By Peter Schweizer
In Architects of spoil, long island occasions bestselling writer and conservative historian Peter Schweizer argues that the commercial situation used to be brought on by liberals who used the ability of presidency to create a subprime loan bubble that has ravaged the worldwide financial system. Rebutting fees that the monetary cave in was once attributable to conservative deregulatory zeal, Schweizer, the writer of Do as I Say (Not as I Do): Profiles in Liberal Hypocrisy, exhibits that it used to be really the results of “do-good capitalism.”
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Extra info for Architects of Ruin: How Big Government Liberals Wrecked the Global Economy--and How They Will Do It Again If No One Stops Them
The CRA was debated for one day on the Senate floor. 30 Proxmire and his liberal colleagues also made a strategic decision not to frame the bill in the context of race or class—of black and white, rich and poor. ” The bill was framed as an initiative to promote community lending, without actually mentioning which communities they were talking about. ” In this way, they could avoid any discussions about the income or credit histories of those who had been turned down for loans. The senators also avoided talking about the role that community activists would play in enforcing the law.
There has been much debate about this question, but the ultimate source of the problem, it is generally agreed—the triggering event that caused the chain of other dominoes to fall—was the collapse of the subprime mortgage market in the United States. Banks and mortgage companies had made trillions of dollars in loans to individuals with terrible credit. They signed loans with illegal immigrants, offered so-called NINJA (No Income, No Job, No Assets) mortgages, and allowed people with bad credit to leverage their money.
But it is vital that we learn it and take its lessons to heart, not just to understand the present crisis but to prevent its ever happening again. The cast of characters includes three distinct but overlapping groups of people. First came the community activists—idealists such as the young Barack Obama and national organizations such as ACORN—who, beginning in the 1960s, waged war against traditional lending practices in the name of fighting racism and poverty. Inspired by the legendary community organizer Saul Alinsky, their tactics were extremely confrontational, and their goals were frankly socialist: to take money from the rich (in this case banks and other lenders) and give it to the poor on very favorable terms, a process that they called “the democratization of capital” but that had more in common with a Mafia protection racket.