Obama’s community organizer colleagues in the Association of Community Organizations for Reform Now (ACORN) have organized us right into the current financial crisis by using frivolous lawsuits and strong-arm tactics to force lenders into making sub-prime loans and Fannie Mae to buy up the bad loans.

And, in return for ACORN’s hard work toward crushing our economy by forcing you to support those living beyond their means, the Obama campaign has paid the radical organization nearly a million dollars and Congressional Democrats attempted to write an ACORN slush fund into the financial bailout legislation.

Community organizers intimidate banks into making high-risk loans to customers with poor credit.

In the name of fairness to minorities, community organizers occupy private offices, chant inside bank lobbies, and confront executives at their homes – and thereby force financial institutions to direct hundreds of millions of dollars in mortgages to low-credit customers.

[...]

THE seeds of today’s financial meltdown lie in the Community Reinvestment Act – a law passed in 1977 and made riskier by unwise amendments and regulatory rulings in later decades.

CRA was meant to encourage banks to make loans to high-risk borrowers, often minorities living in unstable neighborhoods. That has provided an opening to radical groups like ACORN (the Association of Community Organizations for Reform Now) to abuse the law by forcing banks to make hundreds of millions of dollars in “subprime” loans to often uncreditworthy poor and minority customers.

Any bank that wants to expand or merge with another has to show it has complied with CRA – and approval can be held up by complaints filed by groups like ACORN.

[...]

ONE key pioneer of ACORN’s subprime-loan shakedown racket was Madeline Talbott – an activist with extensive ties to Barack Obama. She was also in on the ground floor of the disastrous turn in Fannie Mae’s mortgage policies.

The article goes on to describe Talbott’s activities in building the policies that drove the current crisis.  Talbott was an early and eager backer of Barack Obama.

When Obama was just a budding community organizer in Chicago, Talbott was so impressed that she asked him to train her personal staff.

He returned to Chicago in the early ’90s, just as Talbott was starting her pressure campaign on local banks. Chicago ACORN sought out Obama’s legal services for a “motor voter” case and partnered with him on his 1992 “Project VOTE” registration drive.

In those years, he also conducted leadership-training seminars for ACORN’s up-and-coming organizers. That is, Obama was training the army of ACORN organizers who participated in Madeline Talbott’s drive against Chicago’s banks.

As soon Obama was in a position to do so, holding hands with William Ayers on the boards of both the Woods Fund and the Chicago Annenberg Challenge, he funneled as much money into ACORN and to Talbott as he could.

The Woods Fund report makes it clear Obama was fully aware of the intimidation tactics used by ACORN’s Madeline Talbott in her pioneering efforts to force banks to suspend their usual credit standards. Yet he supported Talbott in every conceivable way. He trained her personal staff and other aspiring ACORN leaders, he consulted with her extensively, and he arranged a major boost in foundation funding for her efforts.

And, as the leader of another charity, the Chicago Annenberg Challenge, Obama channeled more funding Talbott’s way – ostensibly for education projects but surely supportive of ACORN’s overall efforts.

In return, Talbott proudly announced her support of Obama’s first campaign for state Senate, saying, “We accept and respect him as a kindred spirit, a fellow organizer.”

Where is the McCain campaign in pointing out how this particular set of radical Obama associations contributed directly to the current crisis in the financial markets? It’s time to start playing hardball.

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Tagged

ACORN, Barack Hussein Obama, Credit Crisis, Dirty Money Politics, Economy, Mortgage Crisis