Obama bragged about his success, in partnership with ACORN, in strong-arming banks to make loans they knew wouldn’t be repaid.
Obama (plaintiff ACORN) sued Citibank in 1994 to write Ninja mortgages – “no income, no job, or assets” mortgages. Mortgages which do not require proof of a borrower’s income. Nothing down. Soon banks around the country were complying with the new law established in Chicago.
Demand for real estate to “own” by Ninja borrowers skyrocketed.
Now the banks are ruined – in large measure due to Obama’s strongarm ACORN-inspired tactics to spread the wealth around. And, entire economies are in steep recession. Humans are suffering, massively. But Obama had his victory over the banks. The end, redistributing wealth, justifies the means, and however much human suffering it takes. The world is an economic disaster, as the direct result of Obama’s community manipulations. Americans are justifiably worried about their incomes, and about their jobs; but Obama is not worried about his job.
Now Obama wants victory and domination over the rest of the capitalist, free market industries that made America the most successful economy in history – energy, medicine, automobile manufacturing, information media, construction – you name it, Obama can run it better than capitalists; just like he did the banks.
Collectivism fails in whatever government schema it arises, usually catastrophically. Obama’s collectivist assault on banking is another striking example.
Story: Lest We Forget . . .