Prof SOWELL on BWARNEY FWANK

Discussion in 'Politics' started by gautama, Oct 21, 2010.

  1. gautama
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    gautama BANNED

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  2. Granny
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    Granny Gold Member

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    Good article - Sowell is right.
     
  3. Annie
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    Annie Diamond Member

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    Everything that Sowell wrote was correct, what's missing though was Barney's conflict of interest at the time:

    Lawmaker Accused of Fannie Mae Conflict of Interest - Politics | Republican Party | Democratic Party | Political Spectrum - FOXNews.com

     
  4. Soggy in NOLA
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    Soggy in NOLA Platinum Member

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    Sowell is a racist and a homophobe.

    There, now that we have that out of the way....
     
    Last edited: Oct 21, 2010
  5. BlindBoo
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    BlindBoo Gold Member

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    Another way to measure the relationship between the CRA and the subprime crisis is to examine foreclosure activity across neighborhoods that are classified by income. Data made available by RealtyTrac on foreclosure filings from January 2006 through August 2008 indicate that most foreclosure filings (e.g., about 70 percent in 2006) have taken place in middle- or higher-income neighborhoods. More important, foreclosure filings have increased at a faster pace in middle- or higher-income areas than in lower-income areas that are the focus of the CRA.9/ (See Table 7.)

    Two basic points emerge from our analysis of the available data. First, only a small portion of subprime mortgage originations is related to the CRA. Second, CRA-related loans appear to perform comparably to other types of subprime loans. Taken together, the available evidence seems to run counter to the contention that the CRA contributed in any substantive way to the current mortgage crisis.

    Did the CRA cause the mortgage market meltdown? - Community Dividend - Publications & Papers | The Federal Reserve Bank of Minneapolis

    So in other words Thomas is again not backing up his conjecture with facts.
     
    Last edited: Oct 21, 2010
  6. Annie
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    Annie Diamond Member

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    Well I think the race card is done. But the gay card? May still be viable. :lol:
     
  7. Soggy in NOLA
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    Soggy in NOLA Platinum Member

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    Well... YEAH!!! Always in lieu of any sane argument in support of one's point of view.
     
  8. 8537
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    8537 Senior Member

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    Perhaps Mr Sowell would like to explain how loans made outside of Fannie or Freddie repurchase and outside the purview of the CRA were somehow forced upon these institutions.

    Hint: they weren't. The institutions made the loans because they were making money hand over fist repackaging them. That's why 80% of subprimes were handed out by nondepository institutions between 2002 and 2007.
     
  9. Toro
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    Toro Diamond Member

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    Sowell is a partisan hack. This has been refuted with data several times but the ideological shills keep repeating the same lies over and over.

    If anyone can back up Sowell's argument with empirical data, please post it. But I haven't seen a single thing yet to back this up.
     
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  10. The T
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    The T George S. Patton Party Supporting Member

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