ACORN

Interesting Facts that I heard today - Community Reinvestment Act (Must lend money to poor credit risk):

• It was passed by President Bill Clinton (and involves Barney Frank)
• If the banks refused to comply, the government would shut the banks down and suspend the interstate banking license.
• Major banks include Citizen Bank in Mass, Bank of NY just to name a few.
• One way to satisfy this requirement was to partner with ACORN
• Banks could make monetary donations to ACORN
• Banks could also make equipment donations with ACORN
• Or Banks could partner with ACORN to provide loans to credit risks

ACORN was only defunded for one month, money goes back to ACORN November 1, 2009

An economist from Arizona State University who has kept track of the current economic situation:

• 30% Private wealth produced controlled by government currently because of the bail out stimulus package
• If Health Care bill passed the number increases 18%
• If Cap and Trade bill passes the number increases another 8%
• So if all bills pass – the federal government will control 56% of all private wealth produced by 2011

It all seems interesting, doesn't it?