Sen. Barack Obama on the Community Reinvestment Act
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Cockroach Ranch
It's not so much what they pick up and carry off–It's what they fall into and mess up.
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a storm is brewing for obama and the dems… his finger prints are all over ACORN and the bad loans thay made banks issue to the non payers… people are starting to figure out what communist ideas can really do to a capitalist economy….
canada is doing just fine, instead of complaining about getting taxed, start complaining about getting restitution, cuz uve been scammedfor a bout 8yrs with mccain it will continue, with obama it will atleast be controlled
Holy CRAP! It is all becoming clear now. And we all get to live THROUGH it. Oh, goodie! The fucking libs are ruining the country.
We did not have it as bad as it will be when Barack Hussein Obama is taking over. Despite liberal whining, the economy was fine under Bush before now. The recession we had at first was caused by Clinton and started during his administration. Keep in mind we have a Demonrat Congress for the past two years. This is just the beginning.
what do you mean? we had a surplus when clinton was around, and people were reciving higher wages every where you went, with bush he put us in the negatives and people are actually loosing an avg. of 1000 dollars per salary. and the democratic congress was their for 1 year??? you just contradicted yourself by saying clinton was the one who started it and now are blaming the 2 year in office democrats when bush started this crisis?
Thats a post hoc arguement. When we had that surplus, GOP ran the congress and senate and they passed only surplus spending bills. In addition we had welfare reform to put lazy parasites back into the work force instead of taking away our hard earned money. the recession we had during Bush started in Clinton’s final year. The result of major buisness regulation. In addition The community Reinvestment act under Carter and CLinton is the reason for the current crisis.
You think its bad now…
whoa, he actually said this! amazing. how short our memory is.
Unfortuantely, Obama is going to get in. Do you think any of this matters to a Democrat? Hell no. I’m not saying has has, but Obama could be caught on tape taking bribes from ACORN and it still wouldn’t matter. They’ve found their savior, the blinders are on, they see nothing beyond a good looking black man who can talk the socialist talk and will “change” the world –NOTHING else matters.
I was watching Fox news earlier this month, and the guy on there said that ACORN would registers some people anywhere from 6 to 16 times to vote. This black bitch was like “I registered 6 times in 2004” and when they kept asking her why so many times she said that “when I get off the bus downtown, ACORN is there harassing you to register.” And I swear, not a minute later, the news guy said they just got a report that ACORN hands out Crack Cocaine to all that register. Coincidence? black bitch
Socialist, Marxist, Communist.
The new deal actually made the depression last longer. Spending money we didn’t have. Getting us off the gold standard which allowed inflation to get out of hand.
CRA! It shouldn’t be surprising that most who blame CRA are just parroting talk-shows. This is easily seen when you ask questions like; “What is ‘Redlining’? How many times has it been amended? and Which administration was ‘on-watch’ the last time it was ammended? If you don’t know, then maybe you should research before you open your mouth and blame the CRA for this mess!
It is political when you have socialist like obama fighting through acorn to force banks to make loans that would not be paid back, Oh and handing hundreds of billions of dollars to the richest bankers in the country. Oh well thats working out wonderfully.
It prolonged the depression because it didn’t allow the market to hit its bottom sooner like it is supposed to. We didn’t need the new deal the market would have come back from the crash a lot sooner if the new deal was never implemented.
Only 6% of the subprime market went to low income borrowers from banks regulated by the CRA. Out of the top 25 subprime lenders only 1 was regulated by the CRA. There’s plenty of blame to go around but blaming the CRA is nonsense.
Those are good questions. the answer to number 2 is 6%. The answer to number 1 is something much smaller than that because all the banks wanted in on the subprime market and CRA regulations actually reduced the number of subprime loans regulated banks could make because they had stricter requirements than the private unregulated lenders.
I DID do research you leftarded SOB. Summer of 2000, the jobs started to dry up and during the elections the stock markets plummeted. And YES, CRA was instituted by Carter and Clinton expanded it.
We have the crisis we have now because we are having our money taken from us and given to lazy fuckers like you to sit in your mommy’s basement or public housing and not work. Just sit around and spew drivel and whine.
MORON! IDIOT! WHAAAAA!!! FASCIST! WHAAAA!!!
Get a fucking life.
The CRA, forced banks to give loans to useless welfare drug addicts who couldn’t pay it off. Add to this, taxing and regulating small business and employers into oblivion.
Whens the last time you ever got hired by a poor person? I didn’t. Now everyone is poor thanks to your new socialist messiah.
Salinship thank you for proving how retarded and foolish you and your liberal commrades are.
We are entitled to an easy life because unlike you we work hard, study and invest. You and all then rest of your kind on the other hand want to sit on your asses and live off our sweat and tears so we have to work harder.and make sacrifices for you against our wiill.
This economy is no one’s fault but those like you. Taking from those who work so you don’t have to, restricting personal liberties because BIG government knows whats best. (Yeah right) Dumbing down the children in favor of indoctrination, and then when the shiit hits the fan from your policies you blame republiicans. If it weren’t for the GOP, you would have to invent it and you have not shown one ounce of intellectual knowledge in your arguements. Showing again your idiocy.
Haha, right, which is why less than 10% of the high coast loans that were issued (which caused the collapse) were issued by CRA regulated banks. On top of that, subprime loans that were made by CRA regulated banks, had, on average, lower interest rates than non-CRA regulated banks. Furthermore, these banks were half as likely to resell such loans (another contributor to the crisis). But somehow the CRA was still the cause… and you’re calling other people morons. Ha!
And are you happy to know that most of your taxes go to lazy bureucrats that limit civil liberties? That don’t do their job? How about your taxes going to section 8 and food stamps for crack addicts and criminals who don’t want to work? Im not. Thats why I am no longer a Democrat.
@sailinship
Yep, it’s called projection and transference.
The majority of the subprime loans made possible by th CRA were the ones that defaulted, causing a global financial meltdown.
Try not pulling your facts out of your ass next time.
Actually, It appears that it would be you who are pulling “facts” out of your ass. I pulled my facts out of this in-depth report: traigerlaw. com/publications/traiger_hinckley_llp_cra_foreclosure_study_1-7-08.pdf
Try not arguing with someone who knows what they’re talking about next time. 🙂
You’d be a lot more credible if you didn’t use the same “in-depth” report used by every other liberal troll as “proof positive”, or if you bothered reading the disclaimer at the bottom of the 1st page “© 2008 Traiger & Hinckley LLP This study is not intended to provide and should not be relied on as a source of legal advice.
Nor should it be intended as proof of anything else for that matter. One of the first premises on the study is disputed by Austen Goolsbee of all people.
Next time, try not using an “in-depth” report from a major Democrat political donor whose main source of business evidently was making sure banks were Community Reinvestment Act compliant.
No conflict of interest there, is there? No , of course not.
You evidently didn’t do your homework and expected me not to either. Sorry to disappoint you.
Did I pull this out of my ass? Warren W. Traiger is Counsel in the New York, NY office of BuckleySandler LLP. Mr. Traiger counsels clients on consumer regulatory matters, particularly fair lending and Community Reinvestment Act (“CRA”) compliance.
Yeah no doubt a fair and impartial observer. I’d believe everything he says because lawyers would never lie about anything , would they? Especially when it comes to their very livlihood.
“or if you bothered reading the disclaimer at the bottom”
Ha… what? You do realize that stating that something isn’t “legal advice” is a standard disclaimer used in non-client communication, right? That you would be so desperate as to try to use that as a way to discredit the study (which contains ample citations) is cute.
“Yeah no doubt a fair and impartial observer.”
Yeah, those lousy experts who cite their sources for specific data are just so biased! And you just know all the sources for their citations are in on the scheme too! On top of that, lawyers are the only people who ever lie and have an agenda; everyone knows that! The smartest thing to do is to just dismiss it all without examining the numbers – pesky little things….
Not from a guy who’s whole “expertise” is getting money from banks to make sure they are compliant with this bullshit regulation. Gee, what did you think he’d say? The CRA was a “bad idea” in retrospect? Oh well, I guess I’ll go back to ambulance chasing?
Yeah, Haliburton’s an expert on what’s going on in Iraq too, but somehow I don’t think you’d take their word for it either, now would you?
Yeah, Haliburton’s an expert on what’s going on in Iraq too, but somehow I don’t think you’d take their word for it either, now would you?