Obama

By David Freddoso

Barack Obama is casting quite a few stones over today’s financial crisis. He blames deregulation (wrong) and greed (partly right). But if he wants to know how the current economic crisis unfolded, he might want to look instead at his own campaign team. Not only does it contain two former CEOs of Fannie Mae -- the government-backed actor that caused most of today’s problems in the secondary mortgage market -- but it also includes a banker whose strategy of aggressive subprime lending caused a bank to collapse, according to federal regulators.

Penny Pritzker was that banker, and she currently serves as Obama’s national finance chairwoman. She has been a supporter of Obama ever since the summer of 2002, when she first agreed to help finance his 2004 U.S. Senate campaign. She is also one of America’s wealthiest women, coming from the family that owns the Hyatt hotel chain. In her family, they don’t fight over the remote control. They fight over who took a billion dollars from whose trust fund -- this was literally the subject of an intra-family lawsuit in 2002.

Aside from the money she has raised from others on Obama’s behalf, Penny Pritzker’s family contributed roughly $39,000 to his 2004 Senate campaign. They have continued their generosity toward his presidential effort, giving some $48,000 in all as of this summer.

Pritzker was chairwoman of the board for her family’s bank, Superior Bank FSB, until 1994, when she became director of its holding company. In 1993, she had overseen the fateful decision to adopt a new business strategy of aggressive subprime lending. The bank would actually come in for some criticism for this on the Left -- in 2000, the National Community Reinvestment Coalition (NCRC) sent a letter to federal bank regulators to alert them to Superior’s subprime lending practices, accusing the bank of poor risk management and of targeting minorities for subprime loans at a rate that far exceeded other financial institutions.

They were at least right about the poor risk management. But as Superior neared collapse in May 2001, Pritzker penned a letter promising to “once again restore Superior's leadership position in subprime lending.” Superior’s collapse that July caused 1,400 people to part of their savings, and prompted a $750 million bailout by the FDIC. Such bailouts do not directly affect taxpayers, but they do ultimately create extra costs for all banks and bank customers.

The subprime strategy that Pritzker had endorsed was a major part of the problem leading to the bank’s insolvency, according to the federal Office of Thrift Supervision. As that government agency reported at the time:

Superior Bank suffered as a result of its former high-risk business strategy, which was focused on the generation of significant volumes of subprime mortgage and automobile loans for securitization and sale in the secondary market.

The FDIC places much of the responsibility for the collapse on the board and managers at Superior, saying they “ignored sound risk-management principles and failed to adequately oversee Superior's operations.” The Pritzkers agreed to pay a $460 million settlement—$100 million up front, and the rest (without interest) over a period of 15 years. According to the Associated Press, the Pritzkers’ settlement “barred government action against the owners,” who “admitted no liability.”

In April 2008, Pritzker told USA Today: “I regret that Superior Bank failed.” She went on, “My family voluntarily agreed to pay the FDIC $460 million … without litigation or any allegation by federal regulators of wrongdoing. I am proud of how my family responded to this situation.”

In other words, she was proud that her bank had returned some of her customers’ money. For even after the large legal settlement and the FDIC bailout, some 1,400 account holders came up $10 million short, on aggregate. The Chicago Sun-Times quoted one of the people who lost money, a 63-year-old woman who had unfortunately deposited her retirement savings in Superior just before the collapse: “They still owe me $113,000,” she said.

Aggressive subprime lending is an important component of the economic crisis we currently face. So when you hear Barack Obama discuss the current problems, don’t forget that his campaign’s top money-woman was one of the actors in this drama, who gambled in the subprime mortgage market, and lost millions for her bank customers.

David Freddoso, a staff reporter for National Review Online. This essay is based on a section from Chapter 11 of his New York Times bestselling book, The Case Against Barack Obama: The Unlikely Rise and Unexamined Agenda of the Media’s Favorite Candidate.

When Bevan Cooney — the former "junior" business partner to Hunter Biden and Devon Archer — went to jail in 2019, investigative reporter and New York Times bestselling author Peter Schweizer thought he'd never gain access to the damning emails Cooney had promised. That all changed three weeks ago when Schweizer was given complete access to Cooney's gmail account.

Schweizer joined Glenn Beck on the radio program Tuesday to describe just some of the business deals revealed within these emails — like Hunter working with an alleged Russian criminal and with Chinese communists to secure their assets, or to secure one-on-one time with his dad, then-Vice President Joe Biden. And all of this new information is completely separate from the emails allegedly discovered on Hunter Biden's laptop recently reported by the New York Post.

"So, I want to make this clear. This [Cooney's emails] has nothing to do with what's on the laptop … It didn't come from [Rudy] Giuliani. It didn't come from anybody else, right?" Glenn asked Schweizer.

"That's absolutely correct," Schweizer confirmed.

He briefly explained how Cooney, a former Los Angeles nightclub owner, is currently serving a prison sentence for his involvement in a fraudulent business bond scheme with Biden and Archer. From prison, Cooney gave Schweizer written permission to access his Gmail account.

"This is really important," he noted. "We're not looking at printouts. Not looking at PDFs. We're actually in his Gmail accounts themselves, sifting through these emails. And there's a shocking amount of information about deals involving China, involving Russia, involving all sorts of things they were trying to pull off."

Watch the video below to catch more of the conversation:

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The king of "No Spin" and bestselling author of "Killing Crazy Horse," Bill O'Reilly joined Glenn Beck on this week's podcast to talk about the latest developments in Joe Biden's Ukraine and China corruption scandal. Now that some of the details are finally coming out in the open, does the average Democrat care? Maybe, but the Left doesn't seem to.

O'Reilly argued there's more hatred for President Donald Trump now than in 2016, and that some people hate President Trump so much that they'd rather vote for the "senile, corrupt" Joe Biden.

"Hunter got tens of millions of dollars from Ukraine, from Russia, from China because his father was vice president. I have no doubt in my mind," O'Reilly said. "But the hatred for Donald Trump overrides that in the minds of millions of viewers. They're saying, 'You know, we'd rather have the senile corrupt guy than Trump.'"

Asked by Glenn if any other Republican running for president would be met with the same level of vitriol, O'Reilly answered, "The Left is the Left. They don't like America. The want to redo the Constitution. They want to take some of our freedoms, like the Second Amendment and the First Amendment, and change them. And they want to destroy capitalism and replace it with a big centralized government in Washington that controls the economy … but I'm talking about the folks. I have liberal friends and I say to them, 'Do you not understand that when you vote for Biden, you're voting against your own self interest?'"

Watch the video clip from the full podcast below, or find the full episode HERE:

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In a phone call with his constituents, Senator Ben Sasse (R-Neb) unleashed a torrent of criticisms about President Donald Trump, saying he "flirted with white supremacists," "kisses dictators' butts," and "spends like a drunken sailor."

On the radio program Friday, Glenn said he was disappointed in Sen. Sasse for apparently forgetting all of President Trump's accomplishments. Because, in reality, Trump has accomplished a lot more than many presidents before him.

Then, for anyone who may have forgotten President Trump's achievements — or who simply hate the man so much they've ignored them — Glenn listed just some of the many things this president has achieved during his three and a half years in the White House.

Watch the video below to hear Glenn's message for all the Trump-haters who have forgotten Trump's accomplishments, or you can read Glenn's list HERE:

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President Trump has given us great judges on the lower court, 3 judges far superior than Roberts and other bogus constitutionalists as SCOTUS and one just may turn out to be another Clarence Thomas. He kicked the ass of ISIS and came home.

He got us out of the disastrous Iran deal, killed their head of terror, boxed them in and is currently collapsing their economy while also brokering a Mid East peace deal that everyone said could never happen. He moved our embassy to Jerusalem despite the state department, something no president has done even though they all promised.

Yes, he met with the North Korean Dictator. I hated that, but I also hated the fact that no other president did anything and North Korea kept gaining power. He has gotten Europe to pay their share of NATO, brought the Arabs and the Jews together, while smashing the choke hold of the PLO, and stood up to the Chinese instead of selling them supercomputers (Clinton), accepting lead poison in dog food (Bush), or loving the CCP and taking millions in dirty money (Obama/Biden).

He also has defended religious liberty unlike any other president at least in the last 100 years, and is a true pro-life advocate that unlike most republicans backs it up with action instead of just talk.

President Trump has also opened doors that the GOP was too wussy to even try to open with Hispanics and Blacks. He again didn't pander. He instead cleared the dead wood and opened pathways up so they could get higher education, create jobs, and not get lost in the prison system.

He also has defended religious liberty... and is a true pro-life advocate.

President Trump also took on an economy that had been beaten down, a people who had been told "you didn't build that" and, in fact, Obama and Biden claimed that the economy was "as good as it would ever get," that we would never create jobs in sectors ever again.

President Trump gave us the lowest unemployment rate since 1969 (the year I celebrated my 5th birthday,) the lowest unemployment for Hispanics & Blacks ever, and the first real growth in pay that I can remember.

President Trump then responded to the largest pandemic in 100 years by doing a couple of things I have never seen a president do:

  1. America's biggest capitalist shuts down the entire economy and knowingly puts his re-election at risk in order to save people.
  2. Closes travel with China and Europe, only to be called “racist," "xenophobic" and accused of stirring hatred. Now everyone says they were for it, but he stood alone and took the heat.

When everyone bashed him because they thought he would seize control and become an authoritarian by telling states what to do, or taking control of companies and telling them what to produce, he simply asked the free market to step to the plate, because he trusts the people of this country to do the right thing. By not taking control, he was called a dictator and a Nazi. Meanwhile he has been blamed for the blood bath created by Gov. Cuomo's nursing home policies. They said 2 million would die, best case scenario 200,000 — if we did everything right. Gee, seems that we are now in the time period they told us would be phase two, it seems as though we seem to have hit that "best case scenario" at this point.

While all of this has gone on, President Trump has fought the lies that were started by Hillary Clinton's team to smear him as a Russian operative. It was enabled by the Obama White House and included the DOJ, CIA, Dept of State, FBI, and DNI. Did I leave anyone out? Oh, yeah we are now getting evidence that members of the Pentagon may have been involved as well. Not to mention the so-called "press" and Congress who did things that would embarrass not only "Frank Underwood" but also Kevin Spacey. He has single handedly exposed the press for who they are and have always been. Because of his tweets, personal style and frankly balls of steel, he has exposed those who truly are: "Enemies of the people." I hated that when he first said it, but it is true. Any person or group that knowingly lies to destroy our president, our Constitution and the free market, are not just enemies of the people, they are enemies of the freedom of all mankind.

As someone who didn't support President Trump at first (and that is putting it mildly) I remain honest enough to judge him on his entire record. He is perhaps the only man in America that can and has stood entirely alone, surrounded by enemies, surrounded by those who took an oath to protect and defend the Constitution, who are now actively engaged in destroying it and any elected president who stands in their way.

Personally, I have grown sick and tired of spineless, do nothing, old, corrupt GOP politicians who are either part of the problem or too frightened to stand alone and speak up. The vast majority are all "Sunshine Patriots." History will condemn those who did nothing but complain and whine, while others not only rang the bell, but stood and took the hits, who risked it all and lost money, reputation and perhaps, God forbid, some who gave the ultimate sacrifice to fight the evil that rages so clearly against the light.

100 years from now history will judge all of us. So will our children's children. Most will be forgotten. Those who failed to show up on the battlefield or cower in the trees, will be remembered with shame and disdain. Others like President Trump, I believe will be seen as indispensable.