News analysts keep telling us Obama didn’t say what he said and, rush out to interpret for us what he actually meant. They seem to think we just can’t understand his speech or what he means by not comprehending the nuance in his many speeches. We know BO is a big government type of guy, believing central government is the answer to all problems. But, when we look at the historical facts, we find people like BO (Progressives) have caused most of the misfortune in the country. Obama was a sub-prime pioneer while working in Chicago. With his landmark lawsuit, Obama and the Progressives pushed banks to lend to people who just couldn’t afford it. http://dailycaller.com/2012/09/03/with-landmark-lawsuit-barack-obama-pushed-banks-to-give-subprime-loans-to-chicagos-african-americans/6/
Obama’s lawsuit was one element of a national “anti-redlining” campaign led by Chicago’s progressive groups, who argued that banks unfairly refused to lend money to people living within so-called “redlines” around African-American communities. The campaign was powered by progressives’ moral claim that their expertise could boost home ownership among the United States’ most disadvantaged minority, African-Americans. [RELATED: Obama’s African-American clients got coupons, not cash]
Progressive activists’ ambition instead contributed greatly to a housing bubble that burst in 2007, crashed the nation’s economy in 2008, wiped out at least $4 trillion in equity, kept unemployment above 8 percent for four years, and damaged the intended beneficiaries of looser mortgage lending standards.
But, he isn’t done. The meddling in the mortgage loan industry is just beginning again. He needs four more years to cause further damage to the economy with policies that put us in this mess in the first place.
For example, Obama is pushing a proposal that would allow many homeowners to refinance their risky mortgages at a lower interest rate. That could help the homeowners, but it could also leave taxpayers with expensive but worthless debt, she said, if inflation rises or the economy stalls.
Obama is also using federal financial power to pump up lending to poor areas via the Federal Housing Administration.
“They’re making a lot of loans … to people with 640, 630, 620 [credit] scores” who have a 25 percent chance of foreclosing, said Pinto.
Chicago is getting some of those bad federal loans, including via Latino mortgage sellers who fraudulently portray several family members’ earnings as income from one or two jobs, said Byas. “It is still happening today… I see Latinos signing up loans for Latinos, and they can’t afford it.”
Additionally, Obama is using his regulatory power to boost the “regulatory equity movement” that tries to tax the suburbs to aid poor cities, said Stanley Kurtz, author of the new book, “Spreading the Wealth.”
“These are policies that Obama generally keeps under the radar… so they don’t receive too much scrutiny,” said Kurtz, whose book shows how Obama is boosting the controversial movement.
Even as he is repeating and extending the top-down policies that created the disaster, Obama is working hard to blame the banks, Wall Street and the GOP for the damage he and other progressives caused.
Looks as if “Empty Chair Day” was a success. Wall Street Journal, Politico and, the Hill all had articles referring to it, even if a couple were somewhat grudgingly admiring of the fun at BO’s expense. Kudos to everyone who took part.
But the Hill’s “making lemonade out of lemons” interpretation of the National Empty Chair Day was not a perspective shared by the many conservatives who enjoyed the fun of their social media victory that once again put the Obama campaign on the defensive.
- Posted in: 2012 campaign ♦ 2012 Election ♦ Barack Obama ♦ Economy ♦ Employment ♦ Politics ♦ Progressives ♦ Random
- Tagged: 2012 campaign, 2012 election, African American, bailouts, Barack Obama, Chicago, economic growth, economic policies, economy, Federal Housing Administration, Latino, Obama, Progressives, United States, Wall Street Journal