THE ROOTS OF OUR FINANCIAL CRISIS GO WAY BACK

October 11, 2008

OUR FINANCIAL CRISIS HAS IT ROOTS IN THE COMMUNITY REVITALIZATION ACT

President Carter signed this into law which gave the basis for making bad loans to people who could not pay. All the feel good liberal groups (like ACORN) used this to intimidate banks into making these bad loans. Obama represented Acorn and advised how to force a Chicago bank deep into this bad loan pratice.

Back then Carter and his ilk said there is a growing national debate about the future of race, housing, and urban policy in the United States is reflected in the recent controversy over the administration of the Low-Income Housing Tax Credit1 (“LIHTC”) program, the largest federal program that supports building low-income housing.

Another liberal Socialist idea gets forced on us by the do gooder feel good groups that will eventually help bring down our Republic.

After all who could be against housing for everyone especially when it is backed by the full faith and credit of the Government.

In modern times these liberal Socialists congress elected officials have forced banks even further into bad loans by voting against oversite (Frank, Dodd, Schummer, Corzine, Biden just to name a few in favor of no oversite). Of course they receive political contributions from the ceo’s who made out like bandits.

We do deserve what we get when we elect these people to congress and let them try to turn us to a Socialist society.

God forgive us for our stupidity and give us direction on how to prevent a complete collapse of our society as we knew it.