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REVEALED: How and why an unscrupulous gang of Leftist activists and pols (including Barack Obama) savaged the housing market, laying waste to the economy
Architects of Ruin
by Peter Schweizer
It happened so quickly: in 2008, the housing market
went bust, leading to a global economic collapse. But in
reality, this debacle had been a long time coming: Leftist
activists, businessmen and politicians (including Bill
Clinton and Barack Obama) had been laying the groundwork
for the destruction of the housing market and the
devastation of the American economy for decades. In
Architects of Ruin, bestselling author Peter Schweizer
explains how it happened -- and shows how today, the very
same people who planted the seeds of the collapse are back
in Washington, determined to use the crisis they caused as
cover for a massive overhaul of the American economic
system.
(continued from above)
Schweizer, the New York Times bestselling author of Do
As I Say (Not As I Do), lays out the whole sorry story of
how an unsavory coalition of Far Left policymakers and
power brokers set out on what they regarded as a noble
long-term effort to broaden homeownership among minorities
and the poor. All they accomplished, of course, was to hurt
the very people they were supposedly trying to help and
damage the economy in ways that will take decades to
reverse. Schweizer reveals that the seeds of the 2008
housing collapse were sown in the 1960s, when followers of
Saul Alinsky, the legendary Chicago radical Leftist rabble-
rouser, joined up with race-baiting activists like Jesse
Jackson to argue that banks were guilty of racial
discrimination. He details how in the 1970s, with the help
of liberal senators like Ted Kennedy and William Proxmire,
this initiative gathered steam with legislation that put
bankers under the thumb of local activists.
But Schweizer shows that Leftists laid the groundwork
for the housing disaster most energetically during the
Clinton years, when a new generation of liberal technocrats
came to power in Washington and on Wall Street. He
describes how a powerful phalanx of elite liberals,
including Bill Clinton, Robert Rubin, Andrew Cuomo, Barney
Frank, Chris Dodd, Janet Reno, Deval Patrick, Henry
Cisneros, Barack Obama, Nancy Pelosi, Ted Kennedy, Charles
Schumer, and many others, aggressively pushed banks to make
trillions of dollars in loans to individuals who should
never have received them. Meanwhile, Clinton forged a new
form of state capitalism in which the big Wall Street
financial companies were repeatedly bailed out with their
profits intact from a series of costly errors -- which only
led them to take ever larger and more dangerous risks. The
inevitable result? The bursting of twin bubbles in
mortgages and mortgage-backed derivatives, leading in turn
to a global economic collapse.
We're not out of the woods yet -- not by a long shot:
Schweizer shows that liberal activists are working with the
Obama administration today to lay the groundwork for future
bubbles in not only in real estate, but also in health
care, the auto industry, and "green" technologies.
Architects of Ruin is thus much more than just a story
about the past -- it is also an urgent warning about the
future. The Leftists responsible for the housing crisis
have learned nothing from their past mistakes. Architects
of Ruin proves that ordinary Americans who had to foot the
bill for the last state-capitalist bubble have reason to be
afraid -- very afraid -- of what is to come during the
remaining years of the Obama Administration.
Why the housing bubble burst,
staggering the global economy:
- The housing crisis: a failure of capitalism -- or liberal
social engineering?
- The chorus of liberal triumphalism that blamed the Right
and the free market for the housing collapse, and sought
to usher in a "new" New Deal -- all the while ignoring
some inconvenient facts
- How the fair housing movement would probably have
remained a fringe phenomenon had it not been for strong
support from liberal politicians in Washington
- How the Clinton administration aggressively pushed
billions of dollars in home mortgages to minorities,
knowing they would never be repaid
- The Left's activist jihad against American banks: how a
gang of liberal activists, labor unions, and politicians
in Washington set the stage for the biggest bank heist in
history, forcing banks to make more than $4 trillion in
bad loans to people with poor credit
- Bill Clinton's seduction of Wall Street and the birth of
the bailout culture
- How liberal Senators Ted Kennedy and William Proxmire put
the power of the federal government behind the
"affordable housing" scam
- Playing the race card: how Democrats made credit a civil
right
- How the Congressional Black Caucus and the Congressional
Hispanic Caucus turned Fannie Mae and Freddie Mac into
nothing less than a private piggy bank
- How subprime mortgages were used to fund radical activist
groups, including the apple of Barack Obama's eye, ACORN
(the Association of Community Organizations for Reform
Now) -- to the tune of $9.5 billion
- How Barack Obama was personally involved in the
affordable-housing racket as a young Chicago lawyer
- How Obama's top aide Rahm Emanuel made more than $46,000
an hour as a board member for Freddie Mac
- How prominent Democrats parlayed their "fair housing"
activism into lucrative appointments to the boards of
subprime lenders
- How liberal Congressman Barney Frank and Senator Chris
Dodd profited from their alliance with subprime lenders --
and squelched investigations of the looming mortgage
fiasco
- Brazen hypocrisy: how the very activist groups that once
sued banks for failing to make enough loans in poor and
minority neighborhoods are now suing those same banks
because they loaned too much!
- How the leading role of Democrats and their allies in the
fair housing movement in the housing crisis has gone
strangely unremarked by the liberal media elites
- How experts foresee another wave of mortgage defaults and
predict that unemployment will continue to rise
- How Barack Obama plans to use liberal state capitalism to
create the next big economic meltdown
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