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The Great American Bank Robbery: The Unauthorized Report About What Really Caused the Great Recession Paperback – January 17, 2011

4 out of 5 stars 24 customer reviews

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Editorial Reviews

About the Author

Paul Sperry is an investigative journalist and Hoover Institution media fellow. His articles have appeared in the New York Post, Investor's Business Daily, and The Wall Street Journal . Sperry makes regular appearances on Fox News and other national media outlets.
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Product Details

  • Paperback: 320 pages
  • Publisher: Thomas Nelson (January 17, 2011)
  • Language: English
  • ISBN-10: 1595552707
  • ISBN-13: 978-1595552709
  • Product Dimensions: 5.5 x 0.9 x 8.4 inches
  • Shipping Weight: 9.6 ounces (View shipping rates and policies)
  • Average Customer Review: 4.0 out of 5 stars  See all reviews (24 customer reviews)
  • Amazon Best Sellers Rank: #266,819 in Books (See Top 100 in Books)

Customer Reviews

Top Customer Reviews

By Sanford Aranoff on February 6, 2011
Format: Paperback
I listened to Sperry being interviewed on the radio, and am extremely impressed. Everyone should read this important book and act to fight our national stupidity. In my university math classes discussing mortgages, I tell the students that mortgage rates are based upon statistical experience how many people of certain income levels will default. The bank must earn enough from the interest not only to cover administrative costs, but also the defaults. I tell my students they are to understand the logic and not be stupid in life. I wrote Sperry's ideas in my book Rational Thinking, Government Policies, Science, and Living, based upon simple logic. Sperry, of course, makes a far more powerful case with 300 pages and 50 pages of notes, along with names of people responsible for stealing hundreds of dollars from the value of American homeowners. We all must read this book and then act! We must be afraid, be very afraid, of our government leaders, of course, but we must have facts to permit us to clearly challenge our wise leaders. This book will give us these facts!
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Format: Paperback
This book is similar to another fine book, "Architects of Ruin" by Peter Schweizer. Both books address the same subject: How Washington's liberal-elitists and social engineers worked hand-in-hand with community organizers and activist thugs to raid America's banking system and pillage America's taxpayers. But they do so in different ways and with somewhat different results.

"Architects of Ruin," for example, begins by describing the activist thuggery in 1970s Chicago which led to the passage of the Community Reinvestment Act (CRA) in 1977, which was signed into law by then-President Jimmy Carter, and goes on to describe the subsequent events which inflated the housing bubble that burst in 2008. This book describes some of those same events, but commences in the mid-1990s when then-President Bill Clinton revised the CRA and by presidential edict began using the power of government to force banks to make undesirable subprime loans to the "underserved," and Fannie Mae and Freddie Mac to subsidize them, regardless of the borrower's credit worthiness or ability to repay the loans; thus corrupting the CRA and the financial system, and setting in motion the events which culminated in the economic collapse of 2007-8.

A second distinction between the books is that the earlier work, "Architects of Ruin," essentially gives George W. Bush a pass, much as the Angelides Commission and the mainstream media gave the real culprit, Bill Clinton, a pass. This book, on the other hand, explains in some detail President Bush's contribution to the economic collapse. In doing so, the author clearly shows that, although Bill Clinton must be held primarily responsible; G. W. Bush certainly made a significant contribution.
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Format: Paperback
Conservative journalist Paul Sperry begins this 2011 book by stating, "This book, at bottom, is an indictment. It does not seek to condemn the uncreditworthy minority who pursued the American dream of owning a home, even if prematurely. Rather, it accuses those who make a living exploiting these protected classes." He adds in the Introduction, "The primary culprits in this crisis are in Washington, and so far they have gotten off scot-free." He says the book "offers a welcome rebuttal ... to the entire false narrative told so far by the mainstream media... (that) has convinced an overwhelming majority of Americans that banks are to blame for their lighter wallets."

He argues that "Fannie (Mae) and Freddie (Mac) ... guaranteed more bad loans than anyone" (Pg. xv). He also criticized the Clinton administration's move in the mid-1990s to strengthen the Community Reinvestment Act (CRA), "which had the effect of watering down underwriting standards... and helping create the subprime market we all know so painfully well today." (Pg. xvii) He quotes a Freddie Mac spokeswoman who claimed that they were "forced to go into that market to serve the targeted populations that HUD wanted us to serve." (Pg. 17) He later adds that President Bush called for Congress to pass his American Dream Down Payment Assistance Fund to subsidize down payments for minority homebuyers. (Pg. 83-84)

He singles out the Association of Community Organizations for Reform Now (ACORN), which has "made a career out of stalking bank 'bigots' for billions of dollars in affirmative action loans." (Pg. 149) He also notes that Obama said in 2007 that "I've been fighting alongside ACORN my entire career." (Pg.
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While reading this no nonsense report about why democracies fail, I recognized how fascist our little experiment has become. The concept GSE is denotatively fascist, but we accept it as reasonable. Thus, Fannie and Freddie still exist, even after the debacle they significantly caused. Employing HUD and the CRA, Clinton and Bush manipulated the credit markets for mortgages beyond anything previously imagined by American Exceptionalists. With a de facto "reparations" program called sub prime loans, they greased the slide to the great recession, which is now, in popular myth, only a result of Wall Street (whatever that means) greed.

This book gives you a fresh reason to hate and mistrust the popular press. If it won't tell us the full story about this scandal, about what is it spinning today? Implied government guarantees, in a housing bubble "without end", of loans which the originator could easily pass off to the greater fool, deserve more scrutiny. There has always been greed, what changed to facilitate this "crash"?

Sperry documents thoroughly each of his suppositions. It is a sad story, yet without an end. The Chicago Acorn is doing it to us in continuum. The next move is "socially responsible" small business loans, and then college loans. There are vague but expanding quotas that in the words of Robert Higgs, a great economist, create "regime uncertainty"; a term used to explain the dearth of confidence and investment in our present economic state. Sub prime mortgages are the microcosmic government intervention which gives support to his thesis. If banks (and now others, eg., insurance companies) are told to whom to lend by political bosses for constituent reasons, there are no rules, just uncertainties. Is every type of "property" now part of the commons at the whim of the next delusional utopian?
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