What was the FIRST, most BASIC cause of the financial panic that resulted in the crash of 2008 and the ensuing bad economy?
The 27 million bad mortgage loans that Jimmy Carter, Chris Dodd, Barney Frank, Bill Clinton and Barack Obama forced the banks to make,
starting all the way back in 1977.
My Run-ins with ACORN
A long time ago I ran a division of a bank. Let's call it Bank Two in Kentucky. We were visited by Obama's ACORN pals a lot. They would sit across my desk from me and threaten me, my employees and our families if we did not grant loans to low-income people with terrible credit ratings. A bunch of my people were so frightened that they simply quit. I had to arm myself. I carried everywhere I went. Actually, I hoped they would show up at my home! But we did make the loans.
A friend of mine ran a banking operation for this Chicago-area girl Penny Pritzker. Same thing happened to him. As a result that bank was destroyed by the sub-prime loans and went under. Pritzker still owes the depositors 300 million bucks. However, she's buddies with Barry, so it will never be paid back. Congress gave her a pass about a decade ago, and the FDIC paid 800 million on her behalf.
ACORN did it to all of the banks who operate in the close-in suburbs. It was extortion, pure and simple, standard operating procedure for ACORN, and protected by politicians. They hate America.
Obama trained ACORN staff members to intimidate banks to make subprime loans undermining the economy. Click the picture:
Also see: HOW THE DEMOCRATS CREATED THE FINANCIAL CRISIS
and: How Bill Clinton put the subprime loan frenzy on steroids
There is more financial crisis background HERE and HERE
List of 174 Still-Active ACORN Entities, ACORN Allies, and Re-branded ACORN Organizations