The trillion dollar bailout

City Journal has an entire anthology of articles on the up coming mortgage crisis.

Here's a great one from Winter of 2000 that lays all this out nicely.....

The Clinton administration has turned the Community Reinvestment Act, a once-obscure and lightly enforced banking regulation law, into one of the most powerful mandates shaping American cities—and, as Senate Banking Committee chairman Phil Gramm memorably put it, a vast extortion scheme against the nation's banks. Under its provisions, U.S. banks have committed nearly $1 trillion for inner-city and low-income mortgages and real estate development projects, most of it funneled through a nationwide network of left-wing community groups, intent, in some cases, on teaching their low-income clients that the financial system is their enemy and, implicitly, that government, rather than their own striving, is the key to their well-being.

The CRA's premise sounds unassailable: helping the poor buy and keep homes will stabilize and rebuild city neighborhoods. As enforced today, though, the law portends just the opposite, threatening to undermine the efforts of the upwardly mobile poor by saddling them with neighbors more than usually likely to depress property values by not maintaining their homes adequately or by losing them to foreclosure. The CRA's logic also helps to ensure that inner-city neighborhoods stay poor by discouraging the kinds of investment that might make them better off.

At first, many of us had some fun with the Obamunist's background as a community organizer.

But after we've seen ACORN's part in this mortgage mess as well as how they've broken all kinds of voter laws (see Thurber's Thoughts) with the intent of weakening our democracy, it's not so funny anymore. These people are full fledged Marxists.

And the national media just turns their head to the whole damn thing.