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It is bizarre how progressives refuse to admit their policies lead to themeltdown and it is even more bizarre how now they want MORE of those failed policies? Proof the looney left hates The USA !
And I find it bizarre that conservatives reject my free market approach which minimizes government, maximizes liberty and opportunity, and allows people to buy what they can afford without coercing or subsidizing anyone.
And I find it bizarre that conservatives reject my free market approach which minimizes government, maximizes liberty and opportunity, and allows people to buy what they can afford without coercing or subsidizing anyone.
It's bizarre how partisan Republicans use the CRA as a scapegoat to blame all problems on. Either that or Obamacare.
Firms that were doing this bad lending -- countrywide for instance -- weren't even subject to CRA regulations.
But Countrywide was lauded for their loans to minorities and doing their part for America.
Bank of America Home Loans - Wikipedia, the free encyclopedia
Economist Stan Liebowitz writes that the Fannie Mae Foundation singled out Countrywide Financial as a "paragon" of a nondiscriminatory lender who works with community activists, following "the most flexible underwriting criteria permitted."
And the regulators turned a blind eye because they were "FOA" and getting discounted loans.
Countrywide Loans Sought Favor With Fannie Mae, Report Says - Bloomberg
Countrywide Financial Corp. gave discount loans to former and current members of the U.S. Congress and executives at Fannie Mae (FNMA) as it lobbied to scuttle legislation that would have diminished its sale of sub-prime mortgages, according to a report released today by House Oversight and Government Reform Committee Chairman Darrell Issa.
And I find it bizarre that conservatives reject my free market approach which minimizes government, maximizes liberty and opportunity, and allows people to buy what they can afford without coercing or subsidizing anyone.
It would be bizzarre if they were indeed conservetives, but these people are clearly not. They speak out of both sides of their mouth, and today they speak out of the left side, and they don't even realize they are pushing for more regulation.
99% of the financial markets are highly regulated. Some even have price controls and others have profit controls.
The OTC derivatives were largely unregulated. In the following testimony, which won the day Greenspan argued that they should be kept that way. He was not the only one believing that they should be kept unregulated. In this specific case he was arguing why they shouldn't be regulated by the CEA.
"...regulation of derivatives transactions that are privately negotiated by professionals is unnecessary." Greenspan.
I do not mean to suggest that counterparties will not in the future suffer significant losses on their OTC derivatives transactions. Since 1994 the effectiveness of their risk management skills has not been tested by widespread major declines in underlying asset prices. I have no doubt derivatives losses will mushroom at the next significant downturn as will losses on holdings of other risk assets, both on and off exchange. Nonetheless, I see no reason to question the underlying stability of the OTC markets, or the overall effectiveness of private market discipline, or the prudential supervision of the derivatives activities of banks and other regulated participants. The huge increase in the volume of OTC transactions reflects the judgments of counterparties that these instruments provide extensive protection against undue asset concentration risk. They are clearly perceived to add significant value to our financial structure, both here in the United States and internationally. Accordingly the Federal Reserve Board sees no reason why these markets should be encumbered with a regulatory structure devised for a wholly different type of market process, where supplies of underlying assets are driven by the vagaries of weather and seasons. Inappropriate regulation distorts the efficiency of our market system and as a consequence impedes growth and improvement in standards of living.
.... Beyond question, the centralized execution and clearing of what to date have been privately negotiated and bilaterally cleared transactions would narrow the existing differences between exchange-traded and OTC derivatives transactions. However, that is not a reason to extend the CEA to cover OTC transactions. As we have argued, doing so is unnecessary to achieve the public policy objectives of the CEA. Moreover, as the economic differences between OTC and exchange-traded contracts are narrowing, it is becoming more apparent that OTC market participants share this conclusion; their decision to trade outside the regulated environment implies they do not see the benefits of the CEA as outweighing its costs. Instead, the Federal Reserve believes that the fact that OTC markets function so effectively without the benefits of the CEA provides a strong argument for development of a less burdensome regulatory regime for financial derivatives traded on futures exchanges. To reiterate, the existing regulatory framework for futures trading was designed in the 1920s and 1930s for the trading of grain futures by the general public. Like OTC derivatives, exchange-traded financial derivatives generally are not as susceptible to manipulation and are traded predominantly by professional counterparties. Indeed, Congress has rejected the notion of a "one-size-fits-all" approach to regulation of exchange trading. The exemptive authority that Congress gave the CFTC in 1992 permitted it to create a less restrictive regulatory regime for professional trading of financial futures. However, the pilot program proposed by the CFTC evidently has not met the competitive and business requirements of the futures exchanges--no contracts are currently trading under the program.
... In conclusion, the Board continues to believe that, aside from safety and soundness regulation of derivatives dealers under the banking or securities laws, regulation of derivatives transactions that are privately negotiated by professionals is unnecessary.
Would conservatives complain if instead local governments were puished to allow developers the freedom to build smaller (and thus more affordable) properties?
I wouldn't complain. I think one reason for the high cost of housing is that zoning and other regulations don't allow for no frills housing and land use.
Obama's masters, the banksters want to reinflate the housing market bubble for wall street. Pumping funny money into the big banks is not working so they are taking another avenue at the problem.
I hope noone seriously believes he is doing anything for joe six pack.
And I find it bizarre that conservatives reject my free market approach which minimizes government, maximizes liberty and opportunity, and allows people to buy what they can afford without coercing or subsidizing anyone.
I think it's a great idea. I bet I could make millions with a skyscraper constructed out of these:
Some quick envelope math indicates I could have 28,250 tenants in an average skyscraper. If I left out the elevators I could squeeze another 3,400 rent-payers into the project. Since it was your idea I'll let you have a ground floor double unit for the same price as the crappy units facing south.
Maybe it's time to draft a business plan...
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