Obama’s Personal Role In The Great 2008 Credit Crash

September 29, 2008

To understand how Barack Obama personally contributed to our current economic disaster, read this article at the NY Post (excerpts below):

THE seeds of today’s financial meltdown lie in the Community Reinvestment Act – a law passed in 1977 and made riskier by unwise amendments and regulatory rulings in later decades.

CRA was meant to encourage banks to make loans to high-risk borrowers, often minorities living in unstable neighborhoods. That has provided an opening to radical groups like ACORN (the Association of Community Organizations for Reform Now) to abuse the law by forcing banks to make hundreds of millions of dollars in “subprime” loans to often uncreditworthy poor and minority customers.

…..

He [Obama] returned to Chicago in the early ’90s, just as [Madeline] Talbott [director of Chicago ACORN] was starting her pressure campaign on local banks. Chicago ACORN sought out Obama’s legal services for a “motor voter” case and partnered with him on his 1992 “Project VOTE” registration drive.

In those years, he also conducted leadership-training seminars for ACORN’s up-and-coming organizers. That is, Obama was training the army of ACORN organizers who participated in Madeline Talbott’s drive against Chicago’s banks.

The credit markets have crashed because banks were required by law (and financially incentivized) to make bad loans. Barack Obama personally trained shake down artists that pressured banks to make these bad loans.

No wonder Jesse Jackson hates this guy. Obama and his friends represent the competition in the market place of race based shakedowns.

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One Response to Obama’s Personal Role In The Great 2008 Credit Crash

  1. BackwardsBoy on September 29, 2008 at 3:19 pm

    If the McCain camp doesn’t make this nugget into the next YouTube ad, then he just lost the election.
    He has a golden opportunity to point fingers at those who need fingers pointed at them. The orchestrators of this credit crisis are gradually being named and the names are mostly followed by a “D”, as in party affiliation.
    This crisis was manufactured by politicians who want to bring this country to its knees.
    We have a responsibility to vote each and every one of these leftists out of office in the next election.

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