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Take the Community Reinvestment Act which is responsible for this latest crisis.
Congress' legislating to right a wrong has manifestly made the problem even worse!
This has consistently been the effect of Congress!
So one has to wonder how the Congress meddling with Our Health Care and Insurance is going to correct the problem and not make it worse?
Don't voters get it?
How many times do you have to get kicked in the head by the mule to know enough not to stand behind the mule?
A very reasonable approach, to this Democrat Congress and Senates hell bent flight to perdition, is to say to them "Slow the expletive down"! Democrats, Republicans, Independents need to stop this runaway train! For example, all the money voted for TARP has hardley been spent, and this exaggerated crisis seems to have dissipated... why?
Take the Community Reinvestment Act which is responsible for this latest crisis.
Congress' legislating to right a wrong has manifestly made the problem even worse!
This has consistently been the effect of Congress!
So one has to wonder how the Congress meddling with Our Health Care and Insurance is going to correct the problem and not make it worse?
Don't voters get it?
How many times do you have to get kicked in the head by the mule to know enough not to stand behind the mule?
A very reasonable approach, to this Democrat Congress and Senates hell bent flight to perdition, is to say to them "Slow the expletive down"! Democrats, Republicans, Independents need to stop this runaway train! For example, all the money voted for TARP has hardley been spent, and this exaggerated crisis seems to have dissipated... why?
The CRA's had nothing to do with the current financial crisis. If anything did, pure Greed was the #1 cause.
Most of the "Bad" loans were not part of CRA's (many CRA's had been paid off, since many were issued in the 70's and 80's).
Accountability and Transparency!
Take the Community Reinvestment Act which is responsible for this latest crisis.
Right-wing balderdash. CRA had nothing to do with the credit crisis. The portfolio of CRA loans accumulated primarily between 1995 and 2000 -- all of it originated through federally insured banks and S&L's -- performed better than industry averages. The loans that ultimately faiiled were typically issued at deliberately high-cost terms by unregulated private brokers and affiliates into low-and moderate-income and other communities between 2002 and 2006 for quick turnover through the Wall Street investment banks who were using this paper as the basis for the highly-profitable but ultimately tainted MBS's and financial derivatives whose deteriorating quality was what finally broke the credit market's back.
What you have swallowed is total myth and fiction originally manufactured for the very purpose of deceiving people such as yourself by Thomas DiLorenzo of the so-called Mises Institute. DiLorenzo is also a leading proponent of the theory that Abraham Lincoln was a terrible president.
Take the Community Reinvestment Act which is responsible for this latest crisis.
Congress' legislating to right a wrong has manifestly made the problem even worse!
This has consistently been the effect of Congress!
So one has to wonder how the Congress meddling with Our Health Care and Insurance is going to correct the problem and not make it worse?
Don't voters get it?
How many times do you have to get kicked in the head by the mule to know enough not to stand behind the mule?
A very reasonable approach, to this Democrat Congress and Senates hell bent flight to perdition, is to say to them "Slow the expletive down"! Democrats, Republicans, Independents need to stop this runaway train! For example, all the money voted for TARP has hardley been spent, and this exaggerated crisis seems to have dissipated... why?
The CRA is not responsible for "this latest crisis" -- if by that you mean the housing debacle that started the whole house of cards sliding, by which time the mortgages were packaged into impenetrable CDOs -- other than the fact that it existed to be taken advantage of.
I like the idea that WE are responsible for ourselves...but the reality is that all those taxes are there because WE wanted them.
We all want roads, and cops, and medicare and social security and jobs. One man's 'pork' is another man's 'community investment'. It's easy to complain about the way things are. But if change was easy we would have done it.
Take the Community Reinvestment Act which is responsible for this latest crisis.
Congress' legislating to right a wrong has manifestly made the problem even worse!
This has consistently been the effect of Congress!
So one has to wonder how the Congress meddling with Our Health Care and Insurance is going to correct the problem and not make it worse?
Don't voters get it?
How many times do you have to get kicked in the head by the mule to know enough not to stand behind the mule?
A very reasonable approach, to this Democrat Congress and Senates hell bent flight to perdition, is to say to them "Slow the expletive down"! Democrats, Republicans, Independents need to stop this runaway train! For example, all the money voted for TARP has hardley been spent, and this exaggerated crisis seems to have dissipated... why?
I see that my post must be accurate considering the lefties who have responded with their pre-packaged attacks.
The Community Reinvestment Act was the legislation on which all this mess was built on. With Regulation and threat of Enforcement this deck of cards morphed into CDO's (banker's greed) and complicity of democrats in congress who aided and abetted this effort to "redistribute" wealth by manipulating Fannie May and Freddie Mac.
Bernie Madoff is going to jail along with cronies who are being ferreted out as we speak.
The biggest swindle of American Taxpayers (ever) and no one is indicted much less going to jail! Go figure! Ain't America Great!
Just so you won't think that I'm letting Republicans and Bush off. They are just as guilty and complicit for not doing their jobs of guarding the publics trust.
The Community Reinvestment Act was the legislation on which all this mess was built...
That statement is completely false. CRA had no effect on anyone outside of banks and S&L's taking FDIC insurance on their deposits. What CRA said was that those institutions had to make serious efforts to lend back into the low- and moderate-income, often urban minority, communities that they were taking deposits from. No fair using them all to build gated golf course communities out in the upscale suburbs. The law had been on the books since 1977, but Clinton was the first to say that the responsibility was an affirmative one, and that covered institutions better have solid CRA records if they wanted their applications for lucrative acquisitions and interstate banking licenses approved. Nearly half of all CRA borrowers were meanwhile qualified at prime terms. Nearly all the rest were at Alt-A, the band just below prime. CRA loans were about half as likely to have high cost terms attached as loans extended by non-CRA lenders into CRA communities, and as was noted above, the entire portfolio of CRA loans performed better than industry averages. CRA was both good policy and good business. That's the way it was...
I see that my post must be accurate considering the lefties who have responded with their pre-packaged attacks.
The Community Reinvestment Act was the legislation on which all this mess was built on. With Regulation and threat of Enforcement this deck of cards morphed into CDO's (banker's greed)
In other words,
Quote:
Originally Posted by delusianne
The CRA is not responsible for "this latest crisis" -- if by that you mean the housing debacle that started the whole house of cards sliding, by which time the mortgages were packaged into impenetrable CDOs -- other than the fact that it existed to be taken advantage of.
watch out for that regulation and threat of enforcement! Can you name a bank that went under because it complied with CRA requirements?
Quote:
Originally Posted by ArtinChicago
and complicity of democrats in congress who aided and abetted this effort to "redistribute" wealth by manipulating Fannie May and Freddie Mac.
So you supported Bush's suggestion to create an entirely new federal agency to manage this, which was the only Republican legislation proposed? How conservative.
Right-wing balderdash. CRA had nothing to do with the credit crisis. The portfolio of CRA loans accumulated primarily between 1995 and 2000 -- all of it originated through federally insured banks and S&L's -- performed better than industry averages. The loans that ultimately faiiled were typically issued at deliberately high-cost terms by unregulated private brokers and affiliates into low-and moderate-income and other communities between 2002 and 2006 for quick turnover through the Wall Street investment banks who were using this paper as the basis for the highly-profitable but ultimately tainted MBS's and financial derivatives whose deteriorating quality was what finally broke the credit market's back.
What you have swallowed is total myth and fiction originally manufactured for the very purpose of deceiving people such as yourself by Thomas DiLorenzo of the so-called Mises Institute. DiLorenzo is also a leading proponent of the theory that Abraham Lincoln was a terrible president.
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