Monday, September 29, 2008

O'S DANGEROUS PALS - New York Post: "WHAT exactly does a 'community organizer' do? Barack Obama's rise has left many Americans asking themselves that question. Here's a big part of the answer: Community organizers intimidate banks into making high-risk loans to customers with poor credit.

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

In other words, community organizers help to undermine the US economy by pushing the banking system into a sinkhole of bad loans. And Obama has spent years training and funding the organizers who do it."

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I wonder if this will go anywhere as an issue. Probably not. With a colossal economic bomb exploding five weeks before the election, on top of the five-year Iraq war and presidential job approval ratings that are like winter temperature in Fairbanks, it is hard to see how Obama can lose.

But on the merits of the issues (remember those?), there is more to the problem than the Community Reinvestment Act. However, that entire policy--forcing banks to lend to low-income borrowers--needs to be examined. McCain should be raising this issue loud and clear, and Obama should explain why we need this policy.

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