100 billion going to ACORN! That is enough to scuttle the entire thing.

100 billion going to ACORN! That is enough to scuttle the entire thing. Locally we could have "fun" with that I've watched way too much CNBC in the last ten months since my constitutionally protected first funding MN PERA early retirement. CNBC seems fair overall in their coverage (great Sarah Palen interview done before the announcement) but I saw no indication of this credit crisis coming to a head. I knew the basics of "creative financing" were bad but didn't see an immediate crisis. The 1977 CRA was always throwing a lot of money at the "hood". I lived in the Minneapolis Phillips neighborhood for a couple of years before buying a house in the Longfellow neighborhood. I recall getting a lot of very attractive finance programs if I would want to buy in he Phillips neighborhood. For the neighborhoods like Phillips this was good to attract responsible homeowners but like the Jeffersons I wanted to "move on up" and not deal with the hassles of the "hood". Buying in Longfellow definitely improved my "quality of life" (here in Longfellow someone took my ten year old garden hose but even there an ex girlfriend with a propensity for "borrowing" things is a key suspect. That is my "crime of the decade" here in Longfellow. My old Phillips nieborhood is holding on due to immigrants who didn't know about the "creative financing" thing where repayment of the loan is optional. Go to the near North Side and it's far worse. Would responsible people want to buy a house in a "war zone"? They dumped huge amounts of money into North Minneapolis and they have this huge default percentage. This did nothing to help the responsible people who bought houses there. A former roommate just filed criminal charges against a North Minneapolis building inspector who solicited money for a marginal scrap lumber violation. I think it was $300 to remove it and "make the complaint go away". This person had a court related job so this person knew how to set a trap and deal with it. You might recall that Barak Obama was "associated" with a few Chicago Real Estate projects in the "hood" that defaulted. Somehow the mainstream media doesn't seem interested in this. Also, the figure of some called "sub prime mortgages at risk is under 5% of total owner occupied housing. I don't thing the vast majority of the public, including myself, who paid off my mortgage in under 20 years and never did a takeout will be be sympathetic to these "something for nothing" sub prime borrowers. There will need to be a bailout but who caused it. That said, I suspect the public has little sympathy for the six, seven and eight figure compensation "geniuses" on the "supply" side. If any impropriety, lock them up for life sharing a cell with "spike" and throw away the key. This prosecution should go deep.