ROTFLMAO!!! DiLorenzo is simply a hired gun son.<quoted text>
The Government-Created Subprime Mortgage Meltdown
by Thomas J. DiLorenzo
The thousands of mortgage defaults and foreclosures in the "subprime" housing market (i.e., mortgage holders with poor credit ratings) is the direct result of thirty years of government policy that has forced banks to make bad loans to un-creditworthy borrowers. The policy in question is the 1977 Community Reinvestment Act (CRA), which compels banks to make loans to low-income borrowers and in what the supporters of the Act call "communities of color" that they might not otherwise make based on purely economic criteria.
The original lobbyists for the CRA were the hardcore leftists who supported the Carter administration and were often rewarded for their support with government grants and programs like the CRA that they benefited from. These included various "neighborhood organizations," as they like to call themselves, such as "ACORN" (Association of Community Organizations for Reform Now). These organizations claim that over $1 trillion in CRA loans have been made, although no one seems to know the magnitude with much certainty. A U.S. Senate Banking Committee staffer told me about ten years ago that at least $100 billion in such loans had been made in the first twenty years of the Act.
So-called "community groups" like ACORN benefit themselves from the CRA through a process that sounds like legalized extortion. The CRA is enforced by four federal government bureaucracies: the Fed, the Comptroller of the Currency, the Office of Thrift Supervision, and the Federal Deposit Insurance Corporation. The law is set up so that any bank merger, branch expansion, or new branch creation can be postponed or prohibited by any of these four bureaucracies if a CRA "protest" is issued by a "community group." This can cost banks great sums of money, and the "community groups" understand this perfectly well. It is their leverage. They use this leverage to get the banks to give them millions of dollars as well as promising to make a certain amount of bad loans in their communities.
Pay him money and he says whatever you want... just like a right wing idiot!
" DiLorenzo and the Tobacco Industry
DiLorenzo served as a research fellow at the Independent Institute and the Capital Research Center, two public policy think tanks that have accepted tobacco industry funding. In 1994 the Independent Institute accepted funds from R.J. Reynolds (RJR) specifically to fund anti-tobacco control research by DiLorenzo.
DiLorenzo was paid $30,000 by R.J. Reynolds to write a book called "CancerScam" denigrating the ASSIST Project, a 17-state national tobacco control program, and "Unhealthy Charities" a book attacking the major voluntary health charities (American Heart Association, American Cancer Society, American Lung Association). Pay request was sent to R.J. Reynolds and payments made to the Atlas Economic Research Foundation.
DiLorenzo has co-authored books funded by tobacco companies with James T. Bennett of George Mason University. In 1995, Bennett and DiLorenzo billed RJR $100,000  to produce a book a called Cancerscam: the diversion of federal cancer funds to politics, that attacked health charities for spending what the authors deemed a disproportionate amount of their income on political advocacy. The authors argued the money should be spent on research instead. The Cancerscam book comported perfectly with a 1993 Philip Morris internal Corporate Affairs plan to work towards constraining health charities by restricting how much of their funds could be spent on research and capping the amount the charities could spend on salaries and lobbying. Bates Page -6028 of the 119 page plan..."