Editorial: Soros poised for payback on his political investment
Examiner Staff Writer 8/28/08
It’s bad enough that American taxpayers have to bail out the privately owned, tax-exempt Fannie Mae and Freddie Mac. But it’s truly outrageous that tax dollars will also go to support activist groups involved in voter fraud and illegal immigration.According to House Financial Services Committee member Rep. Michele Bachmann, R-Minn., the small print in the $42 billion bailout bill passed by Congress and signed by President Bush requires these two government-sponsored mortgage giants to deposit 4.2 percent of all new mortgages they underwrite into the National Affordable Housing Trust Fund. The Congressional Budget Office estimates that will be $531 million in fiscal 2009 alone.
Here’s the catch. Bachmann warns that the trust fund — the largest expansion of federal housing assistance since Lyndon Johnson’s Great Society — is required to make grants to organizations that have “demonstrated the experience and the capacity to carry out the proposed Trust Fund activity.” Which means that money can easily be siphoned off to groups such as the National Council of La Raza and the Association of Community Organizations for Reform Now. The latter has been heavily funded by George Soros, the mega-wealthy mogul behind many liberal causes.
La Raza, which opposes efforts to stop illegal immigration, and ACORN, members of which have been convicted of voter registration fraud in numerous states, are each eligible for $230 million under Section 134: Grants for Housing Counseling Assistance. And because the trust fund is “off budget,” the grants won’t show up on any congressional balance sheets. The Fannie Mae Foundation has already contributed more than $800,000 to the ACORN Housing Corp., which was also actively involved in the sub-prime mortgage disaster. La Raza testified before the Financial Services Committee in favor of the housing trust fund on numerous occasions. Little wonder. It’s a perfect way to hide payoffs to activist groups that in turn support political candidates who promise to keep their funding spigot on full blast.
These morsels are just a taste of what’s to come if Barack Obama wins the White House and Democrats gain veto-proof majorities in the Senate and House. As an opening bid in his $6 billion anti-poverty program, Obama seeks a Social Investment Fund Network with a White House office to disburse funds to “social entrepreneurs and leading non-profits” that are inspiring “change in their communities.” Translated: Obama will give billions more tax dollars to radical non-profits like Soros’ ACORN and LaRaza. Soros – who is also a long-time Obama donor - must want a return on his investment.
6 Comments
Reader Comments:
POSTED Sep 9, 2008
: "An obvious way to strengthen La Raza and therefore get the illegals votes. This is proof of the NAU that the elites want. Turning us and Canada into third world countries, while keeping illegals and Mexicans in poverty."POSTED Sep 18, 2008
Diane: "IF the Leftwing radicals happens to buy the presidency, the majority of American's will revolt! Founded on checks and balances no one wants an ALL LIBERAL White House and Congress riding roughshod on American liberties in the name of "world compassionism". The bitter ELITIST progressives will NOT have their way to re-distribute our wealth within our borders or in the world's forum, i.e. the UN. It is my humble opinion the Democrats have sold their soul to the devil (Soros and the like) and the heartland of our country will not accept their socialist agenda. AGAIN, the Leftwing radicals will have wasted their money trying to change America into their own playground where THEY CONTROL ALL Americans...it will never come to pass."POSTED Sep 19, 2008
Betty Smith: "Please educate your families and friends about these subversive organizations. The media, both left and right, do not cover how our system is being perverted. ACORN and groups like it are extremist organizations. They are designed to undermine and subvert our system of government. I reguklarly search the Internet for articles about ACORN and send them to my friends. The media has failed to tell the story of ACORN and Obama's relationship to it. The media avoids much so that people will not be informed. I also write to NPR, Frontline, and local talk radio hosts and ask them to tell the ACORN story. Anarchy is not government. ACORN is a subversive organization whose tactics and strategy are inconsistent with our constitution and government."POSTED Oct 3, 2008
DE Syracuse: "I believe that it is possibly time to start voting with bullets instead of ballots! A vote for Obama is a vote for Osama!"POSTED Oct 15, 2008
Misc: "DE Syracuse - I hope that they track you down for that threat that you made. You are advocating violence and I personally find that frightening and troubling. We can disagree with people without resorting to that."POSTED Oct 29, 2008
Betty: "Thanks for this informative post."