Every American, young or old, must be told who was really behind the subprime loan disaster that threw our economy off track and injured the good people who lost their homes — like those now boarded up in Cleveland and other major cities — plus the millions of other citizens hurt by yet another failed Big Government-run program gone awry.
In 1977, Jimmy Carter and a Democrat Congress created the Community Reinvestment Act mandating that banks make more housing loans to lower-income and inner-city borrowers. It was for a well-intended social cause and even appeared to work in the 1980s.
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Government regulators rated banks by how well they performed in meeting these strict new CRA obligations. Failure to comply meant stiff penalties and limits on mergers, acquisitions and expansion.
Big Government forced the lowering of long-proven safe-lending standards. Most of the more than $1 trillion of new subprime CRA loans had adjustable rates. Many required no documentation of the borrower’s income and little or no down payment.
http://www.ibdeditorials.com/IBDArticles.aspx?id=308186097284712
Still more evidence of how the media are in the tank for Obama was evident in Tom Brokaw’s description of Ayers on Sunday’s “Meet The Press.”
“School reformer” is how Brokaw identified the co-founder of the Weather Underground, the radical organization that, among other activities, bombed government buildings, banks, police departments and military bases in the early 1970s.
Yeah, right: Ayers is a school reformer in the same sense, as City Journal’s Sol Stern put it, as Joe Stalin was an agricultural reformer.
…in November 2006 at the World Education Forum in Caracas hosted by dictator Hugo Chavez.
With Chavez at his side, Ayers voiced his support for “the political educational reforms under way here in Venezuela under the leadership of President Chavez. We share the belief that education is the motor-force of revolution. . . . I look forward to seeing how . . . all of you continue to overcome the failures of capitalist education as you seek to create something truly new and deeply humane.”
Ayers told the great humanitarian Chavez: “Teaching invites transformations, it urges revolutions large and small. La educacion es revolucion.” It is that form of socialist revolution that Ayers, and Obama, have worked to bring to America.
Ayers, now a tenured Distinguished Professor of Education at the University of Illinois, Chicago, works to educate teachers in socialist revolutionary ideology, urging that it be passed on to impressionable students.
http://www.ibdeditorials.com/IBDArticles.aspx?id=308271974461547
Investors Business Daily does get it!
“With a media wind at his back, Barack Obama regularly gets away with false and distorted statements. He repeated one Tuesday that seems superficially plausible but should not go unchallenged.”
“It’s disappointing that McCain failed to call out Obama on his figures, because he had an opening big enough to drive an Exxon Mobil tanker truck through.”
“The problem isn’t Obama’s claim about consumption. The U.S. does go through about a quarter of the oil used across the globe (it also, by the way, produces 28% of the world’s goods and services, but that’s another story).”
“No, the real problem is that the oft-repeated claim of the U.S. having 3% or less of world reserves doesn’t stand up”.
http://www.ibdeditorials.com/IBDArticles.aspx?id=308357139242611