CRA had little or nothing to do with financial meltdown

Discussion in 'Politics' started by Gadawg73, Mar 6, 2011.

  1. Gadawg73
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    Gadawg73 Gold Member

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    in the housing market.
    Been telling you this for years now.
    The Financial Crisis Inquiry Commission report stated correctly, Community Reinvestment Act had little or nothing to do with the meltdown in the housing market.
    That does not go well with Rush and Sean because they are facts and not ideology.
    Lack of financial regulation, excessive risk and borrowing in high end loans, no corporate governance and a lcak of ethics in the financial market caused 90%+.
    Commisssion was heavily Republican with Keith Hennessy, former chief economic adviser to The Bush Administration.
    Personal responsiblity, NOT SOME GOVERNMENT PROGRAM OR LAW, was the cause.
    Imagine that.
    DUH.
     
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  2. Rozman
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    Rozman Gold Member Supporting Member

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  3. Jroc
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    Jroc יעקב כהן Supporting Member

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    Personal Responsibility? The banks were give incentives by the government to give people those loans, People who could not afford the loans and who would otherwise not have received those loans. Those banks knew that Fannie and Freddie would back most of the loans and the government would bail them out anyway, Big government is the problem always has been, they screw up the free market and create crony capitalism. How can you have a Goldwater avatar and want more big government regs?
     
    Last edited: Mar 6, 2011
  4. 8537
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    8537 Senior Member

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  5. 8537
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    8537 Senior Member

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    Fannie and Freddie lost a large portion of the subprime market between 2000 and 2006. You know why? Because they were only allowed to by conforming loans and the private-sector firms were more than happy to buy and securitize non-conforming loans.
     
  6. AmericanFirst
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    AmericanFirst Gold Member

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    Just because you say? Nope. Wrong again.
     
  7. Gadawg73
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    Gadawg73 Gold Member

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  8. Gadawg73
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    Gadawg73 Gold Member

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    Hate to bust your bubble there Moe but I DIDN'T "say so".
    This bi-partisan commission said so.
    Do just a little research there. Won't hurt.
    Maybe you will learn something.
     
  9. Quantum Windbag
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    Quantum Windbag Gold Member

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  10. xsited1
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    xsited1 Agent P

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    Not only that, but if banks didn't give out enough of these loans they would get a low rating from bank regulators. This was caused by the government, but people don't want to admit it.
     
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