Posted by
Christopher Van on Thursday, September 18, 2008 5:41:38 AM
Yesterday we began talking about the current state of financial affairs in America with Democrats once again playing the blame game. What I would like to know is why nobody is talking about the Community Reinvestment Act, a disaster created by Democrats that forced financial lenders into bad lending practices resulting in the fiasco we are faced with today.
This act was implemented in 1977 during, surprise, surprise, the Jimmy Carter years. It came about as the result of special interest groups, race warlords and community organizers seeking home ownership opportunities for those who would otherwise be unqualified.
In 1995, the Clinton administration found that the targeted demographics were still being underrepresented and forced banks to create more opportunities for loans in the secondary or subprime market. The Clinton revisions allowed for the securitization of these loans with the first firm to back these risky loans being Bear Stearns. Hmmm, think we are onto anything here?
In 2003, the Bush Administration sensing some concern about Fannie Mae and Freddie Mac’s financial standing, sought to move some oversight of high risk lending practices under the Department of Treasury. This move was blocked by Democrats such as Barney Frank who said, "These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis, the more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing." Representative Mel Watt (D-NC) added "I don't see much other than a shell game going on here, moving something from one agency to another and in the process weakening the bargaining power of poorer families and their ability to get affordable housing."
So once again, we have Democrats failing to understand basic economics and putting the taxpayer at risk for what can only be considered another government handout. Even in the face of financial disaster, community organizers and racist organizations such as ACORN, are demanding that the scope of the CRA be expanded even further which once again is evidence of an inevitable Obama disaster in the event he is elected and given a rubber stamp by the Democrat controlled Congress to confiscate and redistribute more wealth.
As a final note, with all of the consolidation in the financial industry I currently find myself looking for a job. My most recent experience is in executive management in the insurance and finance sector but I also have background in marketing, sales, insurance claims as well as a Six Sigma designation. Unfortunately I don’t have any experience as a community organizer but I’m willing to try. If you happen to be looking, or know of someone looking, for a talented employee who even knows a little bit about politics you can respond to this email and I can get you my resume and references.
Christopher Van
www.christophervan.com