Martes, 15 de diciembre de 2009

The Audacity Of Chutzpah


In Hebrew, "chutzpah" is used indignantly, to describe someone who has over-stepped the boundaries of accepted behavior with no shame.   There's an old anecdote that is used to illustrate chutzpah -- it's about a man who murdered his father and mother, and then throws himself on the mercy of the court on the grounds that he’s an orphan -- that's chutzpah.

Well, Obama displayed chutzpah, and in spades, Sunday night during his "60 Minutes" interview by Steve Kroft when he said, "I did not run for office to help a bunch of fat cat bankers," blaming them for the financial crisis, saying  "You guys caused the problem" -- video

Obama was simply applying Alinsky's rule # 12, "Pick the target, freeze it, personalize it, and polarize it."  This tactic attempts to cut off the support network (the public) and isolate the target (bankers) from sympathy.  Obama was going after people and not the institutions -- people hurt faster than institutions.

But behind that attack was chutzpah, because Obama knows that he, Barack Hussein Obama, is singularly responsible for much of the financial crisis.

In a 1995 case known as Buycks-Roberson v. Citibank, Obama and his fellow attorneys charged that Citibank was making too few loans to black applicants and won the case.  As one commentator noted in May 2008, legal "successes" such as this were responsible for the sub-prime mortgage crisis of 2007 AND 2008.  That is, banks were not loaning to minorities whose credit was poor.  When the law forced them to lend money anyway, the inevitable collapse occurred."
Obama played a large part in the lawsuit that started the government on a course of forcing lenders to give more loans to those who had poor credit.  Lending companies were forced to come up with imaginative ways of fulfilling the quota that was required.  Sub-prime lending was born as a result.  Obama's pal and his campaign's finance chair, Penny Pritzker, was an early promoter of what would become known as "predatory lending" -- and now, according to Obama, its the bankers' fault -- that's chutzpah.

The mortgage crises was forecast by many who were able to look beyond the quotas.  
This August, 2008, New York Times article(.pdf) clearly forecast the mortgage meltdown:

In a move that could help increase home ownership rates among minorities and low-income consumers, the Fannie Mae Corporation -- protected by Barney Frank and Chris Dodd -- is easing the credit requirements on loans that it will purchase from banks and other lenders, ... under increasing pressure from the Clinton Administration.

"Fannie Mae has expanded home ownership for millions of families in the 19902 by reducing down payment requirements," said Franklin Raines, Fannie Mae's chairman and chief executive officer.  "Yet there remain too many borrowers whose credit is just a notch below what our underwriting has required who have been relegated to paying significantly higher mortgage rates in the so-called subprime market."

Demographic information on these borrowers is sketchy.  But at least one study indicates that 18 percent of the loans in the subprime market went to black borrowers, compared to 5 percent of loans in the conventional loan market.

In moving, even tentatively, into this new area of lending, Fannie Mae is taking on significantly more risk, which may not pose any difficulties during flush economic times.  But the government-subsidized corporation may run into trouble in an economic downturn, prompting a government rescue similar to that of the savings and loan industry of the 1980s.

"From the perspective of many people, including me, this is another thrift industry growing up around us," said Peter Wallison, a resident fellow at the American Enterprise Institute.  "If they fail, the government will have to step up and bail them out, the way it stepped up and bailed out the thrift industry."


And at the same time as Obama berates bankers, he wants them to make more bad loans -- that's chutzpah.


This "Audacity of Chutzpah" is classic Obama.  He creates a disaster, and then blames somebody, or something else for the fallout.  He's been doing it his entire political career.  Since he's occupied the Oval Office, he's been blaming George Bush for his own failures, caused by his own lack of judgment.  That's not the behavior of a man.


Obama is not a leader.  He doesn't have a clue about leadership or governing, so he falls back on the only thing he knows -- Alinsky's community organizing techniques -- bringing folks to the "realization" that they are miserable;  blaming their misery on the greedy bankers; demanding the bankers cave to their demands; and to make such an almighty stink that the dastardly bankers will see imminent "self-interest" in granting whatever it is that will cause the harassment to cease.


Tags: OBAMA Chutzpah

Publicado por Corazon7 @ 9:58
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