were in the billions, but
it was all a lie and they never were brought to justice for cooking the
While Holmes’ article about Fannie Mae was written nearly 10 years ago,
the reporter did make an effort to provide balance to his story. He
called on economist Peter Wallison of the American Enterprise Institute
for an appraisal of the change in lending policies.
Wallison warned revising the requirements for CRA borrowing laid the
groundwork for future disasters. He said forcing banks and other
lending agencies into funding a population base that had little chance
of repaying loans was an imprudent step. In short, too many potential
borrowers were deadbeats and too many had little but the clothes on
their backs, a time-proven recipe for failure..
Wallison then offered an ominous prophecy: “If they fail,” he said of
the mortgage rules changes, “the government will have to step up and
bail them (the lenders) out the way the government stepped up and
bailed out the thrift industry (in the 1980s).” His words now resound
throughout the nation, while people like Dodd and Frank, the main
architects of the easy-come, easy-go approach to home mortgages, are
running for cover and blaming Wall Street greed and Republicans for the
When you combine Wall Street greed with an entire class of people who
have lived for generation after generation on the public dole and add
to this mix the weeping, wailing and bizarre benevolence of liberal
crazies this is what you get.
And this is just the beginning. Wait until we get a national health
care system and you really will see some stealing amid societal
collapse. It’s easy to trace the sources of our current ills because
houses in default are easy to spot and the paperwork trail can be
easily followed, but bogus medical bills carry elusive fingerprints.
A national health care system will see such an increase in patients
that the mind cannot picture what will follow. Hospitals will be
flooded with not only the usual Saturday night gunshot and knifing
victims in the inner cities, but hundreds of thousands claiming
headaches, sprained toes, insect bites, and so forth and so on. Primary
care will be rationed and surgical procedures will be set back for
months because of bureaucratic stumbling and fumbling.
If a national healthcare system was so great, why are so many Canadians
driving down to Detroit, Seattle, Cleveland, Rochester, Buffalo, Boston
and New York to see a doctor or have an operation? Ask the average
Canadian what he or she thinks of their system. They will be easy to
find because many of them are in our hospitals.
If you thought Fannie Mae and Freddie Mac would put everyone in this
country in a home (note: some people could care less about owning a
home due to the work necessary to keep it up), then you will love a
government-run healthcare system, which will be the final nail in
Remember, you read about the coming healthcare calamity here first.
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