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And the whole op-ed is just a same-as-it-ever-was homily. Even though he didn't really, Reagan is and was at the time thought of as having cut taxes a lot, and yet here was a rant about all that terrible tax burden that doesn't really exist. Nearly 30 years ago that piece was written. It didn't mean anything then and it doesn't today. The US has some of the lowest effective personal and corporate taxes in the developed world. People whine about it anyway...
Like it or not. Believe it or not.
The Community Reinvestment Act (CRA) led to lending practices that led to TARP.
Liberals are guilty as charged!
CRA based on lies and false claims, then tweeked by democrats to get community activist organizations like ACORN involved, led directly and indirectly to the bailout of Banks, Detroit carmakers.
Guess what? No legislation or rules to fix the problem.
Like it or not. Believe it or not.
The Community Reinvestment Act (CRA) led to lending practices that led to TARP.
Nope. No connection at all. For one thing, Bush relaxed enforcement of CRA once he took office in 2001. Volume fell. Later, he exempted large numbers of institutions from CRA coverage entirely. By 2002, the big private brokers (Countrywide, Ameriquest, New Century Financial, et al.) were moving in. Permanently low interest rates had stimulated demand for the safety and suddenly respectable yields of mortgage-backed securities. Brokers could sell hand over fist to Wall Street, so they kept lending and lending and lending...eventually to anybody. TARP came about because the Wall Street banks were about to go south, choking on credit market blowback from the very systemic risk that they themselves had helped to create in hopes of maintaining their absurd profit and bonus levels. If they (and AIG) had all gone down together, the global repercussions would have been cataclysmic. Lehman Brothers alone was enough to freeze markets solid. Treasury and the Fed had no choice over whether to intervene, only over how. But the aftermath left major banks with holes all over their balance sheets. Enter TARP to try to clean up the books and get a grip on the crisis. It all would have worked better if it had been done a year earlier, but there was no political will to do it at that time. Meanwhile, increasingly irrelevant CRA portfolios more or less chugged along as usual. One market segment that performed even better than CRA loans was ITIN mortgages. Almost all of those are held by illlegal immigrants. Kind of small at a volume of less than $100 billion, but they have still been one of the best-performing subgroups of mortgage borrowers out there.
Quote:
Originally Posted by ArtinChicago
CRA based on lies and false claims, then tweeked by democrats to get community activist organizations like ACORN involved...
No, CRA doesn't affect underwriting, but yup, ACORN and similar groups specifically became involved in CRA lending as agents and brokers for covered banks and S&L's. These had never lent into the target communities before and so had next to no expertise. The community groups had such expertise in spades. They knew everybody. They could pick up a bundle of commited funds from a bank and move it out to the best qualified buyers of single and multi-family homes and other rated borrowers at a fraction of the cost that banks and S&L's on their own would have incurred. So they worked together and split the difference.
One more time: You don't understand what went on because all you've been paying any attention to is the fabricated right-wing disinformation media version of history. That version is nothing like what actually happened.
You sure spend a lot of print on defending the Lie of no connection between CRA,
democrat legislation and rules,
pressure on banks to lend by ACORN and other "community" organizations,
greedy banks then given the pass of handing Fannie and Freddie their unsecured bad debt,
housing bubble breaks,
loans begin defaulting,
CDA's hugely marginalized going into default,
and all of a sudden you have a HUGE FINANCIAL MELTDOWN!
Hello TARP and government interference! Hello American taxpayer left holding the bag!
The banks didn't know? (some of the sharpest minds in finance - they don't lose money) Congressmen and Senators didn't know? Officials, Accountants at Fannie and Freddie, didn't know?
And now these very same scoundrels want to "fix" our health care/insurance?!
NO THANKS!
BTW, Trillions of dollars of new debt on American taxpayers and Americans yet to be born,
and nobody is responsible, no one is at fault, NO ONE IS GOING TO JAIL!
These taxes didn't exist 100 years ago. What happened almost 100 years ago? December 23, 1913. The congress was going home for Christmas vacation. A few congressmen stayed around, because they were going to vote on the Federal Reserve Central bank. When the congress came back after Christmas they noticed The Federal Reserve was created. It was a trick and it should have been appealed. Now ever since we've had the Federal Reserve we've had our money inflated. We've had endless wars. We've had up and down economies every ten years. It doesn't take a rocket scientist to figure out who did this. The Jewish bankers did it and our politicians approved. You know who did it and you know what you must do. You must get the crooked bastards out of there with force. If it weren't for this little trick pulled by the Jewish bankers we would still be paying $5,000 for a nice home and there would be no wars. You can't correct this by voting. The joke is on you. Each person even considered for a political seat is kosher approved. The Federal Government from the president to congress gets replaced every year. Each party the Rep, Dem, Lib, and all parties put forth one person to present them. You have a televised debate with all members on Monday, Wednesday and Friday. You go to vote that following Tuesday. You would vote based on what the person said.
This would end Special interests and Israel controlling our country. I mean you have career politicians who vote for whoever has the most money.
Today a politician puts a bill before congress. They pork barrel and say you add this to it and that to it and do this and do that and I'll vote for it. Instead of just this congressman arguing for the bill and you hear the pros and cons and then they vote. But they delay and drag their feet and it takes years to get something passed.
I can't justify their job. I mean if we replaced these crooks and the lawmakers could meet every 2 months. So there would be no need to pay them big bucks. In fact you could replace them ever year and pay them very little.
You people won't do anything. You know who the problem is. It's those lawmakers who have cushy jobs and they kiss the arse of people with the deepest pockets. Get rid of these crooked lawmakers. How many laws do we need? The past twenty years all they did was take away more freedoms.
You might have to get them away from Capitol Hill by force. Not many people are going to leave a job that pays $100,000 with perks and money forever. I wouldn't and you wouldn't, but you might if cold steel was involved.
You let these bastards send your kids to war, but not their own. But what you don't know is these creeps have resorts built in all the mountain ranges in North America. They have plans for you dude and you won't like them. For someone to build a fortress in a mountain where they can live for an extended period of time means they have plans and you're not included.
The militia missed their time. When the government went to Waco and murdered all those people the government was hated more than ever. The militia was growing big time. So the government had to stop this. So they set up Tim McVeigh. He might have had a bomb, but the BATF had bombs on the main columns and that's why the building collapsed. After this they tied him to the militia even though he had nothing to do with them, but the militia shrank after this. But now they're growing again. When will these silly people in military garb wake up and head for Washington?
Last edited by stormchaser9878; 10-11-2009 at 11:22 AM..
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The answer is very simple
