Obama, ACORN and Wall Street
Obama desperately wants to pin the current mess on Wall Street on deregulation in general and the Republicans in particular. Of course, there is no easy answer to why this fiasco has happened, but the roots go far beyond regulation and deregulation and extend back in time to the years we had Bill Clinton in the White House and when homeownership rates began to rise. If Obama was honest, he would acknowledge that liberal lending standards were a large contributor to the latest panic. Who was most aggressive in pushing for irresponsible lending? Well, the bankers themselves were certainly guilty of reckless decisions, but they were also pushed by Obama’s favorite community organizing group, ACORN. The same group that is against “predatory lending” is also against requiring the low-income homebuyer to produce proof of income and other such indicators of credit-worthiness when applying for a mortgage. ACORN, which is insensitive to business and practical economic reality, was against higher interest rates, against any logical lending standards helped push many banks into these horribly risky loans. So, the problem was created by a combination of left-wing idiocy and short-sided business decisions. Sounds like Obama, with his ACORN connection is far more culpable than John McCain, who favored sensible deregulation that was backed by most of the Senate, including moderate Democrats.
This entry was posted on September 22, 2008 at 9:49 pm and is filed under Ignorance. You can subscribe via RSS 2.0 feed to this post's comments.
Tags: ACORN, Barack Obama, Wall Street
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