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| Stop Covering Up And Kill The CRA |
| 2008-11-30 |
| Posted by:tipper |
| #10 As usual, IBD cuts through the crap and spells it out in simple, plain English. Ever since the house of cards that the housing market was built on starting coming down, I've been telling people to research the CRA. If there is one piece of regulation, or lack thereof as Frank and Dodd would have us believe, that can be faulted for this whole mess, the CRA deserves a large portion of the blame. It all starts there. Everything that followed is nothing but noise that fails to address the root cause. The plain reality is that the CRA was the root cause, as IBD makes clear here. Unlike conservatives, I would argue that the problem with liberals is that they have arrived at their conclusions based not on the facts or merit of an argument, but on how that conclusion supports their ideological position. In this case, that position was that banks were deliberately discrimating against loan-seekers on the basis of race, primarily. This fulfilled their misbegotten belief that banks and other financial entities controlled by the "man" were racist institutions determined to keep minorities suppressed economically. It never occurred to them that it had nothing to do with race but everything to do with the loan-applicants projected ability to pay back the loan. They failed to see, as they always do, that their politically correct ideology is really to blame for this mess, or at least for starting it. Just giving money away to people, which is essentially what the CRA legislated as far as home mortgages are concerned, in the naive hope that they will do the right thing with it, is a recipe for disaster. |
| Posted by: eltoroverde 2008-11-30 17:50 |
| #9 Sounds to me like it's time to tell the LLL bro-in-law that when he gets a clue you'll see him again. Until then, he needn't bother to darken your doorstep with his shadow. |
| Posted by: Jolutch Mussolini7800 2008-11-30 17:21 |
| #8 Tried to tell my LLL bro-in-law about this the other night but he blames Bush and doesn't want to hear any other side of the story. You start asking 'em about Bawney Fwank and they go ballistic. I got shushed for being a bad, bad, right-wing conservative. |
| Posted by: Abu Uluque 2008-11-30 15:28 |
| #7 Ima do #2 auditoring on deh skool lunch programs. It makes me sad. It's not even so much the tax rip-off, it's the lessons passed along to yoofs there-in involved..... YOU CHEEP BASTIDS! |
| Posted by: .5MT 2008-11-30 14:18 |
| #6 "NO legal income other than SSA" Fixed it. |
| Posted by: Mullah Richard 2008-11-30 13:09 |
| #5 Raj, It drives me nuts to remember how many people I worked with at a local loan company here in SC who had NO income other than SSA and were driving new and fully tricked-out Escalades. Mike |
| Posted by: Mike Kozlowski 2008-11-30 11:07 |
| #4 Fix? Like the same government bureaucrats who haven't figured out that by liquidating pirates you end piracy. Oh, there's got to be another way /sarcasm off. |
| Posted by: Procopius2k 2008-11-30 09:12 |
| #3 Just slightly off topic - I was showing my apartment to some folks about a month ago. Four of them pull up in a BMW 325i that might have been two years old. We do the walkthrough, they think the place is wonderful, etc. Then they ask me if I take Section 8 voucher. Four able-bodied fuckin' people asked me this question (for the Boston area locals, yes, they were from Dorchester). I politely said no and showed them the door. Not that I'm holding my breath, but adequate oversight into this program would make me pretty happy. |
| Posted by: Raj 2008-11-30 08:57 |
| #2 |
| Posted by: GolfBravoUSMC 2008-11-30 03:19 |
| #1 Yeah I'm sure Obama will get right on this. Immediately after pushing for school vouchers and tort reform. |
| Posted by: DMFD 2008-11-30 00:17 |