Because one meltdown wasnt enough, two should be better, NO?

Obama and the DemoCRAPS have a new plan to undermine banks and housing

Community "activists" will decide who gets loans!!!!!!!!!!!


http://www.moonbattery.com/archives/2009/10/chairman_zeros_1.html#comments

What can they be "thinking", if anything?


Chairman Zero's Latest Plan to Destroy the Economy


Posted by Gregory of Yardale at 5:26 PM
Comments (7)



Historically, banks had a pretty good, market-based system for loaning money. Money was loaned to people whose behavior showed they were likely to pay it back. Those less likely to pay it back were charged higher interest to cover the risk of default.



Community activists (progressives) were unhappy with this system. They wanted the system politicized so that politically favored groups would receive mortgage loans regardless of their credit-worthiness. Banks were pressured by these activist groups and their fellow travelers in Congress to loan billions and billions to people who had no business taking out mortgages. Hence the real estate bubble. Hence the inevitable collapse of the real estate bubble that resulted in the collapse of the global economy.



Chairman Zero and the Democrats must have stayed up very late nights trying to figure out how to make the system worse. But finally, they got an idea. An awful idea. The Obamacrats got a wonderful, *awful* idea!.



As we try to shake off the financial crisis, here's a bright idea. Take a law that has led to the writing of an enormous amount of bad mortgages and expand it. Then take enforcement away from bank examiners and give it to housing activists.

Sound like a poisonous cocktail? Well, it is what the Obama administration and Democrats are currently stirring up on Capitol Hill.

The Obamacrats are planning to expand the Community Reinvestment Act -- the one that helped to fuel the mortgage meltdown --- and amend it to take oversight authority away from bank examiners and over to groups like ACORN and the SEIU. ACORN (and/or groups like it) would have regulatory authority to force banks to make mortgage loans under the amended CRA.



Either the Obamacrats are deliberately out to Cloward-Piven the economy, or they are completely bugfrack insane. Those are the only two possibilities. They have cap and trade to destroy the energy sector. They want to nationalize health insurance. They want to use card check to wipe out manufacturing and service industries. Salary caps and Draconian regulations will kill the financial sector. The Obamacrats seemed determine to destroy every sector of the economy.



On a related note, King of the Race Hustlers Jesse Jackson is blaming the epidemic of teenage violence in Chicago on "predatory lending." That's right. Chicago teenagers are beating each other to death because banks charge higher interest rates to minorities who are bad credit risks.