Archive for September 27th, 2008

ACORN–Association of Community Organizations for Reform Now–Obama’s Red Shirts

Posted on September 27, 2008. Filed under: Blogroll, Books, Economics, Immigration, Investments, Life, Links, Music, People, Politics, Quotations, Rants, Raves, Regulations, Resources, Taxes, Video | Tags: , , , , , , , , , , |

 “All mass movements generate in their adherents a readness to die and a proclivity for united action; all of them, irrespective of the doctrine they preach and the program they project, breed fanaticism, enthusiasm, fervent hope, hatred and intolerance; all of them are capable of releasing a powerful flow of activity in certain departments of life; all of them demand blind faith and singlehearted allegiance.”


~Eric Hoffer, The True Believer, 1951 


Any socialist politician that is attempting to start a mass movement must have their front-line shock troops of true believers.


Adolf Hitler had the Sturmabteilung, also known as the SA or his brown shirts. 


Adolf Hitler – The Savior of Germany



Barack Obama has ACORN, the Association of Community Organizations for Reform Now, his red shirts. 


ACORN National Convention 2008, Detroit



ACORN Grassroots Democracy Campaign



ACORN has a checkered reputation of being involved with both voter fraud in many states and recent attempts by the Democratic Party to take some of the projected profits from the bailout to fund their organization.


Obama complicit in voter fraud? — Obama’s ACORN connection



 Shocking!—Democrats Trying to Give Bailout Money to Obama’s Owner ACORN



In the past Barack Obama was ACORN’s attorney.


Recently the Obama campaign has provided campaign contributions to ACORN to get out the vote–for Obama.


Obama and Acorn



2007-12-01 Obama Acorn Speech 


EVIDENCE FOUND!!! Clinton administration’s “BANK AFFIRMATIVE ACTION” They forced banks to make BAD LOANS and ACORN and Obama’s tie to all of it!!!



Acorn / Voter Fraud / Obama and Community Organizers



Barack Obama agenda is to make America a socialist nation by massively redistributing income through taxation.




Barack Obama’s Hidden Agenda, More Taxes, Socialism….



Only you can prevent socialism in America. 


Background Articles and Videos 




“The Sturmabteilung , abbreviated SA, (German for “Assault detachment” or “Assault section”, usually translated as “stormtroop(er)s”), functioned as a paramilitary organization of the NSDAP – the German Nazi party. It played a key role in Adolf Hitler’s rise to power in the 1930s.


SA men were often called “brownshirts“, for the colour of their uniforms, and to distinguish them from the Schutzstaffel (SS), who wore black and brown uniforms (compare the Italian blackshirts). Brown-coloured shirts were chosen as the SA uniform because a large batch of them was cheaply available after World War I, having originally been ordered for German troops serving in Africa.


The SA was also the first Nazi paramilitary group to develop pseudo-military titles for bestowal upon its members. The SA ranks would be adopted by several other Nazi Party groups, chief among them the SS. They were very important to Hitler’s rise to power until they were superseded by the SS after the Night of the Long Knives. …” 


Association of Community Organizations for Reform Now 




ACORN, the Association of Community Organizations for Reform Now, a community organization of low- and moderate-income families that addresses housing, schools, neighborhood safety, health care, job conditions, and other social issues that affect its members. With a membership of over 350,000, ACORN is organized into more than 850 neighborhood chapters in over 100 cities across the United States, as well as in Argentina, Canada, Mexico, and Peru. The organization was born out of the American Civil Rights Movement. ACORN was founded in 1970 by Wade Rathke, George Wiley, and Gary Delgado.[1] Maude Hurd has been National President of ACORN since 1990.


ACORN groups work through direct action, negotiations, and with public officials. 





ACORN, the Association of Community Organizations for Reform Now, is the nation’s largest community organization of low- and moderate-income families, working together for social justice and stronger communities.


ACORN: Association of Community Organizations for Reform Now


“…The Association of Community Organizations for Reform Now (ACORN) is a grassroots political organization that grew out of George Wiley’s National Welfare Rights Organization (NWRO), whose members in the late 1960s and early 70s invaded welfare offices across the U.S. — often violently — bullying social workers and loudly demanding every penny to which the law “entitled” them. In the late 1960s, ACORN co-founder Wade Rathke was a NWRO organizer and a protegé of Wiley. Rathke also organized draft resistance for the militant group Students for a Democratic Society (SDS) during the same period. 


In 1970 Rathke — along with the aforementioned Wiley (best known for his effective use of the so-called “Cloward-Piven strategy,” which called for swamping the welfare rolls with new applicants and thereby creating an economic crisis) and Gary Delgado (a lead organizer for Wiley’s NWRO) — formed a new entity called Arkansas Community Organizations for Reform Now (ACORN). The group’s name was later changed to Association of Community Organizations for Reform Now, but the acronym ACORN remained. Instead of focusing only on welfare recipients, ACORN’s mandate included all issues touching low-income and working-class people.


Rathke and his ACORN co-founders enlisted civil rights workers and trained them in a program (at Syracuse University) patterned after Saul Alinsky’s activist tactics.


Today ACORN claims 175,000 dues-paying member families, and more than 850 chapters in 70 U.S. cities in 38 states. (The organization is also active in Canada and Mexico). It owns two radio stations, a housing corporation, and a law office, and maintains affiliate relationships with a host of trade-union locals. ACORN also runs schools where children are trained in class consciousness; a network of “boot camps” for training street activists; and operations that extort contributions from banks and other businesses under threat of racial violence and trumped-up civil rights charges. …”


“…On June 2, 2008, Wade Rathke stepped down from his role as ACORN’s chief organizer.


“…Also in 2008, ACORN publicly acknowledged that Dale Rathke — the brother of Wade Rathke — had embezzled nearly $1 million from ACORN and affiliated groups in 1999 and 2000. ACORN further admitted that for eight years its executives had kept this information secret from almost all of their organization’s board members and from law-enforcement authorities. Wrote journalist Stephanie Strom in July 2008:


“Dale Rathke remained on Acorn’s payroll until a month ago, when disclosure of his theft by foundations and other donors forced the organization to dismiss him. ‘We thought it best at the time to protect the organization, as well as to get the funds back into the organization, to deal with it in-house,’ said Maude Hurd, president of ACORN. ‘It was a judgment call at the time, and looking back, people can agree or disagree with it, but we did what we thought was right.'”


According to Strom, Wade Rathke “said the decision to keep the matter secret was not made to protect his brother but because word of the embezzlement would have put a ‘weapon’ into the hands of enemies of ACORN, a liberal group that is a frequent target of conservatives who object to its often strident advocacy on behalf of low- and moderate-income families and workers.”


Inside Obama’s Acorn
By their fruits ye shall know them.


By Stanley Kurtz


“What if Barack Obama’s most important radical connection has been hiding in plain sight all along? Obama has had an intimate and long-term association with the Association of Community Organizations for Reform Now (Acorn), the largest radical group in America. If I told you Obama had close ties with or Code Pink, you’d know what I was talking about. Acorn is at least as radical as these better-known groups, arguably more so. Yet because Acorn works locally, in carefully selected urban areas, its national profile is lower. Acorn likes it that way. And so, I’d wager, does Barack Obama.


This is a story we’ve largely missed. While Obama’s Acorn connection has not gone entirely unreported, its depth, extent, and significance have been poorly understood. Typically, media background pieces note that, on behalf of Acorn, Obama and a team of Chicago attorneys won a 1995 suit forcing the state of Illinois to implement the federal “motor-voter” bill. In fact, Obama’s Acorn connection is far more extensive. In the few stories where Obama’s role as an Acorn “leadership trainer” is noted, or his seats on the boards of foundations that may have supported Acorn are discussed, there is little follow-up. Even these more extensive reports miss many aspects of Obama’s ties to Acorn. …” 


Written Testimony Of James TerryChief Public AdvocateConsumers Rights League 


Judiciary Subcommittee on the Constitution, Civil Rights and Civil Liberties and


House Administration Subcommittee on Elections


Joint Hearing on


“Federal, State and Local efforts to Prepare for the General 2008 Election”


Wednesday, September 24, 2008 10:00 am


2141 Rayburn House Office Building


“…As part of CRL’s mandate, we monitor policy debates, news trends and the activities of organizations that style themselves as consumer advocates. Unfortunately, due to their long track record of questionable or corrupt practices with respect to housing and electoral activities, we are constantly forced to act as a watchdog for abuses by the Association of Community Organizations for Reform Now, or ACORN.  


While all of the reported allegations noted in my statement are found in the public domain, such reports often go unnoticed by the national media. I therefore thank the Committee up front for focusing on these important issues confronting our country. …”


“…A Troubling and Long Pattern of Voter Registration Fraud “…The man who includes being a community organizer on his short resume has a long association with a far-left group that would organize our communities into socialist gulags.  


In 1995, Illinois Gov. Jim Edgar balked at implementing the federal motor voter law out of concern that letting people register via postcard and blocking the state from pruning voter rolls might invite vote fraud.


A young lawyer, a community organizer himself, sued on behalf of the Association of Community Organizations for Reform Now (Acorn) and won. The young lawyer was Barack Obama. Acorn later invited Obama to train its staff.


When Obama served on the board of the Woods Fund for Chicago with Weather Underground terrorist William Ayers, the Woods Fund frequently gave Acorn grants to fund its agenda and voter registration activities.


Acorn has been in the lead in opposing voter ID laws and other efforts to ensure ballot integrity. Acorn has been implicated in voter fraud and bogus registration schemes in Ohio and at least 13 other states. Acorn staffers will presumably be out registering voters again this year.


Obama also opposes voter ID laws. He believes they disenfranchise voters. Last year, Obama put a hold on the nomination of Hans von Spakovsky for a seat on the Federal Election Commission. It seems von Spakovsky, as an official in the Justice Department, had supported a Georgia photo ID law. Acorn espouses the leftist view that voter ID laws are racist.


In addition to subverting American democracy to promote a leftist agenda, Acorn’s radical agenda amounts to “undisguised authoritarian socialism.” wrote Sol Stern in the 2003 City Journal article, “Acorn’s Nutty Regime for Cities.”


Acorn opposed welfare reform and opposes securing American borders to stem the flow of illegal immigrants. Acorn was heavily involved a few years back in opposing Rudy Giuliani’s efforts to privatize failing New York schools. …” 

Kill the bailout: More ACORN funding?! (vid link added)




 By Michelle Malkin







“…Just heard from several readers that Lindsay Grahamnesty told Fox that the Mother of All Bailouts includes a reported $100 million more in funding for the left-wing housing entitlement thugs and heavily tax-subsidized fraudsters at ACORN. Under the original bailout proposal, apparently, a large portion of any repayment of the $700 billion would go to Barack Obama’s good friends at ACORN with a smaller allocation to debt repayment. Readers heard him say it was 20 percent.


Told you not to trust Hank Paulson. …”   


ACORN Watch: Targeting your kids


ACORN Watch, Pt II: Obama hid $800,000 payment to ACORN through “Citizen Services, Inc.” “…There’s much more to the story of Obama’s amended campaign finance reports than what Obama and the Obamedia will tell you. I will fill you in on what’s missing in a moment. What we have here, essentially, is Obama using a non-profit group called Citizens Services Inc. as a front to funnel payments to ACORN for campaign advance work. Obama officials say it’s no big deal. Nothing to see here. Move along. But where there’s left-wing laundering smoke, there’s fire. CSI has been the subject of a little-noticed complaint to the FEC by a Democrat who smelled something rotten going on between CSI, ACORN, and a left-wing 527, Communities Voting Together.  

But first, the headline: …” 


Power and Control: The Best Congress Fannie Mae Could Buy


By M. Simon


“…Which brings us to the Fannie Mae Foundation. A sweet little set up for handing out cash to a nice little outfit called ACORN among others. Here are a few of the grants to ACORN.


ACORN Housing Corporation – Dallas
Dallas, TX $20,000 approved in 1993
Support of a housing counseling program.
ACORN Housing Corporation – Little Rock
Little Rock, AR $1,000 approved in 1997
Ninth Maxwell Awards of Excellence honorable mention grant for a 9-unit affordable homeownership project using sweat equity.


ACORN Housing Corporation – Washington, DC
Washington, DC $3,386 approved in 1994
Support of computer equipment necessary to operate the Desktop Home Counselor.


ACORN Housing Corporation of Illinois
Chicago, IL $3,386 approved in 1994
Support of the purchase of computer equipment required to operate the Desktop Home Counselor.


ACORN Housing Corporation of Illinois
Chicago, IL $35,000 approved in 1994
Support of the placement of Americorps members with homeownership counseling programs.

ACORN Housing Corporation-National
Chicago, IL $100,000 approved in 2004
General operating support of an organization that helps families of limited means to secure and protect decent housing by providing housing counseling services, building homes, and educating policy makers in Chicago, IL; Phoenix, AZ; and Brooklyn, NY 



OK so ACORN helps people who were barely qualified or totally unqualified get housing. So what would they be doing? Finding landlords who would rent to them? Well no. Landlords want to get paid. Fannie Mae had no such scruples. Ever hear of NINJA mortgages? Funny name, huh? It stand for No Income, No Job, No Assets. Just the kind of reliable folk honest lenders are looking for. People with a credit score of ∅. 


ACORN Watch: Voter fraud and mortgage scams on your dime


By Michelle Malkin  


“…Barack Obama’s taxpayer-subsidized old friends at ACORN have been very, very busy lately. And ACORN Watch is here to give you the rundown on all the latest shenanigans on your dime. 


* In Milwaukee, election officials are investigating fake names registered by ACORN workers– a favorite voter fraud 101 ploy of ACORN workers. …”  


ACORN – CSI – OBAMA. Someone else noticed!


“…It appears that Internet based information sites are not the only venues who have been tracking the goings on between Obama, CSI and ACORN. Recently the New York Times reported a mild suggestion of conspiracy between ACORN staff, employees of CCI (Citizens Consulting, Inc. – yet another 1024 resident) and Tides Foundation, to not talk about the Rathke ACORN embezzlement affair. It was spotted in the
Pittsburgh Tribune Review
Wednesday in an Op-Ed titled: “Tides of ‘transparency’”, and subtitled appropriately: “keep your yaps shut.” Quotes the editorial: 

“ quite an irony for a bunch of leftists who have been known to yap at others for their lack of transparency.”


In today’s issue of the Tribune-Review there is a headline:


Obama to mend spending report

U.S. Sen. Barack Obama’s presidential campaign paid more than $800,000 to an offshoot of the liberal Association of Community Organizations for Reform Now for services the Democrat’s campaign says it mistakenly misrepresented in federal reports. 


Obama’s Ties To ACORN More Substantial than first believed


Rick Moran

“…Obama’s connection to this group has been shadowy – some work he did back in 1995 representing an effort by the group to get the courts to force Illinois to adopt the motor voter law. But Stanley Kurtz has uncovered even more ties that Obama has to this radical group:  


The extent of Obama’s ties to Acorn has not been recognized. We find some important details in an article in the journal Social Policy entitled, “Case Study: Chicago – The Barack Obama Campaign,” by Toni Foulkes, a Chicago Acorn leader and a member of Acorn’s National Association Board. The odd thing about this article is that Foulkes is forced to protect the technically “non-partisan” status of Acorn’s get-out-the-vote campaigns, even as he does everything in his power to give Acorn credit for helping its favorite son win the critical 2004 primary that secured Obama the Democratic nomination to the U.S. Senate.




Before giving us a tour of Acorn’s pro-Obama but somehow “non-partisan” election activities, Foulks treats us to a brief history of Obama’s ties to Acorn. While most press accounts imply that Obama just happened to be at the sort of public-interest law firm that would take Acorn’s “motor voter” case, Foulkes claims that Acorn specifically sought out Obama’s representation in the motor voter case, remembering Obama from the days when he worked with Talbot. And while many reports speak of Obama’s post-law school role organizing “Project VOTE” in 1992, Foulkes makes it clear that this project was undertaken in direct partnership with Acorn. Foulkes then stresses Obama’s yearly service as a key figure in Acorn’s leadership-training seminars.




At least a few news reports have briefly mentioned Obama’s role in training Acorn’s leaders, but none that I know of have said what Foulkes reports next: that Obama’s long service with Acorn led many members to serve as the volunteer shock troops of Obama’s early political campaigns – his initial 1996 State Senate campaign, and his failed bid for Congress in 2000 (Foulkes confuses the dates of these two campaigns.) With Obama having personally helped train a new cadre of Chicago Acorn leaders, by the time of Obama’s 2004 U.S. Senate campaign, Obama and Acorn were “old friends,” says Foulkes.  



Not surprisingly it turns out that Reverend Jeremiah Wright and Father Michael Pfleger – two radical clergy closely associated with Obama – have extensive ties to ACORN . Their views fit nicely within the ACORN anti-capitalist agenda that they have been pushing for years….”





‘Community Organizing’ Deserves to be Ridiculed 

September 6th, 2008 by Matthew Vadum


“…Then there’s the vote fraud factory known as the Association of Community Organizations for Reform Now or ACORN. ACORN describes itself as “the nation’s largest community organization of low- and moderate-income families, working together for social justice and stronger communities.” ACORN, Sol Stern writes, “promotes a 1960s-bred agenda of anti-capitalism, central planning, victimology, and government handouts to the poor.”


Obama previously worked for ACORN, directing its voter mobilization arm, Project Vote, a successful voter registration campaign that helped propel Democrat Carol Moseley Braun into the U.S. Senate by adding an estimated 125,000 voters to the rolls. Project Vote claims to conduct “non-partisan” voter registration drives, counsels potential voters on their rights, and litigates on behalf of the poor and “disenfranchised.”


Its greatest legislative accomplishment is the National Voter Registration Act of 1993, commonly known as Motor Voter. In his book Stealing Elections, Wall Street Journal columnist John Fund argues that the law leads to voter fraud:


Perhaps no piece of legislation in the last generation better captures the ‘incentivizing’ of fraud… than the 1993 National Voter Registration Act…Examiners were under orders not to ask anyone for identification or proof of citizenship. States also had to permit mail-in voter registrations, which allowed anyone to register without any personal contact with a registrar or election official. Finally, states were limited in pruning ‘dead wood’ – people who had died, moved or been convicted of crimes – from their rolls. … Since its implementation, Motor Voter has worked in one sense: it has fueled an explosion of phantom voters.”


In 1995, Obama sued on behalf of ACORN for the implementation of Motor Voter laws in Illinois and won. That secured Obama an invitation to train ACORN staff. Obama later returned the favor when, as a member of the Woods Fund board, he approved frequent grants to ACORN. …” 


Obama’s Three Strikes


By J.R. Dunn


“…A terrorist bomber, what may be the largest vote-fraud operation in history, and a political party calling for a socialist revolution in the United States. Obama has certainly been a busy little bee — though not too busy, it seems, to cover his tracks in all three cases. As well he might — anybody with such a history has a few questions to answer. And Obama knows this full well, considering the effort he’s put into ducking those exact questions since his campaign began.


But those questions must be asked and answered before November 4th. Which, needless to say, is a job for Superwoman. Sarah Palin’s relentless hammering brought the Ayers story back to the surface. She must now tie the three strands together: Ayers, ACORN, the New Party, and pound at it until it can no longer be ignored. (Of course, this will be an extremely upsetting experience for Kathleen Parker and David Brooks, but that can’t be helped.)




If the three can be bundled, and the resulting package adequately presented to the American people, Barack Obama is through. American voters have made it clear time and again that they have no use for the political extremes of either left or right. Obama plainly suffers, at best, from a weakness for crackpot left-wing politics, and at worst from a yearning to create a revolutionary situation in American society. The first reveals an immature personality, one easily led and given to romantic concepts of how the world works. The second is evidence of serious maliciousness.


We require neither in the oval office.” 


Is America Ready for Obama? Is America Ready for a Socialist? 

“…But, his socialist foundation was probably shaped most during those early days at the Socialist (Marxist) conferences he attended in New York City:

Obama wrote that the wealth and stark racial divisions of Manhattan in the early 1980s had a profound effect on him…
He went to socialist conferences at Cooper Union and African cultural fairs in Brooklyn and started lecturing his relatives until they worried he’d become “one of those freaks you see on the streets around here.”


So, the real question that USA Today should be asking- but won’t -is not if America is ready for a “rookie” in the White House, but rather, if America is ready for a socialist in the White House!” 




Obama and His Socialist Agenda


Rick Moran  


“We all knew that Barak Obama was liberal. But just how devoted he is to the nanny state has been a pretty well kept secret by both the Senator and his campaign. In fact, if you read most mainstream media accounts of where the Senator stands on a host of issues, you might think he was a candidate of the center or slightly left of Hillary Clinton. There has been much more discussion of Obama’s “themes” of empowerment and unity than there has been of specific policy proposals.


But Obama let his true colors show yesterday in a speech in Washington, D.C. about urban poverty. His “solutions” will sound familiar to those who listened to Lyndon Johnson’s poverty gurus and their fellow travelers under Jimmy Carter’s presidency. Promising massive government assistance with the help of private businesses (help that never seems to be asked for when the programs hit the streets), Obama goes Johnson one better by promising to empower unions to organize (read “intimidate”) just about everyone: 

When I’m President, I will raise the minimum wage and make it a living wage by making sure that it rises every time the cost of living does. I’ll start letting our unions do what they do best again – organize our workers and lift up our middle-class. And I’ll finally make sure every American has affordable health care that stays with you no matter what happens by passing my plan to provide universal coverage and cut the cost of health care by up to $2500 per family.

And this 1960’s-style rhetoric about poverty should be a dead giveaway for those knowledgeable about how the left speaks in code words to mask their true intent:

The philosophy behind the project is simple – if poverty is a disease that infects an entire community in the form of unemployment and violence; failing schools and broken homes, then we can’t just treat those symptoms in isolation. We have to heal that entire community. And we have to focus on what actually works.

If Obama and his socialist friends were to focus on what “actually works,” they would make school choice the law of the land, crack down on drugs and gangs, lower taxes in urban areas to encourage the growth of the private sector, and a host of other free market solutions that have been advocated for decades. Instead, we get the same old tired bromides about government intervention. …”





ACORN voter fraud in OHIO – October 2008








ACORN Obama and the Bailout






Rep. Waters Speaks About Obama at ACORN


What is a Community Organizer?


Lou Dobbs – Electoral Fraud Threat to Democracy


ACORN Obama and the Bailout






Rep. Waters Speaks About Obama at ACORN


What is a Community Organizer?







Lou Dobbs – Electoral Fraud Threat to Democracy   





Obama complicit in voter fraud? — Obama’s ACORN connection 










Acorn / Voter Fraud / Obama and Community Organizers




More ACORN Allegations


ACORN Vote Fraud


Representative from ACORN


ACORN Convention Member Speak Out


ACORN National Convention 2008, Detroit


ACORN Grassroots Democracy Campaign


Advocacy Group Partners With Countrywide


Shocking!—Democrats Trying to Give Bailout Money to Obama’s Owner ACORN


Devastating Video, Obama talks about job Ayers gave him






More ACORN Allegations


ACORN Vote Fraud


Representative from ACORN


ACORN Convention Member Speak Out


ACORN National Convention 2008, Detroit


ACORN Grassroots Democracy Campaign


Advocacy Group Partners With Countrywide


Shocking!—Democrats Trying to Give Bailout Money to Obama’s Owner ACORN


Devastating Video, Obama talks about job Ayers gave him



Ayers’ Weathermen planned “re-education”, genocide






By Michelle Malkin  

“…Left-wing, taxpayer-subsidized ACORN fraudsters have been infiltrating the public schools.  


Watch out: Your kid could be recruited to help assist and “organize” the “community” of homeless people, criminals, and illegal aliens signing up more dead people and fake people to vote for Obama. …” 











Community Reinvestment Act   

“The Community Reinvestment Act (or CRA, Pub.L. 95-128, title VIII, 91 Stat. 1147, 12 U.S.C. § 2901 et seq.) is a United States federal law that requires banks and thrifts to offer credit throughout their entire market area and prohibits them from targeting only wealthier neighborhoods with their services, a practice known as “redlining.” The purpose of the CRA is to provide credit, including home ownership opportunities to underserved populations and commercial loans to small businesses. It has been subjected to important regulatory revisions. …” 


“…Critics claim that government policy encouraged risky lending[7] and the development of the subprime debacle through legislation like the CRA. Economics professor Stan Liebowitz writes that banks were forced to loan to un-credit worthy consumers with “no verification of income or assets; little consideration of the applicant’s ability to make payments; no down payment.” The chief executive of Countrywide Financial, the nation’s largest mortgage lender, is said to have “bragged” that to approve minority applications “lenders have had to stretch the rules a bit.”[8] Robert Gordon of the Center for American Progress disagrees, and quotes statistics that he claims show “independent mortgage companies, which are not covered by CRA, made high-priced loans at more than twice the rate of the banks and thrifts.” He faults then-Federal Reserve chair Alan Greenspan for “cheering the subprime boom” in the banking industry.[9] Economics professor Thomas DiLorenzo counters Gordon, stating that independent mortgage companies are “middlemen” between banks, including those regulated by the CRA, and consumers and that in any case the CRA had caused tens of billions in defaults on mortgages by unqualified borrowers.[10] Economist Yaron Brook concluded succinctly, “The Government Did It:” through the stick of the CRA [and] the carrot of Fannie Mae and Freddie Mac, the fed created the mortgage market debacle. [11] …” 



Related Posts On Pronk Palisades  

Obama Bombs Bailout Meeting–Whitehouse Still Standing–McCain Saved By House Republicans

Stop The Bailout: The American Elites’ Bum Rush of The American People–No Sale!

Obama–ACORN–CRA–Congress–Democratic Party–Fannie Mae–Freddie Mac–Bailout–Socialism– Just Say No!






Read Full Post | Make a Comment ( 64 so far )

Doom’s Day–Repent–The End Is Near–Bailout Bill Blasted

Posted on September 27, 2008. Filed under: Blogroll, Comedy, Economics, Links, Music, People, Politics, Quotations, Rants, Raves, Religion, Resources, Reviews, Taxes, Technology, Video, War | Tags: , , , , , , , , , , |



Doom’s Day 


Jerry Lee Lewis – Whole Lotta Shakin’ Going On


Looks like Treasury Secretary Hank Paulson got the date wrong not to mention the details of the mother of all bailout bills. 


Finance Leaders Say Bailout Is Urgent


The Doors – The End


The real date is December 21, 2012.


Doom’s Day 


Dec 21, 2012 – End of the World? – Part 1 of 6


Dec 21, 2012 – End of the World? – Part 2 of 6


Dec 21, 2012 – End of the World? – Part 3 of 6


Dec 21, 2012 – End of the World? – Part 4 of 6


Dec 21, 2012 – End of the World? – Part 5 of 6, Part 6 – N.A



Background Articles and Videos

 Doomsday Event

 “A doomsday event is a specific occurrence which has an exceptionally destructive effect on the human race.[1] The final outcomes of doomsday events may range from a major disruption of human civilization, to the extinction of human life, to the destruction of the planet Earth, to the annihilation of the entire universe.

A 2006 poll by revealed that virtually all Americans believed that some sort of doomsday scenario could realistically impact the human race, and that many feel that such a scenario is likely to be man-made.[2]

Related Posts On Pronk Palisades


Obama Bombs Bailout Meeting–Whitehouse Still Standing–McCain Saved By House Republicans

Stop The Bailout: The American Elites’ Bum Rush of The American People–No Sale!

Obama–ACORN–CRA–Congress–Democratic Party–Fannie Mae–Freddie Mac–Bailout–Socialism– Just Say No!

Read Full Post | Make a Comment ( None so far )

Obama Bombs Bailout Meeting–Whitehouse Still Standing–McCain Saved By House Republicans

Posted on September 27, 2008. Filed under: Blogroll, Economics, Investments, Life, Links, People, Politics, Quotations, Rants, Raves, Regulations, Resources, Taxes, Video | Tags: , , , , , , , , , , , , , , , , |

 The dirty little secret is out.

Obama bombed bailout meeting!

In the meeting with President Bush and Secretary Paulson, the Congressional Democrats deferred to Senator Barack Obama to be their spokesman and to lead his party in the bailout meeting with President Bush and Senate and House Republican Party leaders.

Apparently someone highup in the Treasury Department leaked the Congressional Republican Party proposal to higher ups in Goldman Sachs who in turn leaked the proposal to the Obama campaign. Treasury Secretary Paulson was former Chairman of Goldman Sachs and is a Republican.

Obama led off by criticizing the Republican Party proposal and asking for Treasury Secretary Paulson for his comments.

The result was the meeting blew up as Republicans felt betrayed and responded accordingly.

The purpose of the meeting was to negotiate a proposal acceptable to both political parties.

Congressional offices of both parties have been flooded with phone calls and e-mails against the Treasury bailout/rescue plan by about 95 opposed for every 100 calls/e-mails.

The House Republicans are by a wide margin opposed the Paulson Treasury bailout proposal.

The Congressional Republicans want in part repeal of the Sarbanes-Oxley law, especially the mark-to-market requirements, the elimination of the capital gains tax, and the reduction of corporate tax rate to 20% to provide a stimulus to investment in the economy and to compensate investors for the losses resulting from incompetent oversight and regulation of Fannie Mae, Freddie Mac, and investment bankers highly leverage positions in derivative mortage backed securites. 

Senator Obama’s performance was neither professional nor inspiring–just incompetent.

Once again Senator Obama without a teleprompter and his legends of advisors proves to be just a reader and not a leader.

Both Democrats and Republicans left the meeting unimpressed by Senator Obama’s ability to lead a negotiating meeting.

The Democrats are trying to blame Senator McCain for throwing the Obama bomb and injecting politics into the meeting.

Senator McCain observed the explosive meeting and played no part in the carnage despite attempts and lies by Senators Reid, Dodd and Schumer to blame everything on Senator McCain in press conferences.

Any Republican that votes for the Treasury Secretary Paulson’s currently proposed bailout bill will be defeated in November. Take it to your bank.

If the Democratic Party expects to obtain significant Republican support on a bailout bill–dream on.

Republicans should demand that President Bush ask for Treasury Paulson’s resignation for proposing a bill that the overwhelming majority of Republicans and conservatives oppose as well as failing to explore other alternative courses of action and scenarios. Request the FBI investigate who leaked to Goldman Sachs the House Republican position on the bailout proposal to determine if any laws were broken. 

The Beatles-Money

“Much of the social history of the Western world over the past three decades has involved replacing what worked with what sounded good. In area after area – crime, education, housing, race relations – the situation has gotten worse after the bright new theories were put into operation. The amazing thing is that this history of failure and disaster has neither discouraged the social engineers nor discredited them. …” 

~Thomas Sowell

Is Reality Optional?, 1993 

Background Articles and Videos

Michael Bloomberg – Origins of the Economic Crisis

Who’s responsible for the Freddie/Fannie mess?

Timeline shows Bush, McCain warning Dems of financial mess

Burning Down The House: What Caused Our Economic Crisis?

Did Someone Say Amnesty?
By W. James Antle III

“…Once again, House Republicans may be the key. Rumors circulated Thursday that only 45 to 50 of them are committed to voting for the bailout in its current form. The Democratic leadership is said to want 100 or so GOP votes in the lower chamber for cover if they are going to support the deal without pushing it further to the left. The conservative Republican Study Committee released a letter publicly opposing Treasury Secretary Hank Paulson’s plan. Sen. Jim DeMint of South Carolina, an RSC alumni, has been muddying the waters in the Senate.

This debate does have a Tom Tancredo, however — a damn-the-torpedoes high-profile hardliner. Ron Paul has been all over television and had a commentary up at CNN’s website opposing even the concept of a bailout with the zeal of Tancredo’s opposition to amnesty. A devotee of Austrian economics, Dr. No prescribes tough medicine for what ails the economy: the liquidation of all bad investments in the name of risking recession now to prevent a credit-fueled calamity later. Paul would let the market get rid of the “misallocation of resources into sectors in which there is insufficient demand.”

Such a radical fix wasn’t always so outside of the conservative mainstream. Ronald Reagan accommodated Paul Volcker’s tight monetary policy even at the expense of the 1982 recession. Unemployment zoomed to 10.8 percent but prosperity returned after the Reagan-Volcker policy mix licked stagflation. But Republicans who haven’t forgotten this also remember how many members of their party were thrown out of office in the November 1982 elections.

Which brings us to the final advantage bailout proponents have over those seeking an immigration compromise: there is a much greater sense of urgency surrounding the economy as well as a popular expectation that the government must Do Something about it. Politicians are reluctant to stand pat while retirement portfolios vanish and mortgage foreclosures rise. Even if the long-term consequences of their actions are uncertain, they are fairly confident the short-term electoral consequences of inaction will be bad.

Opponents can still try to rally a skeptical public against the impending bailout as a costly giveaway that won’t actually solve the underlying problem, an amnesty for the financially reckless. It’s worked before.


Kill the bailout: Call your GOP representative; Update: the deal details trickle out; No deal tonight; Paulson and the Dems bawl


“…Make the call: 202-224-3121.

Hope, however slim, lives:

Confident but not yet celebrating, congressional leaders agreed Thursday on a multibillion-dollar bailout plan for Wall Street aimed at staving off a national economic catastrophe. President Bush brought the two men fighting to succeed him to a historic White House huddle on how to sell a deal to lawmakers who were still resisting.

Private talks on Capitol Hill ended at midday with the announcement that an agreement in principle had been reached on a $700 billion financial rescue package that the Bush administration wants. Few details were immediately available.

There were signs that the conservative-leaning House Republican Caucus was not on board. Both of Congress’ Republican leaders, Rep. John Boehner and Sen. Mitch McConnell, issued statements saying there was not yet an agreement. …”


Henry Paulson

“…AKA Henry Merrit Paulson, Jr.

Born: 28-Mar1946
Birthplace: Palm Beach, FL

Gender: Male
Religion: Christian Science
Race or Ethnicity: White
Sexual orientation: Straight
Occupation: Business, Government
Party Affiliation: Republican

Nationality: United States
Executive summary: US Secretary of the Treasury


Henry Paulson

Henry Merritt “Hank” Paulson Jr. (born March 28, 1946) is the United States Treasury Secretary and member of the International Monetary Fund Board of Governors. He previously served as the Chairman and Chief Executive Officer of Goldman Sachs. …”

“…Leader of U.S. government economic bailout efforts of 2008

Paulson was the designated leader of the Bush administration’s efforts in 2008 to federalize the cost of bad loans made by financial institutions.

Through unprecedented intervention by the U.S. Treasury, Paulson led government efforts to avoid a severe economic slowdown. He pushed through the conservatorship of government agency mortgage giants Fannie Mae and Freddie Mac. Working with Federal Reserve Chairman Ben Bernanke, he influenced the decision to create a credit facility (bridge loan & warrants) of US$85 billion to American International Group so it would avoid filing bankruptcy.

In late September of 2008, Paulson, along with Ben Bernanke and Christopher Cox, led the effort to help financial firms by agreeing to use US$700 billion dollars to purchase bad debt they had incurred.[27] Discussing his decision to take action, Paulson said: “It just happened dramatically. There was only one way that we could reassure the markets and deal with a very significant and broad-based freezing of the credit market. There was no political calculus. It was overwhelmingly obvious.”[28]

On September 19, 2008, Paulson called for the U.S. government to spend hundreds of billions of dollars more to rescue financial firms from nonperforming mortgages that threaten the stability of those firms.[29] Due to his leadership and public appearances on this issue, the press labeled these measures the “Paulson financial rescue plan” or simply the Paulson Plan.[30]


Conflict of interest

There has been some criticism of Paulson, with suggestions that Paulson’s plan may potentially have some conflicts of interest. This since Paulson is the former CEO of Goldman Sachs, a firm that may benefit from the plan. [31][32] Unlike the previous bailouts and managed liquidations of Goldman competitors Bear Stearns, Merrill Lynch and Lehman Bros. and those of AIG, Freddie Mac and Fannie Mae, in which shareholder value was largely wiped out, Goldman’s stock would likely rise under the Paulson plan, benefiting his former partners, because it would take distressed assets off of their balance sheet. [33]

The proposed bill would give him unprecedented powers over the economic and financial life of the U.S.. Section 8 of Paulson’s plan states: “Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.”[34]


Sarbanes-Oxley Act

“The Sarbanes-Oxley Act of 2002 (Pub.L. 107-204, 116 Stat. 745, enacted 2002-07-30), also known as the Public Company Accounting Reform and Investor Protection Act of 2002 and commonly called SOX or Sarbox; is a United States federal law enacted on July 30, 2002 in response to a number of major corporate and accounting scandals including those affecting Enron, Tyco International, Adelphia, Peregrine Systems and WorldCom. These scandals, which cost investors billions of dollars when the share prices of the affected companies collapsed, shook public confidence in the nation’s securities markets. Named after sponsors Senator Paul Sarbanes (D-MD) and Representative Michael G. Oxley (R-OH), the Act was approved by the House by a vote of 334-90 and by the Senate 99-0. President George W. Bush signed it into law, stating it included “the most far-reaching reforms of American business practices since the time of Franklin D. Roosevelt.”[1]

The legislation establishes new or enhanced standards for all U.S. public company boards, management, and public accounting firms. It does not apply to privately held companies. The Act contains 11 titles, or sections, ranging from additional Corporate Board responsibilities to criminal penalties, and requires the Securities and Exchange Commission (SEC) to implement rulings on requirements to comply with the new law. Debate continues over the perceived benefits and costs of SOX. Supporters contend that the legislation was necessary and has played a useful role in restoring public confidence in the nation’s capital markets by, among other things, strengthening corporate accounting controls. Opponents of the bill claim that it has reduced America’s international competitive edge against foreign financial service providers, claiming that SOX has introduced an overly complex and regulatory environment into U.S. financial markets.[2]

The Act establishes a new quasi-public agency, the Public Company Accounting Oversight Board, or PCAOB, which is charged with overseeing, regulating, inspecting, and disciplining accounting firms in their roles as auditors of public companies. The Act also covers issues such as auditor independence, corporate governance, internal control assessment, and enhanced financial disclosure. …””



” accounting and finance, mark to market is the act of assigning a value to a position held in a financial instrument based on the current market price for that instrument or similar instruments. For example, the final value of a futures contract that expires in 9 months will not be known until it expires. If it is marked to market, for accounting purposes it is assigned the value that it would fetch in the open market currently. …”


All’s fair

Sep 18th 2008
From The Economist print edition

The crisis and fair-value accounting

“…SO CONTROVERSIAL has accounting become that even John McCain, a man not known for his interest in balance sheets, has an opinion. The Republican candidate for the American presidency thinks that “fair value” rules may be “exacerbating the credit crunch”. His voice is part of a chorus of criticism against mark-to-market accounting, which forces banks to value assets at the estimated price they would fetch if sold now, rather than at historic cost. Some fear that accounting dogma has caused a cycle of falling asset prices and forced sales that endangers financial stability. The fate of Lehman Brothers and American International Group will have strengthened their conviction.

In response America’s Financial Accounting Standards Board (FASB), and the London-based International Accounting Standards Board (IASB) have not budged an inch. So, for example, banks will have to mark their securities to the prices Lehman receives as it is liquidated. The two accounting bodies already act cheek by jowl, and America will probably soon adopt international rules. Are they guilty of obstinately pursuing an abstract goal that is causing mayhem in financial markets? …”

“…Yet not all criticism of fair value can be so easily dismissed. The credit crunch has raised three genuinely awkward questions. The first of these concerns “procyclicality”. Bankers say that in a downturn fair-value accounting forces them all to recognise losses at the same time, impairing their capital and triggering firesales of assets, which in turn drives prices and valuations down even more. Under traditional accounting, losses hit the books far more slowly. Some admire Spain’s system, which requires banks to make extra provision for losses in good times, so that when loans turn sour their profits and thus capital fall by less. …”


September 25, 2008: “Bailouts and Uncertainty” featuring Arnold Kling (Podcast)

This’s WHY Democrats Wanted to Get Rid Of John McCain—Bailout Plan and ACORN



Shocking!—Democrats Trying to Give Bailout Money to Obama’s Owner ACORN

Coulter on “Bailout Plan”



Hannity Colmes Newt Gingrich Oppose This BailOut CALL Capitol Now 1-202-224-3121


The Bailout: the Mood on Main and Wall Streets

Obama/Bailout: “We have to Risk” $700B


Obama After White House Meeting

Barack Obama & Friends Caused U.S. Economic Crisis


Senator Reid Slams McCain for Derailing Bailout Negotiations

Sen. Schumer Calls John McCain Odd


President Bush Addresses Nation on Economic Crisis


Wall Street’s Day of Reckoning: The Fannie & Freddie Bailout


Paulson:’We Had No Choice’


Charlie Rose – HENRY PAULSON, JR


Senator Jim Bunning Comments on Federal Bailout


Newt Lays It Out – Part 1 of 3 – Former Speaker of the House Newt Gingrich says the bailout plan is a disaster.


Newt Lays It Out – Part 2 of 3 – Former Speaker of the House Newt Gingrich says the bailout plan is a disaster.


Newt Lays It Out – Part 3 of 3 – Former Speaker of the House Newt Gingrich says the bailout plan is a disaster.


Wall Street “Socialism”, the new moral hazard


Charlie Rose – Fannie Mae & Freddie Mac


Bill Moyers Housing Market Meltdown 1 of 2


Bill Moyers Housing Market Meltdown 2 of 2

Deconstructing the Subprime Crisis


Richard Herring on Mortgage-backed Securities


Joseph Gyourko on Fannie, Freddie, and the Housing Bust


Franklin Allen on Past Crises


Franklin Allen on Lessons from the Subprime Crisis


Jeremy Siegel on the Resilience of American Finance


Susan Wachter on Securitizations and Deregulation





The Bailout and the USA economy

The Bailout continued


Red State Update: Bailout


Red State Update: Washington Fights Over Bailout Plan


Democrats responsible for Economic Disaster…


Solution to Our Economic Problems…


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