By Peter Schweizer
In Architects of wreck, manhattan occasions bestselling writer and conservative historian Peter Schweizer argues that the commercial challenge was once brought on by liberals who used the ability of presidency to create a subprime loan bubble that has ravaged the worldwide economic system. Rebutting fees that the monetary cave in was once as a result of conservative deregulatory zeal, Schweizer, the writer of Do as I Say (Not as I Do): Profiles in Liberal Hypocrisy, indicates that it used to be truly the results of “do-good capitalism.”
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Extra resources for Architects of Ruin: How Big Government Liberals Wrecked the Global Economy--and How They Will Do It Again If No One Stops Them
Meanwhile, on Chicago’s South Side, a young black activist named Jesse Jackson was coming to the same conclusion. Jackson had already begun to blame redlining as the major cause of black America’s economic plight. The affordable housing movement that came out of Chicago ultimately reflected a marriage of Alinsky’s confrontational methods and Jackson’s patented techniques of racial blackmail. Born in South Carolina, Jackson played quarterback on the racially integrated University of Illinois football team on scholarship in 1959, only to quit at the end of the season.
This only had the effect of further corrupting their judgment, inuring them to risks by insulating them from the ruthless discipline of the market. Why has this story been missed? It isn’t all that hard to understand. First, of course, the operations of quasi-governmental agencies such as Fannie Mae and Freddie Mac are shrouded in layers of bureaucratic tedium. Few reporters take the time to actually dig into their inner workings. Besides, they are governed by congressional committees, so people naturally assume that someone responsible is paying attention.
They’ve got it. ” Local businessmen saw it as something else: a protection racket. Wilbur Gage, the president of Magikist Carpet & Rug Cleaners, told the Chicago Tribune that members of Cincotta’s organization had picketed his office and warned him to “pay up or get out” because he had refused their request for a $1,500 donation. 15 In the late 1960s, after two people were turned down for loans by a local bank, Cincotta and other members of her community organization discussed the matter with bank officials.