I highly recommend that you read the entire linked article. Here are some choice highlights with my comments following:
If the GOP Had Listened to ACORN's Advice, the Mortgage Industry Wouldn't Be in Meltdown
By Peter Dreier and John Atlas, The Nation. Posted October 27, 2008.
For years, ACORN has alerted public officials that the industry was hoodwinking many families into taking out risky loans they couldn't afford and whose fine print they couldn't understand.
Now John McCain and his fellow conservatives are accusing ACORN of strong-arming Congress and big Wall Street banks into making subprime loans to poor families who couldn't afford them, thus causing the economic disaster. McCain's campaign is running a one-and-a-half-minute video that claims Barack Obama once worked for ACORN, repeats the accusation that ACORN is responsible for widespread voter registration fraud and accuses ACORN of "bullying banks, intimidation tactics, and disruption of business." The ad claims that ACORN "forced banks to issue risky home loans — the same types of loans that caused the financial crisis we're in today."
it is richly ironic that John McCain — a longtime ally of the banking industry whose mentor Phil Gramm orchestrated the 1999 Financial Modernization Act, opening the floodgates to irresponsible lending practices — is trying to scapegoat ACORN for the subprime crisis. Powerful business groups and their right-wing allies will continue to attack ACORN because it exposed and battled the real culprits of the financial crisis.
Now, how do you simultaneously "forced banks to issue risky home loans — the same types of loans that caused the financial crisis we're in today" and "[f]or years, ... [alert] public officials that the industry was hoodwinking many families into taking out risky loans they couldn't afford and whose fine print they couldn't understand"?
The fact is that the charges by the McCain campaign are lies. They are Karl Rove type lies. They are lies designed to attack the strength of the movement for the poor and minorities, which lies are backfiring, thank God.
Rove's dirty tricks are backfiring, backfiring, backfiring. They are going to haunt the Republican legacy forever. It is only going to get worse and worse in reputation and deservedly so. They brought it upon themselves. Repent Karl. Repent Republicans. Atone.
God bless everyone.