ACORN's "People Platform" Is The Same As The Socialist Party Platform of 1922.

Discussion in 'Politics' started by Contumacious, Sep 17, 2009.

  1. Contumacious
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    Contumacious Radical Freedom

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  2. Contumacious
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    Contumacious Radical Freedom

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    ACORN may be found guilty of the relatively petty crimes it is now being accused of, but there is a much larger issue that is being ignored. Over the past thirty years or so, ACORN has been a major player in what can be described as a legalized extortion racket administered by the Federal Reserve and the Comptroller of the Currency, among other federal government agencies. The racket started with Jimmy Carter’s 1977 Community Reinvestment Act (CRA), which empowered "community groups" like ACORN to effectively extort billions (yes, billions with a "b") of dollars from banks. Much of the money is then used for ACORN’s political activities, which involve the mass registration of Democratic Party voters; supporting left-wing political candidates at all levels of government; organizing rallies, protests, and lobbying efforts for various planks of its "People’s Platform,"


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  3. Contumacious
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    Contumacious Radical Freedom

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    The Federal Reserve Board has been ACORN’s "partner" in this endeavor ever since 1977, when the Fed was given responsibility (along with the Comptroller of the Currency) for enforcing the CRA. For those who are not yet familiar with the CRA, which was significantly strengthened during the Clinton administration, it works like this: The ostensible purpose of the Act is to get banks to make more mortgage loans in "minority and low-income" neighborhoods. These loans have been defined by the government as "sub-prime" loans, implying that the borrowers have credit ratings just a tiny, tiny smidgen below the "prime" or highest-credit-rating borrowers. This of course is a farce, as nearly everyone now knows. The Fed keeps track of such loans, and gives each lender a CRA ranking. A poor ranking can destroy a bank’s plans for branch expansions, mergers, and other activities."


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  4. Contumacious
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    Contumacious Radical Freedom

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    The Federal Reserve Board has been ACORN’s "partner" in this endeavor ever since 1977, when the Fed was given responsibility (along with the Comptroller of the Currency) for enforcing the CRA. For those who are not yet familiar with the CRA, which was significantly strengthened during the Clinton administration, it works like this: The ostensible purpose of the Act is to get banks to make more mortgage loans in "minority and low-income" neighborhoods. These loans have been defined by the government as "sub-prime" loans, implying that the borrowers have credit ratings just a tiny, tiny smidgen below the "prime" or highest-credit-rating borrowers. This of course is a farce, as nearly everyone now knows. The Fed keeps track of such loans, and gives each lender a CRA ranking. A poor ranking can destroy a bank’s plans for branch expansions, mergers, and other activities.

    So-called "community groups" like ACORN, which is one of the biggest, are empowered by the law to "protest" proposed bank expansions or mergers. This is the main "business" that ACORN has been in for the past thirty years. They file a protest with the Fed, while demanding that the bank that is proposing the expansion or merger give it – ACORN – millions or sometimes billions of dollars, to be lent to sub-prime borrowers by ACORN, which keeps for itself some of the loot. (WaMu bank, which is now defunct, once boasted of having made $375 billion in CRA loans; the Fed gave Countrywide Bank an award after it made $600 billion in such loans. It, too, was bankrupted by the loans.)


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  5. Political Junky
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    Political Junky Gold Member

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    The US has cut funding of ACORN.
     
  6. Contumacious
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    Contumacious Radical Freedom

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    Not after they did a lot of damage.


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  7. Contumacious
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    Contumacious Radical Freedom

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    When Forbes magazine columnists Peter Brimelow and Leslie Spencer interrogated Boston Fed official Alicia Munnell about the Fed’s claims of systemic lending discrimination in the early 1990s, Munnell was forced to admit that she had no evidence of it. She and other Fed officials (and the Clinton administration) continued to step up CRA enforcement anyway. This suggests that the goal has always been a forced redistribution of wealth through Fed banking regulation. Charges of systemic discrimination have been used as a ruse to intimidate any un-cooperating mortgage lenders (Not that stupid and self-destructive bankers who discriminate on the basis of race do not exist.)

    In order to avoid having their business plans voided by the Fed, or being prosecuted for housing discrimination, mortgage lenders are forced to participate in what is essentially a legalized extortion racket. But then again, what is government but just another criminal gang?
     
  8. anna
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    anna BANNED

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    George siros aka barry hussein's sugar daddy, groomed hussein to be just like him a big azz commie!!!!
     
  9. Fatality
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    Fatality SunCrackedSoul

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    Polk Classic

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    Leave it to Contumacious to go around chanting about how being black makes you a bad credit risk.
     

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