Double Barreled Opinions

The simple truth is, this crisis was engineered and implemented almost entirely by Democrats.

The more frightening truth is, they once again control Congress -- just like they did when the laws were passed that created this crisis.

And the terrifying truth to anyone who cares about his family's financial security is that they will probably also control the White House, come next January.

The CRA -- the idiotic law that created this crisis -- also made Obama who he is today.
"Why is that so terrifying?" you ask ...

Consider this: According to his autobiography, Obama spent his years after college and before he ran for the Illinois Senate becoming an expert in real estate law and fair housing while working as a "community organizer."

What he was really doing was blackmailing Chicago lenders into throwing money at his low-income constituents. And the club Obama used to bludgeon banks into submission -- into granting loans to people with no down payment, no job, no income and lousy credit histories -- was called ... you guessed it ... "The Community Reinvestment Act of 1977."

Now, to anyone who has even the glimmer of an understanding of how Washington works, it should come as no surprise that Mr. Obama was well-rewarded for his untiring efforts to force banks to throw money at unqualified borrowers -- and it should also come as no surprise that those rewards flowed from the two quasi-private companies that benefited most from the explosion in subprime mortgages: Fannie and Freddie.

Recently, we learned that of the hundreds of political contributions made by Fannie Mae over the last couple of years, Obama received the second highest amount -- second only to the Chairman of the Senate Banking Committee, Christopher Dodd (D-CT).