George Bush saw Obama, Clinton, ACORN, and other progressive groups deliberately pushing the car (the economy) toward a 500-foot cliff (utter financial disaster) dived into the front seat, grabbed the steering wheel and slammed on the brakes creating a controlled skid that put the vehicle into the nearest friendly-looking ditch.
Could that be true?
“President G.W. Bush warned congress at least 18 times about the problem after January, 2005, when his administration made their first attempt to undo the evils of CRA legislation, especially the last three expansions by Clinton (1995 twice and 1998’s steroid version), but were defeated by the progressives. Finally thirty months later in July of 2007 a much weaker, watered down bill was passed by bi-partisan vote. It would prove far too little, far too late and the meltdown began soon afterward. However, it was sufficient help to the economy that Treasury Secretary Geithner in August, 2010, credited Bush with preventing a truly deep recession and preventing home prices from plummeting dangerously.” Rajjpuut
Cassandra and The Shocking Truth
that Sets the Country Free
Those of you who've heard a little bit of mythology have almost surely run into Cassandra. She was the daughter of King Priam of Troy and sister of Hector and Paris. Supposedly she slept overnight in the Temple of Apollo and the snakes therein licked her ears so clean she could "hear the future." Because her clairvoyance might quite likely interfere with destiny, Apollo cursed her with being unbelieved. For example, she foresaw the defeat of Troy, her brother Hector's body being brought back within Troy's Walls and also warned of the dangers of the Trojan Horse . . . but, of course, no one would believe her ever, about anything. Ouch!!!
Rajjpuut is beginning to know exactly how that unlucky lady felt. In November of 2003, James Stack of investech.com started running a chart that he would continue to run for an unheard of length of time -- almost five full years. The gist of the chart (Housing Industry Bubble) was that not only were housing prices artificially high, but that mortgage industry stocks and virtually all stocks associated with housing in any way (construction, home improvement, insulation, insurance, etc.) were in a huge bubble (1400% of their 1995 values) which was sure to collapse AND that something called the "sub-prime lending crisis" as well as derivative investments based upon that crisis were threatening to undermine the very foundation of our nation's economy. The story involved in creating that crisis covers over 44 years and is NOT, like Cassandra's tales from the future . . . but rather from the past and all easily verifiable, yet like Cassandra . . . Rajjpuut finds no audience that listens . . . .
In seeking to understand that situation, Rajjpuut uncovered all these truths and he began writing about them to each and any and every ear he could find roughly seven years ago. It's all true, all verifiable and it amounts to tying together two of the greatest acts of treason in America's history with each other and the two most corrupt presidents in our history, our two ACORN presidents, with each other and with the "Founding Destroyers" of our country, Saul Alinsky and his two greatest disciples: Richard Cloward and Frances Piven . . . .
It’s well known and documentable that . . . the American housing loan industry was the finest in the world before progressive legislators got involved. Our sparkling 64% private ownership of homes was the envy of the planet. Sub-prime lending (that is lending to people who can’t afford their mortgage and will default on their loan unless they win the lottery) was unheard of. Banks that failed just failed in those days . . . and only when they actually failed or some shenanigans were discovered would the government step in in order to protect the depositors. Only 1 in every 404 home loans was made at less than 3% down payment in 1975, almost always to distinguished veteran officers from our military who were going to college and working part time. More than any other single person, Bill Clinton changed all that. Be prepared to be shocked . . . .
It’s NOT well-known that Bill Clinton was the first ACORN president, but he was. ACORN (originally “Arkansas Community Organizations for Reform Now”) was the brainchild of Wade Rathke created in Arkansas in 1977 to take advantage of Jimmy Carter’s Community Reinvestment Act of 1977 (CRA ’77). Much later when ACORN proved itself successful in Arkansas it was expanded across the whole nation, the “A” in ACORN stopped meaning “Arkansas” and came to mean “Association of.” Bill Clinton obviously was a real political comer (elected Arkansas lieutenant governor in 1976 at the age of 30), but his politicking was made much easier with the backing of ACORN over the next 18 years. ACORN helped Clinton win the governor’s mansion in Arkansas 12 of the next 14 years as well as two terms as president of the United States. It happened this way . . . .
Wade Rathke, was a George Wiley lieutenant sent to establish a National Welfare Rights Organization (NWRO) branch in the state of Arkansas seven years earlier. NWRO had been created by Wiley and Richard Cloward and Frances Piven in NYC to test out the Cloward-Piven Strategy (published in a 1966 article in The Nation magazine, The Weight of the Poor: a Strategy to End Poverty) and they planned to sufficiently overload the nation’s welfare system so that Congress would have to create a GNI (guaranteed national income) Law and abolish American poverty on the spot.
It didn’t work, but using Alinsky tactics (Saul Alinsky was a self-described “neo-Marxist” community organizer who had authored Reveille for Radicals and later Rules for Radicals) and by putting 8.2 million presumably unqualified new recipients on the welfare rolls, they did bankrupt New York City and almost bankrupt New York State. The federal government stepped in to bail out NYC in 1975. What happened exactly? In the late-sixties, founder George Wiley forged an army of tens of thousands of single minority mothers, whom he sent out to disrupt welfare offices through sit-ins and demonstrations demanding an end to the “oppressive” eligibility restrictions that kept down the welfare rolls. His aim: to flood the welfare system with so many clients that it would burst, creating a crisis that, he believed, would force a radical restructuring of America’s unjust capitalist economy.
The flooding of the welfare rolls succeeded beyond Wiley’s wildest dreams. From 1965 to 1974, the number of single-parent households on welfare soared so that by the early 1970s, one person was on the welfare rolls in New York City for every two working in the city’s private economy. Despite their failure to get GNI and abolish poverty, Wiley, Piven and Cloward bragged publicly and in writing about their ‘great accomplishment.’ That great accomplishment? Instead of igniting a restructuring of American capitalism and a GNI, this explosion of the welfare rolls only helped to create a culture of family disintegration and dependency in inner-city neighborhoods, with rampant illegitimacy, crime, school failure, drug abuse, non-work, and poverty among a fast-growing underclass. Wiley, Cloward and Piven told their eager followers that voter registration and housing were the next areas they needed to probe. Not surprisingly, ACORN today is known most of all for voter registration fraud and exploiting and abusing the nation’s housing legislation . . . .
So Wade Rathke (who would later create the nation’s and the world’s largest union SEIU) created ACORN in Arkansas to carry out voter registration and housing “activities” of a highly questionable nature. ACORN during Clinton’s first run for governor in Arkansas registered roughly 24,000 persons to vote and then threw away all the paper work for would-be Republican registrants. Clinton won, of course. They were less successful in getting CRA ’77 housing loans. But thanks to their efforts (mostly in Arkansas), the percentage of home loans made at 3% down payment or less around the nation more than doubled from 0.24% in 1975 to 0.51% in 1985 . . . but it was a “drop in the bucket.” From 1977 to 1993 only about $100 Billion in CRA ’77 loans were even issued to questionable borrowers. This was nothing like bankrupting NYC . . . .
However, because of huge success in registering Democrats, ACORN was quickly expanding across the nation and was sufficiently strong to put William Jefferson Clinton into the Oval Office in November, 1992. After that, things changed overnight for ACORN and for CRA ’77. The process had not been very active or very successful during the ‘70s or ‘80s, because banks only had to demonstrate to CRA regulators a “reaching out to the inner city.” As a result, only about 100 billion dollars was loaned to questionable borrowers. In the two great ACORN concern areas, Clinton did ACORN proud. He created the motor voter act (“a 12-lane highway leading to voter fraud” according to critics) in 1993 and brought in Richard Cloward and Frances Piven to stand directly behind him during the White House signing ceremonies.
Clinton moved next on housing . . . first by Presidential edict in 1993. He put teeth into CRA regs** by using the regulatory process itself to more or less make law, skipping Congress altogether. From now on poor inner city dwellers were to become preferred home loan recipients, mortgage traditions and their poverty be damned. Clinton went outside the CRA regs and also ordered HUD to set quotas for "Affirmative Action Lending" through Fannie Mae and Freddie Mac. A new pressure fell upon the banking industry to make loans that banks would otherwise have rejected as “financially absurd.”
Subprime lending was virtually unknown before the multiple changes made by Clinton. The system was no longer recognizable as “free market.” Then it snowballed with more regulatory change and then two expansions of CRA law in 1995, the Clinton administration forced banks to loan more than a trillion dollars in high risk loans accepting as “income” items like welfare checks, unemployment checks, seasonal income, occasional part time work and other questionable sources of “qualified income.” By the end of 1995, 14% of all home loans were conducted with less than 3% down payments, many of them with no down payment at all.
With ACORN in the streets embarrassing and badgering and shaking down lenders (Barack Obama, an ACORN lawyer in Chicago, was reportedly one of the best at not only securing loans and future loan promises but also at getting large ACORN donations from the lenders he was shaking down!) and with officious federal regulators promoting and pushing and applauding bad loans not only with “the stick” of CRA and HUD but also using Fannie Mae and Freddie Mac as “carrots” due to their nature as implicitly guaranteed by the federal government. Millions of loans were made, often at breakneck pace in the normally snail-action world of mortgages.
In 1998, Clinton’s steroid-expansion of CRA law was passed. It was a nightmare. Now “food stamps” were regarded as income. Now ACORN found that they didn’t need high-powered extorters like Barack Obama, anyone with an eighth grade education could secure a loan for an ACORN client . . . and they found that it was now just as easy to get a poor person into a $450,000 home as it had been to buy a $120,000 home ten years earlier.
President G.W. Bush warned congress at least 18 times about the problem after January, 2005, when his administration made their first attempt to undo the evils of CRA legislation, especially the last three expansions by Clinton (1995 twice and 1998’s steroid version), but were defeated by the progressives. Finally thirty months later in July of 2007 a much weaker, watered down bill was passed by bi-partisan vote. It would prove far too little, far too late and the meltdown began soon afterward. However, it was sufficient help to the economy that Treasury Secretary in August, 2010, credited Bush with preventing a truly deep recession and preventing home prices from plummeting dangerously. And ACORN, even as they got loans for illegal aliens and people without even a rental history, they were getting paid to market CRA loans and made millions as a result.
All of this corruption enforced by strong-armed government agencies put millions of people into homes they simply could not afford. This caused an artificial feeling of financial prosperity for everyone and trillions of dollars were going into bad investments including derivatives based upon these horrific loans. Now, 90% of these laws are still on the books while the tax payer must pay for millions of past risky loans and are forced to bail out the irresponsible banks, insurance companies, automobile companies and Wall Street. Until we totally remove the government’s power to coerce, bribe, reward and bail out irrational and unfree decisions in the UNFREE MARKET, more of the same is always possible. The free market was working fine. It was working so fine that it took thirty years of deliberate abuse for the unfree market to bring America to its knees. Too much government? Yep! Blame it mostly on William Jefferson Clinton.
You did remember that the system originally wasn’t broken, right? You did remember that the progressives set out to manufacture a crisis a la Cloward-Piven Strategy and Alinsky Tactics that would “overload the system?” You have heard Barack Obama talking about somebody else driving the car in the ditch and now wanting the keys back, haven’t you? Are you going to ignore the evidence and head back to your sitcom? How about thinking this over . . . ?
George Bush saw Obama, Clinton, ACORN, and other progressives deliberately pushing the car (the economy) toward a 500-foot cliff (utter financial disaster) dived into the front seat, grabbed the steering wheel and slammed on the brakes creating a controlled skid that put the vehicle into the nearest friendly-looking ditch.
So Monica, Paula and Jennifer weren’t the only ones, were they? Slick Willy also had his nasty way with you and with all the American public . . . and remember that George W. Bush was only barely successful in his efforts to fight the evils of CRA laws . . . so that today 90% of the same laws (and 75% of the Clinton steroid-version expansion of 1998) that contributed to the fiasco and empowered ACORN are still on the books waiting to do us in once more. Every bit as dangerous as the new welfare laws threatening to overload the food stamp program; as dangerous as Obamacare; and as dangerous as progressivism itself are the CRA laws still on the books . . . .
You've read it all, you have it in your power to fact-check every item of the story . . . this is a story all America needs to know, don't you agree?
Ya’all live long, strong and ornery,
** Let's spread the blame around deservedly: George H.W. Bush succeeded with 44 out of 45 vetos and presumably would have succeeded in mid 1992 also with a large, complicated, many-faceted bill pushed through mostly by progressive Democrats. He should have vetoed it because one tiny part of it passed CRA '77 legislation into the realm of Freddie Mac and Fanny Mae the two federally-backed mortgage-guaranteers. The bill was still unwieldy and had no teeth but it was potentially a monster-disaster in the waiting . . . this was the law with which Bill Clinton began the mammoth attack on the mortgage loan industry; the law that made ACORN infamous.