Rush’s Morning Update: Act II
September 21, 2009
Watch It! Download Morning Update Video in QuickTime
Listen to It! Windows Media Player|RealPlayer
Congressman Barney Frank –the Banking Queen,who runs the House Financial Services Committee –held a hearing last weekproposing an expansion of the Community Reinvestment Act. Democrats call the new measure the “Community Reinvestment Modernization Act of 2009.”
The original act, signed into law by Jimmy Carter, was ultimately a trigger for the mortgage meltdown,which led to the present economic collapse. The purpose of the act was to threaten financial institutions: either give mortgages to unqualified people, or face the wrath of Congress. It’s the very law that gave “community activists” like ACORN clout,allowing them to intimidate banks into submission.
So now Democrats want to use an expanded “reinvestment act”to force insurance companies, credit unions, and other mortgage lenders to provide loans on racial criteria — regardless of income. Barney Frank says the purpose is to increase “home ownership and small business ownership for low and moderate income borrowers and people of color”in order to,”close the wealth gap in the United States.”
In other words, destroy the economy — a second time! Let’s be crystal clear: opposition to this isn’t about race,it’s about “reason.” We’re not talking about skin color; we’re talking about the inability to repay loans.
My friends,there’s only one solution to put America back on secure financial footingand restore some level of sanity in government:Democratshave togo. They must be soundly defeated and swept out.Their socialist wealth-redistribution schemesmust be rolled back, too, once and for all.
*Note: Links to content outside RushLimbaugh.com usually become inactive over time.