Posted by
Always To The Right on Tuesday, September 30, 2008 9:41:34 PM
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.
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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?
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.