Burt Prelutski writes in Townhall about ACORN, the organization at the root of the subprime catastrophe:

It is those on the far left who have done everything in their power to corrupt the election process. One of their chief means of doing so has been through the activities of a group known as ACORN (Association of Community Organizations for Reform Now). With approximately 175,000 dues-paying members, they own TV stations, businesses and periodicals, and have offices stretching from Canada to Peru, with over 80 offices in the U.S.

To give you some idea how all-encompassing the group is, they have schools where the children of leftists are trained in class-consciousness; they run boot camps for training street activists; and, like Jesse Jackson’s Rainbow Coalition, they extort money from banks and other businesses by threatening racial violence and trumped-up civil rights charges. One can almost imagine Marx, Lenin and Stalin, shaking their heads in admiration and hoisting their glasses in toast.

Apparently, the members of ACORN have gained control of the New York City government, resulting in a rollback of welfare reform; the appointment of a politicized Civilian Review Board, empowered to prosecute police officers and ban racial and ethnic profiling in the city that experienced 9/11 firsthand; raise corporate taxes; and is attempting to prevent any corporation from fleeing the city without obtaining an “exit visa.” Even before Berkeley got around to having its own foreign policy, New York’s City Council, by a 31-17 vote, passed a resolution condemning the U.S. invasion of Iraq.

For several years, the leadership covered up the fact that Dale Rathke, the brother of Wade Rathke, who co-founded ACORN, had embezzled nearly a million dollars from the organization. Once the theft finally came to light, the excuse given for not informing the authorities was that those of us on the right would use it as an excuse to attack the group. That of course is an obvious lie. Those of us on the right have far better reasons than financial skullduggery to attack ACORN. In fact, I, for one, regard Dale Rathke as something of a folk hero. I say it was far better that he squandered his ill-gotten gains on wine, women and song, than that the group got to spend it subverting the democratic process.

These people, self-proclaimed defenders of freedom, liberty and the working man – or, more often, non-working man – devote most of their energy and resources to making sure that they fix elections in much the same way that crooked gamblers fix fights. During the 2004 election cycle, ACORN ran a “voter mobilization drive” that resulted in countless allegations of fraudulent voter registration, vote-rigging and vote-for-pay scams. One of their specialties was registering convicted felons. Attorney generals in many states filed charges against several members of the group, charges that included voter-intimidation, vandalism and the destruction of voter registration forms.

What I have not been able to figure out is why the leaders of the group have not been indicted under RICO (Racketeer Influenced and Corrupt Organizations Act) for taking part in an ongoing criminal organization. The only logical reason that the feds have backed off is because of ACORN’s close ties to organized labor. Tragically, in 2008 America, it’s not only individuals who are easily intimidated, but the government itself.

It’s no surprise that Barack Obama is ACORN’s choice for the White House. ACORN, after all, was created by those who subscribed to Saul Alinsky’s left-wing belief that class warfare is the only war worth fighting and that in order to win it, the ends always justify the means. And however much the left has recently attempted to pass off “community organizer” as a Christ-like vocation, everyone in his right mind knows that these days it’s code for Communist activist. 

 

As the ‘mainstream media’ refused to publish facts about Barack Obama that might dissuade voters from voting for him, it  was up to the McCain Campaign to make them known. But apparently no one running the McCain Campaign thought of doing it until Sarah Palin came along and brought up the name of William Ayers in a speech that simply could not be ignored.

At last one of the clues to who and what Obama is, what the political opinions are of the man standing for the presidency of the United States actually are, was reaching the multitudes who knew nothing of him but his gift of the gab. That clue should have been followed by the rest. They’re all there, easy to find. His Kenyan father was a radical leftist. His mother, the 60s hippie, was a New Lefty. His grandfather got an ardent Communist named Frank Marshall Davis to mould the mind of young Barack, who went on eagerly to drink down the red ideology of Saul Alinsky. He sought a launch-pad for his political career among revolutionary leftists and America-haters (Ayers and Dohrn) in Chicago. When he attained the power to do so, he channeled funds to promote the activities and causes of the revolutionary left. He joined a church where revolutionary anti-American ideology was consistently preached. When he needed funds for his campaign in Illinois, they were raised for him in turn by his revolutionary leftist comrades. He trained ACORN staff in techniques of extortion, and ACORN is a radical red organization (see our posts on it) at the very root of the sub-prime meltdown.  

The old saying, ‘if it looks like a duck, and quacks like a duck, you can bet it is a duck’  applies here. Obama grew up with red radicals, learnt from red radicals, mixed with red radicals, worked with red radicals, churched with red radicals, strives to achieve the objectives of red radicalism, so what is he?

But even now that one of the clues has been outed with the name of William Ayers, Obama escapes being identified by the company he keeps. He says he just happens to live in the same neighborhood as this terrorist guy. He pretends to be hurt by unfair  ‘guilt by association’. Or if you won’t swallow the ‘just a neighbor’ line, then okay, at worst he  happened to have been washed up by coincidence on the same committees – which just happened to promote the indoctrination of the young with red revolutionary ideology. 

And the McCain people are letting him get away with it!

When they are asked: ‘What does it say about Obama that he associated with the terrorist William Ayers?’  – ‘It shows he has bad judgment,’ comes the reply.

No, it doesn’t. It shows that birds of a red revolutionary feather flock together.

It isn’t only that William Ayers was a terrorist; it’s what he was using terrorism for that needs to be taken notice of.  What was he trying to achieve with it? What was – and is – his ideology?  (Clues: He’s pally with Hugo Chavez; he admires Fidel Castro.)  

So it isn’t just that Barack Obama associates with red revolutionary radicals. Red revolutionary radicalism is his provenance. It’s where he comes from. It’s where he chose to put down his political roots.  It’s what formed his mind. It’s what lies behind his redistributionist, collectivist policies. 

Is it really possible that Americans could vote into power a red revolutionary radical without realizing what they’re doing?  It looks all too possible now, with Obama way ahead in the polls.

How many Americans would knowingly vote for a red revolutionary radical?  How can they be warned in time that that is what Obama is?

The only source of such information is the McCain Campaign, since the MSM – whose job it is – have iniquitously decided to conceal it.

But the McCain Campaign doesn’t seem to get it!

Hello over there! Anybody in the McCain Campaign doing any thinking?

It’s a poor choice for America between a man who thinks like a red revolutionary and a man who doesn’t seem to think at all. 

But – Oh dear! – better the boring guy who’s not too smart than the smart guy who will take America down the long hard slope into the socialist ditch where Europe now lies dying.   

It seems likely that the man who wins the presidential race gets the booby-prize. The new president’s task would daunt Hercules.

The difficulty of guiding and protecting America, leading the West, and keeping guard over the whole seething world at this point in human affairs should be too formidable for any man or woman of normal intelligence to think of tackling it.

Either both candidates have a measure of self-confidence in their capabilities amounting to almost lunatic self-delusion, or both are astonishingly blind to what they’d be undertaking.

America is in the grip of an economic crisis that no man and his dogs can save it from. Only time and free economic activity can eventually restore confidence and prosperity. But both candidates propose regulation: one of them full-blown socialism. Their remedies can only make the crisis worse. The winner will be blamed and damned for that, but even if he should decide not to regulate, blame and cursing is what he’ll get.

The world is threatened by the dark regressive force of militant Islam; by proliferating nuclear arms in the hands of evil men; by an aggressive Russia and the rising power of Communist China; and by the slow but steady pre-emptive capitulation of an ignominious Western Europe to all these threats. One candidate seems not to grasp the reality of the dangers, and might even have sympathy with the ideologies behind them. Neither candidate could bring himself to warn Islam, or the evil despots, or Vladimir Putin, or the Chinese potentates, that America is willing to use its military might to force them to change their ways. Without that threat and a manifest resolution to carry it out, nothing will stop them.

While we fall ever deeper into debt with China; while Russian warships cruise the Caribbean and Russian arms and technology strengthen our enemies in South America and the Middle East; while every day Islam advances further until it can overwhelm us; our Don Quixote in the White House will go to war against the weather. Some will praise him for that, no doubt, until real disaster ruins him and them.

In the light of all this, competing for the presidency looks very like competing for the captaincy of the Titanic.

If one of the candidates should suddenly see clearly what he will be confronted by if he wins, he might do everything he can to hand the victory and the burden to the other. Perhaps John McCain is doing just that. It’s the only plausible explanation for his failure to use the potent ammunition he’s got against Barack Obama, to defeat him in the contest for the dreadful job of leading us to shipwreck.

Jillian Becker

October 2008

 From an editorial in Investor’s Business Daily:

Why does Obama pay homage to the middle class now? Presidential votes. He’s using the middle class as a means to an end — the end being the power to enact his radical agenda. In this, he’s following his hero Saul "The Red" Alinsky’s playbook.

Alinsky, the socialist street agitator who wrote "Rules for Radicals," detested the bourgeois "materialism" of the American middle class. But he advised his student radicals to court the middle class, even radicalize them when possible in favor of the cause.

Don’t be like 1960s revolutionaries who made fun of the bourgeoisie, he warned. Learn the language of the middle class; share their experience. "Start them easy," he said. "Don’t scare them off."

Alinsky revolutionaries don’t flaunt their radicalism. They keep their hair trimmed and wear suits and ties. They’re never outwardly rude. They don’t use vulgar language in public. They show respect for authorities. Some even have mortgages and families.

But don’t be fooled. Obama is an elitist who skipped the middle class and went straight to his Georgian mansion. He doesn’t share your values, but he wants you to share your earnings to pay for his radical social experiment.

As McCain accurately argued during the debate, Obama this March voted for a Senate measure raising taxes on workers making $42,000 a year. So who’s really on the side of the middle class?

 

 From today’s Investor’s Business Daily:

Here’s how James B. Lockhart III, head of the Office of Federal Housing Enterprise Oversight, described the two companies back in 2006, before the meltdown occurred:

"The result of (Fannie’s and Freddie’s) rapid growth unconstrained by market forces and a weak regulator was years of mismanagement, flagrant earnings manipulation, and systems-and-controls problems. Managements of both companies were forced out, earnings were misstated by an estimated $16 billion, fines exceeding one-half billion dollars were imposed, and remedial costs will exceed $2 billion."

Yet Congress did nothing. Fannie and Freddie continued to enjoy a virtual monopoly of the housing finance market, holding nearly half the nation’s $12 trillion in mortgage assets in 2007.

And what happened to Fannie’s and Freddie’s top executives, almost all with deep ties to the Democratic Party? Did they get perp-walked to prison like WorldCom’s Bernie Ebbers, Tyco’s Dennis Koslowski, Adelphia’s John Rigas, ImClone’s Sam Waksal, or any of the others who did time for corporate misdeeds in the early 2000s?

No. Jim Johnson, former Walter Mondale aide, became head of Barack Obama’s vice presidential search committee. Franklin Raines, who headed Fannie from 1998 to 2004, the years of its worst excesses, pocketed nearly $100 million in pay and bonuses from Fannie. He, too, became an adviser to Obama.

Other Fannie-Freddie alumni did equally well. Rep. Rahm Emanuel has been front and center in crafting a new rescue bill. Ex-Clinton Justice official Jamie Gorelick careens from career catastrophe to catastrophe, and still gets top jobs. It pays to have ties.

Meanwhile, as previously documented, Rep. Barney Frank and Sen. Chris Dodd repeatedly thwarted reforms. Yet today they stand front-and-center as Democrats try to "fix" a problem they created.

As such, any investigation into Fannie and Freddie must include Congress, both current and past.

There’s lots of evidence that the two mortgage giants had become little more than taxpayer-guaranteed front companies for Democrats, who used them to reward supporters with cheap loans and to provide jobs for out-of-work politicians.

 Ken Timmerman writes about secret foreign funds being donated to the Obama campaign. 

Look who want Obama to be elected – and consider why they do:

In June, Libyan leader Moammar Gadhafi gave a public speech praising Obama, claiming foreign nationals were donating to his campaign.

“All the people in the Arab and Islamic world and in Africa applauded this man,” the Libyan leader said. “They welcomed him and prayed for him and for his success, and they may have even been involved in legitimate contribution campaigns to enable him to win the American presidency…"

 Though Gadhafi asserted that fundraising from Arab and African nations were “legitimate,” the fact is that U.S. federal law bans any foreigner from donating to a U.S. election campaign.

 The moment of decision has arrived.

Crunch time.

Is the economic crisis to be solved by a capitalist free-market solution, or made worse by a socialist ‘solution’?

Make no mistake about it – it was caused by socialism: by political correctness, by multiculturalism, by government interference in the market.

It was NOT caused by the Bush administration, by the Republican Party, by capitalism, as the Democrats who did cause it are now alleging to cover their guilt.

Among the most guilty men are Jimmy Carter, Barack Obama, Bill Clinton, Barney Frank, Chris Dodd, Harry Reid.   

Jimmy Carter.  1977. The Community Reinvestment Act. Banks must make loans to high-risk borrowers.  Opened door for ACORN (see earlier posts) to force banks to make sub-prime loans to uncreditworthy borrowers.

Barack Obama.  Trained staff for Madeline Talbott, ‘key pioneer of ACORN’s subprime racket’ as Stanley Kurtz calls her, to run her ‘subprime-loan shakedown racket’.  ACORN employed him as its lawyer. And he funded it through the Woods Fund and indirectly through the Chicago Annenberg Challenge. In three years in the Senate, Obama received more contributions from Fannie Mae and Freddie Mac than anyone else save Dodd, who got his contributions from them over eleven years.   He appointed two Fannie Mae CEOs as advisors to his campaign.  

Bill Clinton, devotee of multiculturalism, pressed for more home-ownership by those who could not afford it, minorities and in effect even illegal immigrants, and Fannie Mae and Freddie Mac responded, buying up hundreds of billions of dollars of the bad loans and sellng them on the world markets. 

Harry Reid. In 2005 when John McCain sponsored a Fannie-Freddie reform bill,  he led the  Democrats in crushing it.  Fannie and Freddie were created by Democrats and Democrats are most responsible for their failure.

Barney Frank and Chris Dodd who ran Congress’s banking panels, vigorously and persistently opposed Republican Party efforts to regulate Fannie and Freddie.

McCain has repeatedly called for reforming Fannie and Freddie. President Bush – whose administration is being blamed for the crisis by Frank, Dodd, Reid etc – urged their reform 17  times this year. The irony of Bush and the Republicans being blamed now for the catastrophe the Democrats’  so insistently brought about!   

The cure now is not more socialism, not more government control of the market, not the election of the most socialist-minded candidate for the presidency ever – Barack Obama. 

If America elects Obama, it will be choosing socialism, and socialism has failed wherever it has been tried.

America needs to choose capitalism at this moment in history, to save itself and to give hope to the wider world. Otherwise this crisis will be turned into an American and world-wide disaster from which there may be no foreseeable return. 

 What do ‘community organizers’ do? What did Obama do as a ‘community organizer’? What is ACORN? How has it been funded?

Stanley Kurtz  writes in a must-read article in the New York Post:

To understand the roots of the subprime-mortgage crisis, look to ACORN’s Madeline Talbott. And to see how Talbott was able to work her mischief, look to Barack Obama.

Then you’ll truly know what community organizers do.

 

 With emotions running high on Capitol Hill, Charles Krauthammer, in Townhall, makes a constructive suggestion for solving the economic crisis, or at least alleviating some of the strong feelings about it: 

For decades, starting with Jimmy Carter’s Community Reinvestment Act of 1977, there has been bipartisan agreement to use government power to expand homeownership to people who had been shut out for economic reasons or, sometimes, because of racial and ethnic discrimination. What could be a more worthy cause? But it led to tremendous pressure on Fannie Mae and Freddie Mac – who in turn pressured banks and other lenders – to extend mortgages to people who were borrowing over their heads. That’s called subprime lending. It lies at the root of our current calamity.

Were there some predatory lenders? Of course. But only a fool or a demagogue – i.e., a presidential candidate – would suggest that this is a major part of the problem.

Was there misbehavior on Wall Street? The wheels of justice will grind. But why wait for justice? If a really good catharsis will allow a return of rationality to Capitol Hill – yielding a clean rescue package that will actually save the economy – go for it.

Capping executive pay is piffle. What we need are a few exemplary hangings. Public hangings. On television. Pick a few failed investment firms, lead their CEOs in chains through the canyons of Manhattan and give the mob satisfaction. Better still, precede the auto-da-fe – fire is highly telegenic – with 24-hour reality-TV coverage of their recantations, lamentations and final visits with the soon-to-be widowed. The ratings would dwarf "American Idol," and the ad revenue alone would make the perfect down payment on the $700 billion.

 

 Investor’s Business Daily believes that this time government is intervening in the right way to help solve the economic crisis: 

Like so many others, we believe that government should largely remove itself from functioning markets. But in a case such as this, where a market has been seriously damaged due to regulatory excess, an obligation exists to help undo the damage.

That’s the case now with the subprime crisis and housing collapse, both largely due to decades of congressional incompetence.

With world credit markets seized up and little to show for piecemeal U.S. efforts to deal with the growing financial panic, Paulson and others on the Bush financial team late last week shifted course, crafting a systematic answer to the markets’ meltdown.

This was leadership writ large… 

His controversial decision to create a new financial entity, modeled broadly on the 1980s-era Resolution Trust Corp., may just spell an end to this financial crisis. Congress, which has mostly sat on the sidelines during this crisis, should approve it right away.

Unlike the RTC, which owned actual properties, the new agency that Paulson’s Treasury is creating will buy up the impaired mortgage-backed securities and hold them for resale when the market turns favorable again.

For ailing financial markets, this was welcome tonic. At this point they care less about details of the agency than limiting the contagion of the subprime crisis so it will no longer contaminate global banks and investors’ balance sheets. Mission accomplished.

That’s why markets rallied so strongly Thursday and Friday, with the Dow industrials ahead 779 points, or 7.3%, and the Nasdaq up 175 points, or 5.8%. Bourses in London, Paris, Frankfurt, Tokyo and Hong Kong, among many others, also rebounded sharply.

Paulson’s move will have deep, and perhaps lasting, impacts on global markets. Foreign central banks had virtually thrown their hands up in despair over their inability to deal with the crisis. But in just three days, Paulson and other top finance and regulatory officials in the Bush administration cobbled together a world rescue.

In addition to Paulson’s new entity, Bernanke’s Fed extended $180 billion in credit to practice that had contributed to the growing financial crisis.

These U.S. moves should erase the doubts that existed both in the suites of global market makers and in the kitchens and living rooms of Main Street, U.S.A., over whether the American government would fiddle while the world economy burned.

Just this week, Germany’s Der Spiegel headlined a story: "The World As We Know It Is Going Down." Well, it isn’t. Thanks to Paulson and Co., America has reasserted global leadership at a time when many thought it was lost.

It finds fault with Barack Obama’s analysis and his 4-point remedy. His would be the wrong way.  

And what would Obama do instead? We’re beginning to find out. In a four-point action plan Obama presented on Friday, he goes beyond "hope" and "change" oratory and moves on to what really matters to him: the big-government spending he’s been selling all election.

And here’s what Obama proposes:

• Point one, Obama calls for subsidies to "working families" to beat high food and energy prices. The problem: High food and energy prices won’t be helped by subsidies, but by more supplies. The real solution is to force a Democratic Congress to allow domestic drilling for oil. Thus far, Obama isn’t even "present" on that one.

• Point two, dubbed "mutual responsibility and reciprocity," calls for banks to subsidize bad borrowers to "protect homeowners and the economy." This would eliminate personal responsibility. Demagoguing false details — such as about bankers getting golden parachutes, instead of 25,000 of them losing their jobs — Obama insists the solution is simple: Banks shouldn’t foreclose on delinquent home buyers. Obviously, he hasn’t heard of how bad loans drained Japan’s economy of its vitality for a decade.

• Third, Obama seeks "new oversight and regulations of our financial institutions." That means forcing new bureaucracies and regulations into the private sector, the very phenomenon that has made navigating our health care industry such a delight.

• Fourth, Obama seeks to empower unelected foreign entities to the same "globally coordinated (rescue) effort." But Bernanke and Paulson have already done the heavy lifting, as the rest of "the world" has done next to nothing. One more global bureaucracy won’t make America’s financial system any healthier.

Obama makes a final point by blasting the failure of "common-sense regulation and oversight," to the financial system.

He ought to bring this up with fellow Democrats in Congress. In the 1990s, Rep. Barney Frank blocked key reforms even as he took campaign cash from banking interests. In 2004, President Bush attempted to revive the reforms, but Democrats blocked them.

Today’s bank crisis isn’t due to the inherent evil of the private sector, as Obama claims. It’s due to Democratic leaders who were bought off by political donations and hostile to reform.

Obama, curiously enough, is one of the top recipients of cash from Fannie Mae and Freddie Mac. Small wonder, then, that his main election argument would expand the scope of government by using the banks’ subprime woes as leverage.