Obama in financial crisis up to his nose

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Tracy E. Williams's letter of Oct. 11 ("Editorial on meltdown just propaganda") left out some important facts about the financial crises we now face. This mess can be placed at the feet of Sen. Obama, ACORN (the Association of Community Organizers for Reform Now) and the Democrats in Congress.

In 1994 Sen. Obama worked for the law firm David, Miner, Barnhill and Galland. Sen. Obama was an attorney in a class action lawsuit against Citicorp Bank titled Buyrck-Roberson, Roberson and Brooks v. Citibank Federal Savings Bank. Sen. Obama's team reached an out-of-court settlement forcing Citicorp Bank to give "subprime" loans to people who could not qualify through the normal loan process.

Sen. Obama used "The Community Reinvestment Act," signed into law by President Carter, to allege discrimination and weaken the safeguards that Mr. Williams mentions in his letter.

ACORN has threatened lawsuits, sued, demonstrated, and picketed the private homes of bank officials to force banks to issue subprime loans. This legal and social activism negated the free-market checks that had been in effect for originators of the loans, and underwriters to prevent this catastrophe.

Sen. Obama trained leaders for ACORN and donated legal help to ACORN. Sen. Obama has given ACORN over $800,000 during this election campaign to "get out the vote." ACORN is involved in massive voter fraud! As Sen. Obama works to distance himself from ACORN, he has been less than honest. Sen. Obama's record of bad financial policies, support for questionable organizations and trying to hide the truth should disqualify him from the presidency.

Two years ago Sen. John McCain introduced a bill to prevent the current financial crises. The Democrats prevented Sen. McCain's bill from becoming law! We need to elect a president who does not create problems, but has solutions. Elect John McCain!

David G. Brown, Augusta

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Nammy
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Nammy 10/20/08 - 12:47 am
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"Obama's record of bad

"Obama's record of bad financial policies, support for questionable organizations and trying to hide the truth should disqualify him from the presidency."-----this needed repeating...good day pths and ya'll! (':

jeromeb
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jeromeb 10/20/08 - 01:22 am
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This is complete hogwash and

This is complete hogwash and you know it. I work in the the secondary mortgage market, and I can tell you without a doubt, subprime originations during the late 90's were FAR FAR FAR higher credit quality than subprime (and other non-agency) loans made in the 05 - 07 timeframe. The main reasons there were so many bad loans made in the last several years were 1) Greenspan (that Ayn Rand loving fool) kept short-term rates too low for too long. This allowed huge investors to borrow short-term super cheap, and go long on mortgage debt. 2) Foreign investors had massive amounts of dollars on their books from our foreign trade deficit. They used these dollars to buy American mortgage securities. The fact that there was so much demand for these mortgage securities led to even more bad loans being made (so Wall Street could sell them off to China & etc).
Do your homework. Don't just spout what you hear on Limbaugh and Fox News. Those sources are super biased (as is this newspaper), and you're just being spoon fed ridiculously bad information.
ACORN is a non-story. Get real. Its impact on this financial crisis is basically zero. Your republican leadership fscked things up WAY more than some tiny organization in the 90's, by giving Wall Street the go ahead to just do whatever the hell they wanted, without fear of oversight. You are aware, I am sure, that Wall Street chieftans are the biggest contributors to the Republican party? Hmmm, does that not sound like corruption to you?

radvocate
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radvocate 10/20/08 - 01:24 am
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Are you kidding? I couldn't

Are you kidding? I couldn't really tell.

Surely, you do not believe that every lawyer that fought to include people with lower income in the housing market is responsible for the financial crisis. I hope you don't believe that.

And surely, you don't believe that ACORN is an any way related to the current financial meltdown. The joke must be on me. Right?

If, Lord forbid, you are serious. This article is exactly why we NEED to elect Obama. Because someone hasn't explained what is going on to you.

Obama-Biden 2008
Obama-Biden 2008
Obama-Biden 2008
Obama-Biden 2008
Obama-Biden 2008
Obama-Biden 2008
Obama-Biden 2008

PTHS2
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PTHS2 10/20/08 - 01:24 am
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G'mornin, namasta. It's a

G'mornin, namasta. It's a great letter, but it will fall on the deaf ears of Sen Obama supporters. If they were capable of comprehension, they wouldn't be supporting him in my oft-stated opinion.

napanap
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napanap 10/20/08 - 01:28 am
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According to recent Fed data,

According to recent Fed data, 75 percent of higher-priced loans during the peak years of the subprime boom were made by independent mortgage firms and bank affiliates that were not covered by the Community Reinvestment Act. So, Mr Brown, the CRA cannot be blamed for this mess.

Dancerat
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Dancerat 10/20/08 - 01:30 am
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I strongly recommend that

I strongly recommend that people go to http://www.factcheck.org , http://www.politifact.com , http://blog.washingtonpost.com/fact-checker/ to go prove or disprove accusations that are posted by people who are not economists that are trying to find a simple way to blame our current financial mess on Barack Obama or Acorn, which, I'm sorry to say, in my opinion is ridiculous. For a much better understanding of our current economic crisis, (which is actually global in nature) I recommend going to Bloomberg.com and doing some reading. Also, Sen. McCain did not introduce a bill- he co-sponsored a bill that was already dead: http://federalism.typepad.com/crime_federalism/2008/09/federal-housing.html

Dancerat
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Dancerat 10/20/08 - 01:34 am
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"G'mornin, namasta. It's a

"G'mornin, namasta. It's a great letter, but it will fall on the deaf ears of Sen Obama supporters. If they were capable of comprehension, they wouldn't be supporting him in my oft-stated opinion."

I understand and comprehend very well. I'm afraid those that listen blindly and do not research on nonpartisan sites are doomed to repeat conservative talking points that are disproved over and over again. I suggest that the next time you hear or read something that you do a little research or try to find out some background information so you know what's going on exactly.

Eatit
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Eatit 10/20/08 - 01:35 am
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The author is a complete dolt

The author is a complete dolt and the chronicle is ridiculous to print this tripe. The same people who went on and on about how Bill Clinton killed Vince Foster are coming back out of the woodwork. Well all I have to say is enjoy your tin foil hats because Barack Obama is going to be the next President of the United States and you can suck it.

Have A Nice Day! :)

chill4asec
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chill4asec 10/20/08 - 02:21 am
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Mr. Browns letter is poorly

Mr. Browns letter is poorly informed and demonstrates how Wall Street hotshots and Republican party elitist would rather have us fighting and pointing fingers at each other than holding them accountable for the mess that they have created. It is an absurd "subprime lie" (guaranteed to cover them till the bailout kicks in..and guaranteed to cost us much more later if we believe it!!)

The CRA loans were good. Do your research. This subprime mess is more about 2nd (and 3rd)mortgages not first time home owners. And its about predatory lending by finance companies. For example, almost 2 years ago we needed to refinance some debt. A finance company told us that due to the jump in the housing market, we could borrow up to 180k, on our home that cost us less than 60k 8 years ago. We only took the portion we needed and left the rest of the so-called equity in the house. Many others didn't. They borrowed against the inflated value of their homes on a graduating subprime basis and when those values dropped their homes became a millstone around their necks. Mr. Brown I encourage you to listen to Sen. Obama he has a plan to help fix this. Dont fall into the blame game.

fred1217
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fred1217 10/20/08 - 05:01 am
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Good article Mr. Brown.

Good article Mr. Brown. Sounds like you dug very deep to find these "facts". I'm just not sure whether I can trust that a man ("That one" - McCain) that doesn't even know how many homes he own would have the financial discipline to turn around the mess that have fallen out of 8 years of Bush "Entrepreneur" Friendly policies. Let alone a man that has voted with Bush over 90% of the time by his own admission.

After watching McCain in the debates, he doesn't seem very respective of minorities. No direct eye contact. Refusal to call his opponent by name at times. I know this plays well to his hard core "Base", but does not bode well on his attitude towards the balance of the country.

General Colin Powell endorsed Senator Obama yesterday and other than reluctantly backing the Bush War, has shown good judgment over the years. Powell didn't appear to be suffering from any "Plantation mentality" or voter confusion as discussed on the AC blogs as the reason that Blacks are voting for Obama.
As an insider to the Bush Administration, he seems to offer first hand knowledge that the Country has been going in the wrong direction and needs a new perspective.

truth-now
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truth-now 10/20/08 - 05:15 am
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Get on the WELFARE TRAIN....

Get on the WELFARE TRAIN.... Vote Obama!

rufus
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rufus 10/20/08 - 05:45 am
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Where's my check Comrade?

Where's my check Comrade?

Paws..
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Paws.. 10/20/08 - 06:00 am
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Factchecher, are you

Factchecher, are you confusing Franklin Raines and Frank Haines? Or maybe I'm the one confused...... it wouldn't be the first time.

fred1217
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fred1217 10/20/08 - 06:04 am
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Haliburton, AIG, General

Haliburton, AIG, General Dynamics, Exxon, and Wall Street got your check Paws.

Paws..
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Paws.. 10/20/08 - 06:11 am
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"Where's my check Comrade?"

"Where's my check Comrade?" Posted by rufus on Mon Oct 20, 2008 6:45 AM ----------- Get in line Comrade.......... others or our comrades here have been waiting since 3:00am. Be encouraged, our great leader B.Ho kept his promise of "change" and when you get tired of standing just remember our motto: "YES WE CAN".

patriciathomas
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patriciathomas 10/20/08 - 06:13 am
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It was all about

It was all about redistribution of wealth and pressuring mortgage companies to loan to people totally unqualified to receive loans. The government guarantee from Freddie and Fannie led to many millions of bad loans that were packaged and sold as good investments. The redistribution of wealth worked here just like it does everywhere. Why vote for the man who wants to give us more of the same?

juantez
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juantez 10/20/08 - 06:15 am
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It's voter registration fraud
Unpublished

It's voter registration fraud NOT, voter fraud there is a different

Paws..
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Paws.. 10/20/08 - 06:18 am
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"Haliburton, AIG, General

"Haliburton, AIG, General Dynamics, Exxon, and Wall Street got your check Paws."
Posted by fred1217 on Mon Oct 20, 2008 7:04 AM --------- Fred, you're in the lead for the dumbest post of the day. Looks like you'll take the prize if angiesdad or copperhead doesn't post something.

shivas
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shivas 10/20/08 - 06:28 am
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Keep trying!!! 8 years of

Keep trying!!! 8 years of failure is hard to overcome.

Paws..
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Paws.. 10/20/08 - 06:45 am
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".........8 years of failure

".........8 years of failure is hard to overcome."
Posted by shivas on Mon Oct 20, 2008 7:28 AM Congratulations shivas; you have finally memorized the first line of the B.Ho mantra. Your assignment for this week is to memorize "yes we can".

fd1962
26
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fd1962 10/20/08 - 07:00 am
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I wonder how many of the
Unpublished

I wonder how many of the 20,000+ widows who lost their life savings in the late eighties because of McCain's participation in the intimidation of federal banking regulators at the time will be voting for his presidency? The Keating Five successfully delayed implementation of corrective banking regulations for an additional two and a half years, until the entire S&L industry collapsed. Fact-check that and add it to his glorius resume. Now Republican experts and apologists here are saying whaaat?? Asleep at the switch for eight years is best description.

tusmooth1
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tusmooth1 10/20/08 - 07:02 am
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Hey guys McCain is going to

Hey guys McCain is going to lose this race so get over it, no matter how many letters to the editor that are published in Augusta's newspaper that come out. So just quit its getting annoying.

1941
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1941 10/20/08 - 07:06 am
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I call spreading the wealth a

I call spreading the wealth a bailout of seven hundred billion dollars, to the wealthy !!! This crisis did not happen in the past two years, it happened in the past six years, when the republicans were in control.But dont worry 'THAT ONE' will put every thing back in order !!!!!

I4PUTT
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I4PUTT 10/20/08 - 07:11 am
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McCain may lose. The polls

McCain may lose. The polls indicate he will. But...he will win in Georgia. Whether our guy loses really isn't the issue. It's whether or not your guy wins and what he may do that is the concern. Based on his left leaning, Marxist history, I don't see what you guys are bragging about. It's kinda like voting for your own demise.

tusmooth1
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tusmooth1 10/20/08 - 07:14 am
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He will win in Georgia is

He will win in Georgia is like saying the Sox won in the 5th inning last night. THEY STILL LOST THE GAME. IT dont matter good he will get our 15 electoral votes....whoopdee doooooo! LOL once again sad.

Bizarro
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Bizarro 10/20/08 - 07:15 am
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Actually McCain only voted

Actually McCain only voted something like 88 or 86% along Republican lines, whereas Obama voted 96% along Dem lines, but both are Rep and Dem respectively what do you think they would do? I guess with this logic then Obama can't represent "CHANGE" either but just more of the same ole Dem nonsense, because he supports the same failed Dem policies of the past. I agree with PUTT that a vote for Obama is a vote for economic doom (every economist has stated implementing Obama's economic plan would kill the ailing economy?) and the start of a new marxist socialist regime. I guess Obama will have to expand the borders of D.C. to hold all the new buildings for his new govt expansion.

fd1962
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fd1962 10/20/08 - 07:22 am
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That would only be a valid
Unpublished

That would only be a valid assertion , Bizarro, if the same ole Rep nonsense of the past had been anything more than a failure itself.

christian134
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christian134 10/20/08 - 07:22 am
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Too bad the delusional

Too bad the delusional worshipers of Obama will see this information as a conspiracy to bring down their "savior" by the right-wing Conservative Christians...These same loyal to the death followers would find a way around Obama shooting down a mass of people if they were to get in his way...It is past silly...It is weird and strange cult like behavior...

tusmooth1
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tusmooth1 10/20/08 - 07:26 am
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Christian134 did you read

Christian134 did you read your BIBLE with your cup of joe this morning, and if you did do you understand what you read. If not I just bought a parallel bible with the NKJV and Message translation in it so you can understand better. You are so critical and quick to call something a cult. What would we call your support for McCain, maybe witchy or just plain on dumb. You need to change your name you give christians a bad name.

fd1962
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fd1962 10/20/08 - 07:27 am
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Christian134, are you
Unpublished

Christian134, are you referring to Obamanists or to Fundamentalist Christians? Pretty good description of either.

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