CRA had little or nothing to do with financial meltdown

[Toro]

Are you saying there's not a single banker on the FOMC?

Most aren't. There are a few with banking experience but most of the current board are academics with little or no business experience.

5 of 11 have significant private-sector banking experience. Most of the remaining 6 have significant federal reserve banking experience. I think a 50-50ish mix of academics / fed staff and private sector interests is a pretty fair mix - and that will probably tilt significantly towards the private sector when St Louis and KC come on to the committee in a couple years.

I guess I should look at the Fed site. I read my info from a hedge fund a few weeks ago that addressed this issue.

Kyle Bass - Hayman Investor Letter - February 2011 - Fed Governors Attachment

 

[8537]

Most aren't. There are a few with banking experience but most of the current board are academics with little or no business experience.

5 of 11 have significant private-sector banking experience. Most of the remaining 6 have significant federal reserve banking experience. I think a 50-50ish mix of academics / fed staff and private sector interests is a pretty fair mix - and that will probably tilt significantly towards the private sector when St Louis and KC come on to the committee in a couple years.

I guess I should look at the Fed site. I read my info from a hedge fund a few weeks ago that addressed this issue.

Kyle Bass - Hayman Investor Letter - February 2011 - Fed Governors Attachment

hmmm...I could be wrong. it happened once! They seem to count four, but it certainly depends on one's definition of "significant".

on the other hand, while a 50-50ish mix might be ideal I do see an important role in keeping the FOMC a mix of academic and private sector economists. It's also probably more difficult to recruit private-sector folks, but that's a different kind of problem...

 

[Gadawg73]

Seen alot of absurd threads on the forum in the last 2 years. This one is definately up there for nomination for TOP k00k THREAD of the year!!!

Read Thomas Sowell's THe Housing Boom and Bust............its all there. Has ALL to do with CRA............

I own 3 corporations and have been self employed for 32 years.
I like Sowell and read him often.
However, he has never held a private business job in his life.

 

[Gadawg73]

I am going to open a bank, buy shares at $10 par with 1million of my own $$$, give out loans to anyone and everyone because the government allows me to with little or no regulation, not do much to screen the loans because of that and go bankrupt in 4 years. And it will be the government's fault that my shares will then be at $.40 cents a share. I would have lost my ass.
It was not my fault. The government made me do it. I could not help myself.