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The CRA as a contributor to the mortgage crisis has been debunked numerous times... You don't have ANY data to back up this assertion.
I do (Rise in Sub-Prime Defaults Leave Investors Asking Who's Next -- Seeking Alpha) but this thread is less about the mortgage crisis and more about how a corrupt agency with ties to a president can bring down an administration. So stay on topic plz, add to the existing thread you talked about or start a duplicate - but not here.
Last edited by mossomo; 10-07-2009 at 01:15 AM..
Reason: being nice, added plz =)
Watergate didn't put people on the streets. Acorn's pracitices did. What's worse is ACORN is partly responsible for getting hussein obama in the white house with his criminal and nafarious administration. America will suffer greatly because of them.
The CRA as a contributor to the mortgage crisis has been debunked numerous times.
What I'm pointing out is ACORN and other organizations like them have been able to gain control of billions if not trillions in assets for mortgages. The assertion they only get a few million from the government although true at face value is really irrelevant when government regulation allows them to collect billions in fees that again have been likened to extortion. That 9.5 billion figure is from 2000 so it probably has grown considerably since then.
The Republicans tried to correct this in the Gramm-Leach-Bliley bill with a provision that would have required groups like ACORN to disclose the amount of funds. It passed without the provision because Clinton would have vetoed it:
Gramm had maintained that he did not want anything in the bill that would expand the application of the Community Reinvestment Act because it was, he said, unnecessarily burdensome to banks. He had sought a provision that would exempt thousands of smaller banks from the law. He also wanted a provision that would expose what he has described as the "extortion" committed by community groups against banks by requiring the groups to disclose any special financial deals the groups extract from the banks.
But the White House found that provision unacceptable and had its own ideas about community lending. It wanted the legislation to prevent any bank with an unsatisfactory record of making loans to the disadvantaged from expanding into new areas, like insurance or securities.
The White House had insisted that the President would veto any legislation that would scale back minority-lending requirements. Four days of intense negotiations between Summers, Gene Sperling, the President's top economic policy adviser, and Gramm, while moving the two sides closer, failed to resolve the differences.
Such was the state of play Thursday evening when Gramm decided to force the issue by having the House-Senate conference committee vote on his proposed compromise, which the White House had already rejected for failing to block banks with bad lending records from expanding to new businesses.
When Gramm's measure was defeated by one vote, it quickly became clear that there would be no law unless Gramm could get some Democrats to break from the White House.
But Administration officials had spent all day making sure that the Democrats remained solidly against the measure until their concerns about the Community Reinvestment Act could be worked out.
Note how Bertha Lewis completely avoids the question about opening the books up:
Now that they have been caught stealing and cheating and breaking the law, with all the old investigations and the new ones, Acorn will be a new bigger issue then you might think.
Acorn is a total fraud stealing tax payers money to screw over people.
They fit right into ObamAcorns idea of redistribution of a successful persons wealth.
Take it from someone who has earned it and hand it to a loser bum is the acorn way.
agree, will it be another Watergate? It is too soon to tell, but it will be the worst scandal since that I have a feeling.
ACORN has received a grand total of $53 million in federal funds over the last 15 years -- an average of $3.5 million per year. Meanwhile, not millions, not billions, but trillions of dollars of public funds have been, in the last year alone, transferred to or otherwise used for the benefit of Wall Street. Billions of dollars in American taxpayer money vanished into thin air, eaten by private contractors in Iraq and Afghanistan, led by Halliburton subsidiary KBR. All of those corporate interests employ armies of lobbyists and bottomless donor activities that ensure they dominate our legislative and regulatory processes, and to be extra certain, the revolving door between industry and government is more prolific than ever, with key corporate officials constantly ending up occupying the government positions with the most influence over those industries.
I'll repeat. Right wing supporters do not have the mental capacity to discern what is in their own self interest. The example above shows they have no sense of proportion in their carping about ACORN compared to the Billions in graft going on with military contractors. GOP Congressman voted down attempts to investigate these military contractors.
OMG and you think you can take anything Salon.com publishes as fact? I think they are worse than Huffington if possible.
No, because Obama didn't organize a massive conspiracy to spy on his opponents.
ACORN is simply a scandal about an organization that has a chain of command that is disorganized and it employs people of suspect "morality". Obama has very little to do with any scandal related to ACORN other than being a Democrat. After all, ACORN wasn't only supported by Democrats, John McCain had spoken at an ACORN event.
Funding has been cut off to them and they are being investigated by at least 7 states and there is no scandal? You know I am wondering where you live, it is hard for me to believe you have access to any type of media.
I don't see a connection. ACORN's scandal is about a nonprofit organization's poor money management and oversight. Watergate is about the president of the United States thumbing various body parts at the very document that provided him with a job.
I'll let you Republicans WHINE amongst yourselves.
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