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Little man...where's the evidence for your claim that S.190 was filibustered? That was an out-and-out lie. You haven't got squat to back it up. So unsurprising...
Well, there's another day gone by with not one iota of support from blowhard right-wingers for their claim that S.190 was filibustered. Lots of it's all true and you can't refute it and then......nothing. And then more nothing. This is because nothing is all they've got...
Why would you force race into the issue in the first place, in terms of mandating quotas. Banking and finance should be based upon sound financial decisions, such as income history, credit history and debt load. Race should have nothing to do with it. Forcing arbitrary racial quotas IS racism.
Someone else was doing the forcing. I'm saying that the apropreate responce was to limit the total number of loans to get the "correct" ratio rather than to write bad loans. This would have prevented the bubble that has ruined our economy. The writing of bad loans was the problem. I agree with what you have to say about quotas.
Why is Obama punishing Wall St, when Dems in Congress caused the 2008 crash?
If Dems in Congress caused the 2008 crash, why arent the Repugs using that as their biggest chisel to try to get back into Congress? They should be screaming it from the housetops.
All the government originally said was that consistent with sound business practices, banks and S&L's that took FDIC insurance had to make serious efforts to lend into the communities that they took deposits from.
Yep, that's all they originally said.
And then people started suing various lending institutions for not granting enough mortgages to blacks and other minorities.
And then the courts started finding in the race-baiters' favor.
And that's all it took to get the lenders to start lending to people who were FAR less likely to pay the loans back on time.
And things went downhill from there.
Start promoting liberal "ideals", backed up with the force of government, and disasters like the 2008 crash become inevitable.
Yep, that's all they originally said. And then people started suing various lending institutions for not granting enough mortgages to blacks and other minorities. And then the courts started finding in the race-baiters' favor.
Yo, Mr. Law-and-Order, the reason the banks lost such cases was that they were in fact guilty and typically ended up admitting as much and entering into consent agreements to bring themselves into compliance with the law.
Quote:
Originally Posted by Little-Acorn
And that's all it took to get the lenders to start lending to people who were FAR less likely to pay the loans back on time. And things went downhill from there.
As imaginary as the non-existent filibuster that so many have lied about here. Even after the agreed upon streamlining of CRA evaluations, there was never any consideration or mention of any action at all not consistent with sound business practices. All that changed was that serious effort would be presumed from actual performance. Instead of investing your time in finding out what actually happened in those years, you are wasting it in trying to come up with imaginary tales that might fit your preconceptions. That's a very poor way to proceed.
Quote:
Originally Posted by Little-Acorn
Start promoting liberal "ideals", backed up with the force of government, and disasters like the 2008 crash become inevitable.
CRA and the gradual conventionalization of subprime lending had nothing at all to do with the genesis of the credit crisis. None of the players involved was a party to those later developments.
Sometimes I have this feeling hired hacks from both parties swarm political sites. As far as I'm concerned both parties are to blame for this nasty mess we find ourselves in. These two major parties have been bribed and controlled by Wall Street for decades.
Spot on!! I couldn't agree more!!
A woman, Brooksley(sp?) Born, chairperson of the Commodity Futures Trading Commission, did try to warn about economic forebodings, but was dissed and ignored as a crackpot; she wasn't part of the ole boy network, led by Greenspan, and she was considered a "downer" and dissident for advising regulations, instead of market regulating itself but her predictions came to fruition and several companies/banks went belly up, or would have if public money hadn't been used to save them, the bailout. She also says it will happen again without a major systemic change to our model of "business as usual".
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