Frank’s Departure Unleashes Radical Waters

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As members of George W. Bush’s administration and then-Fed Chairman Alan Greenspan warned the Financial Services Committee year in and year out about the grave “systemic risk” posed by the government-backed Fannie Mae and Freddie Mac, neither Frank nor Waters uttered a word of protest.

While Democrats planted in sinecure posts at Fannie and Freddie grew fat and rich at public expense, Frank and Waters were silent. As Fannie and Freddie securitized billions and billions of dollars in risky subprime mortgages and sold them to unsuspecting investors, Frank and Waters kept their lips zipped.

And whenever sensible lawmakers tried to curb the awful Community Reinvestment Act (CRA), a bizarre financial affirmative action scheme that forced banks to lend money to homeowners doomed to default, Frank and Waters called the reformers mean-spirited racists. They even demanded that banks step up their lending to unqualified borrowers.

Waters is a longtime ACORN loyalist who has come to the group’s rescue more than once. She even helped ACORN rescue the CRA when Newt Gingrich’s Republicans tried to repeal it in 1995, as I report in my book, Subversion Inc.

That year the thugs of ACORN stormed a House Financial Services subcommittee hearing. ACORN mobilized when the congressional panel began considering reforms to the CRA. Led by ACORN national president Maude Hurd, the activists disrupted a March 8, 1995, hearing by chanting, “CRA has got to stay!” and “Banks for greed, not for need!” When they tried to commandeer the microphone, five demonstrators, including Hurd, were arrested. Efforts to free them by ACORN allies Sen. Ted Kennedy (D-Mass.) and Rep. Joe Kennedy II (D-Mass.) failed. The U.S. Capitol Police let them go only when Waters showed up at the detention facility and threatened to stay put until the demonstrators were released.

Republicans gave up on reforming CRA, intimidated by the Left’s political theatrics.

After the original ACORN network began to splinter, Waters immediately expressed her support for the newly created ACORN front group, Alliance of Californians for Community Empowerment, when it made its public debut in January 2010.

If Waters ever chairs the House Financial Services Committee, she will use her power to help ACORN and similar radical groups undermine American capitalism.

And her behavior will be even more outrageous.

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  • StephenD

    Waters is a Dolt. Having her on your side is like having a cartoon character for a lawyer. She will either be told what to do or she will inevitably make an ass out of herself. On her own, she is a fool as are all those that would support her.

    • jacob

      Yes but as the writter points out, if she ever gets to be the head knocker at this
      Congress committee rest assured she will be more dangerous at that post
      than a monkey holding a stright-edge razor…..

  • tagalog

    I don't mind Maxine Waters referring to the Rodney King riots in L.A. as a "rebellion," as long as Maxine Water doesn't mind recognizing that the most usual tactic a government employs when a rebellion occurs is to call out the army and give the rebels a "whiff of grapeshot."

    • mrbean

      Rodney King got roughed up a little for being a thug (been arrested 4 times simce on felonies) but there were 50 people killed and over 300 serious injured in the Chimpout riots that followed and Congresssow Maxine's comments at the time were "You have to understand our rage." Racist hag needs to be locked up for her family congressional felonies.

  • Steve Chavez

    How can the likes of Waters and Pelosi keep getting elected? I lay part of the blame on the toothless State Republican Party. They seem to give up and don't try at all. They have at least two years to find that one person who is capable of dethroning these hags.

    Aren't any Republicans in the State Houses capable, bright, and who have a personality to take them on?

    Amazing too that the supporters of Fidel Castro don't stay in Cuba to help him change his colostomy bag!

    • sedoanman

      One would think the Republican majority in the House would have refused to seat her after the last election. But I guess one would be wrong.

      • mrbean

        accomodate her with a seat and then ignore her.

  • BS77

    Waters, Frank…whatever…what gets me is the people who keep electing these jerks. Talk about ignorant !!

  • tanstaafl

    "Vox populi, Vox dei."

    • StephenD

      Vos cannot servo utriusque Mammon quod Deus.

  • winoceros

    Yes, the woman who decided to single-handedly arrange for a $12 million bailout from Treasury for her own husband's bank (Remember One United?), and then got caught, and then claimed that the meeting was for "all minority banks," is now the woman in line for a leadership position.

    Are you people in SoCal out of your minds? Why do you tolerate this criminal?

    • Questions

      It's not all of Southern California who are the culprits. It's her overwhelmingly black district. How many times must I say it? Blacks always support their own.

      • winoceros

        I know. I lived in San Diego. But there has got to be some people in California who are, you know, normal and can point out her corruption and help these people disinfect.

        Look at the work Star Parker does for the black community. What a shame. She keeps them all down.

      • Ghostwriter

        I'm sorry,but that's not a fair thing to say. There are probably black people who don't like Waters as much as you do.

      • johnnywoods

        You may not be old enough to remember Adam Clayton Powell but you surely remember Charlie Rangel. Are you beginning to get the picture?

  • mrbean

    What would Richard Pryor have said? Gawd dat beetch dun sho beez butt ugly!

  • BLJ

    Maxine Waters. What a joke. She is a racist shakedown artist and a hater of America as well.

    People like her make me sick. I wish she would go alope with her boyfriend Castro. Let Cuba have her.

  • Questions

    "Wanda Sykes without a sense of humor" — I like that.

  • mrbean

    I will not miss "The Great Cornholio!