Representative Michele Bachmann, Republican Congresswoman from Minnesota, inadvertently traces the “Minority Housing Meltdown”: The community reinvestment Act” (CRA), a creation of the federal Frankenstein, compelled private banks to make home loans to individuals with poor credit. Since no bank wants to make bad loans, this legislation in effect threatens banks to so do. Unless the bank lends to those unworthy of credit, it will not be allowed to do interstate business or expand its operations.
But, the benevolent government also offers the errant banks redemption. In order to get a positive Community Reinvestment Act rating, a bank may give over cash or in-kind donations to ACORN. A bank can also partner with ACORN to make loans to the pool of poor they represent.
By the way, where are the media stories about Super Mom Bachman who has raised five kids and 23 foster children? Maybe when the morons are through belaboring Michele Obama’s biceps, they can tell us more about Bachmann. (Here you are welcome to improvise with your own clichés of improbability.)
Fast forward toward the end of the YouTube clip for the Bachmann interview.
Update (Oct. 16): No ACORN essay is complete without mention of Bush’s crucial role in the mortgage meltdown. I have not studied the NRO Kurtz piece, but somehow I doubt it gives Bush the “credit” he is due in the diversity depression.
In 2003, Norman Singleton wrote this:
“Today the House passed, by voice vote, the American Dream Downpayment Act (HR 1276). This new welfare program forces taxpayers to subsidize the downpayments of ‘low income’ Americans. This new welfare program is a Bush Administration priority and was sponsored by Katherine Harris. The GOP is already touting how this will help with their outreach to minorities.”
Read Ron Paul’s rapid-fire response to the Bush affirmative action mortgage program.
Unless our token conservatives pay their “respects” to Bush, author of the “ownership society,” reborn conservatives—NRO, Weekly Standard—should not be lauded.
And by the by, the many poisonous pundits should atone again and again for being wrong at the time, and misleading the masses for Benito Bush. On second thought, why don’t they just go away?!
Take “snake-oil merchants like Stephen Moore of the Wall Street Journal,” who is Fox’s new Philosopher King. Moore obfuscated about the bailout (while making the obligatory noises about the merits of the free market he flouts). And Moore’s previous book was entitled Bullish on Bush: How the Ownership Society Is Making America Richer. If that’s not an indictment, nothing is. ‘Bush’s bailout society’ is an instantiation of the principles upon which ‘Bush’s ownership society’ was founded: credit for those who are not creditworthy.”
The only pundit who was vocal about the Bush economics was Michele Malkin. Not party hack Ann Coulter.
[Thanks, Stephen; I have been rather ill, but I hope to be back at my WND perch next week with renewed verve.]
