While you hear the proto-typical talking-points being shouted from the crowd, it's interesting to hear one man attempt to link the financial crisis and ACORN.
In-point-of-fact, it has been documented that ACORN was not mentioned in the bailout bills initial language nor the final draft:
When the provision was still being discussed as part of the financial bailout bill, Salon.com's Gabriel Winant reported that ACORN's legislative director said the organization's housing advocacy affiliate, ACORN Housing, is "considering applying for funds from the Housing Trust Fund, but will probably choose not to do so," and even if it did, it would have to go through the same application process as any other group.
Also, the statements that somehow link the CRA ( Community Reinvestment Act ) to the financial downturn are patently false as well:
Despite the fact that CRA appears to have increased bank and thrift lending in low- and moderate-income communities, such institutions are not the only ones operating in these areas. In fact, with new and lower-cost sources of funding available from the secondary market through securitization, and with advances in financial technology, subprime lending exploded in the late 1990s, reaching over $600 billion and 20% of all originations by 2005. More than half of subprime loans were made by independent mortgage companies not subject to comprehensive federal supervision; another 30 percent of such originations were made by affiliates of banks or thrifts, which are not subject to routine examination or supervision, and the remaining 20 percent were made by banks and thrifts.
Just another example of the willfully ignorant that support McCain and Palin.
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