Source: How Bill Clinton, ACORN & Barack Obama fueled the mortgage crisis
The Clinton administration has turned the Community Reinvestment Act, a once-obscure and lightly enforced banking regulation law, into one of the most powerful mandates shaping American cities—and, as Senate Banking Committee chairman Phil Gramm memorably put it, a vast extortion scheme against the nation’s banks. Under its provisions, U.S. banks have committed nearly $1 trillion for inner-city and low-income mortgages and real estate development projects, most of it funneled through a nationwide network of left-wing community groups [like ACORN], intent, in some cases [including ACORN], on teaching their low-income clients that the financial system is their enemy and, implicitly, that government, rather than their own striving, is the key to their well-being.
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If I live long enough, it'll be interesting to look back on this time from the
perspective of 50yrs in the future. This is a weird time that we're in....but
we're in it and perhaps we're in the "can't see the forest for the tree's" sort
of thing. Every time in history is a weird time to be in though...
As mentioned above by someone, history will judge G.W.Bush and many
of us might be truly shocked by the opinions of those in the future who
aren't "in the trees" as to the roll played by G.W.B. when they can look at
the whole picture dispassionately.
The Clinton administration has turned the Community Reinvestment Act, a once-obscure and lightly enforced banking regulation law, into one of the most powerful mandates shaping American cities—and, as Senate Banking Committee chairman Phil Gramm memorably put it, a vast extortion scheme against the nation’s banks. Under its provisions, U.S. banks have committed nearly $1 trillion for inner-city and low-income mortgages and real estate development projects, most of it funneled through a nationwide network of left-wing community groups [like ACORN], intent, in some cases [including ACORN], on teaching their low-income clients that the financial system is their enemy and, implicitly, that government, rather than their own striving, is the key to their well-being.
_____________________________________
If I live long enough, it'll be interesting to look back on this time from the
perspective of 50yrs in the future. This is a weird time that we're in....but
we're in it and perhaps we're in the "can't see the forest for the tree's" sort
of thing. Every time in history is a weird time to be in though...
As mentioned above by someone, history will judge G.W.Bush and many
of us might be truly shocked by the opinions of those in the future who
aren't "in the trees" as to the roll played by G.W.B. when they can look at
the whole picture dispassionately.
