Rush Limbaugh's Morning Update: Act II

From Rush Limbaugh: Congressman Barney Frank -- the Banking Queen, who runs the House Financial Services Committee -- held a hearing last week proposing an expansion of the Community Reinvestment Act. Democrats call the new measure the "Community Reinvestment Modernization Act of 2009."

The original act, signed into law by Jimmy Carter, was ultimately a trigger for the mortgage meltdown, which led to the present economic collapse. The purpose of the act was to threaten financial institutions: either give mortgages to unqualified people, or face the wrath of Congress. It's the very law that gave "community activists" like ACORN clout, allowing them to intimidate banks into submission.

So now Democrats want to use an expanded "reinvestment act" to force insurance companies, credit unions, and other mortgage lenders to provide loans on racial criteria -- regardless of income. Barney Frank says the purpose is to increase "home ownership and small business ownership for low and moderate income borrowers and people of color" in order to, "close the wealth gap in the United States."

In other words, destroy the economy -- a second time! Let's be crystal clear: opposition to this isn't about race, it's about "reason." We're not talking about skin color; we're talking about the inability to repay loans.

My friends, there's only one solution to put America back on secure financial footing and restore some level of sanity in government: Democrats have to go. They must be soundly defeated and swept out. Their socialist wealth-redistribution schemes must be rolled back, too, once and for all.

Read the Background Material on the Morning Update...
• WSJ.com: US Advocates Push To Expand Community Reinvestment Act
• Washington Examiner: Dems push expanded Community Reinvestment Act; deny Act's role in mortgage meltdown; GOP cites ACORN connection