#44 | Posted by DUMPLING1 at 2008-09-18 01:20 PM
"...Recognize that it was leftist imperatives including pressures exerted by ACORN, a group for which Obama worked and which he represented...Posted by Johnson...
Obama was a part of ACORN 20 years ago. Before it became anything close to an objectional group.
Now PHIL GRAHAM on the other hand....
YOU, SIR, CONTINUE TO BE A MORON!
Gosh, the way these republicans deflect, you think they didn't have control of the presidency or the congress or the judiciary or even Wall Street for the past 16 pf 20 years.
What a nerve!
Such umbrage, dumpling.
It's usually a comity of perceived interests that brings us "programs," such as the Food Stamp program, where representatives of the farm states, and urban poor districts pursued their separate agendas to enact that program.
This debacle is not the result of either party acting alone. The financial institutions were subject to penalties and prevented from securing business unless they made loans that were marginal at best, including loans to such target groups as illegal immigrants, who purchased property without any down payment or verification of income. Urban blacks were in the same category with liberals fulminating because of redlining and denial of loans to unworthy credit risks. Since there was a preponderance of minorities who were bad credit risks, the hue and cry of "racism" and "discrimnination" was raised, and standards were abandoned. The entire process was corrupted for everyone.
Of course, there was a boom as construction surged to accommodate the new borrowers.
I don't exonerate the institutions or the investment banks. A friend of mine owned a couple of hundred million dollars of real property in which he had an equity approximating "zero." He was approached by a local stock brokerage firm that was urging him to use the essentially worthless holdings as a vehicle for selling shares as an IPO. The brokerage firm was aware that an offering would have been a scam. But that in no way deterred them. It is usual and customary practice in that industry to bilk the general public.
I am not exculpating the stock market and financial institution malfeasors, but rather suggesting that they are affiliated with both political parties, and those people use these entities as piggy banks. Ask yourself how Jamie Gorelick, second-in-command to Janet Reno in the Justice Department during the Clinton Administration (Ms Reno being a figurehead), garnered some $75 million through her activities with Fannie Mae.
Er, Gorelick's a Democrat. The political affiliations of these people just provide them with entry. And there has been enough wherewithal to go around and enrich the players on both sides of the aisle at the expense of the general public.
It is largely sham and pretense to generate support among the ideologues and obtain power. During the Vietnam Conflict, one of the most vociferous public protestors was the then Mayor of San Francisco, whose family was among the most greatly enriched of war profiteers, owning or controlling the most "bottoms" shipping goods to and from the war zone. Follow the money. Also, you've been around long enough to abandon the naivete.
