New study confirms economy was destroyed by Democrat policies

[SassyIrishLass]

Anyone really paying attention already knew this.

A new study from the widely respected National Bureau of Economic Research released this week has confirmed beyond question that the left's race-baiting attacks on the housing market (the Community Reinvestment Act--enacted under Carter, made shockingly more aggressive under Clinton) is directly responsible for imploding the housing market and destroying the economy.

The study painstakingly sorted through failed home loans that caused the housing market collapse and identified an overwhelming connection between them and CRA mortgages.

Again, let's review...

 

[JakeStarkey]

The NEBR is not widely recognized much less respected.

Our economy was set up for failure by the Congresses from 1994 to 2006 with compliant Democratic and Republican presidents.

 

[SassyIrishLass]

The NEBR is not widely recognized much less respected.

Our economy was set up for failure by the Congresses from 1994 to 2006 with compliant Democratic and Republican presidents.

You don't even know the history of slavery, I'm not apt to take anything you say about this serious.

Carter and Clinton started this and the Dems were warned it was going to implode but as usual you can't tell a Dem a damn thing. Then when it all goes to shit they point fingers at someone else.

Also, attacking a source is the oldest dodge in the book

 

[BluesLegend]

How many middle class families have the Democrats destroyed financially, their credit histories wrecked?

 

[BlindBoo]

The Community Reinvestment Act (CRA) of 1977 was passed by Congress to ensure that banks meet the credit needs of their local communities and to encourage investment in the immediate communities served by depository institutions. Banks are rated periodically on their efforts to achieve these goals.

The Federal Financial Institutions Examination Council (FFIEC) provides an interagencyCRA rating database on its website.

In addition, each bank has available for public review a file giving its CRA rating and additional information that it is required to prepare.

The Federal Reserve Board has found no connection between CRA and the subprime mortgage problems. In fact, the Board's analysis (102 KB PDF) found that nearly 60 percent of higher-priced loans went to middle- or higher-income borrowers or neighborhoods, which are not the focus of CRA activity. Additionally, about 20 percent of the higher-priced loans that were extended in low- or moderate-income areas, or to low- or moderate-income borrowers, were loans originated by lenders not covered by the CRA. Our analysis found that only six percent of all higher-priced loans were made by CRA-covered lenders to borrowers and neighborhoods targeted by the CRA. Further, our review of loan performance found that rates of serious mortgage delinquency are high in all neighborhood groups, not just in lower-income areas.

FRB Did the Community Reinvestment Act CRA contribute to foreclosures and the financial crisis And is the CRA being reformed

 

[Delta4Embassy]

"Want a Better Economy? History Says Vote Democrat!"
Want a Better Economy History Says Vote Democrat - Forbes

"The common viewpoint is that Republicans are good for business, which is good for the economy. Republican policies – and the more Adam Smith, invisible hand, limited regulation, lassaiz faire the better – are expected to create a robust, healthy, growing economy. Meanwhile, the common view of Democrat policies is that they too heavily favor regulation and higher taxes which are economy killers.

Right?

Well, for those who feel this way it may be time to review the last 80 years of economic history, Bob Deitrick and Lew Godlfarb have done it in a great, easy to read book; “Bulls, Bears and the Ballot Box” (available at Amazon.com) Their heavily researched, and footnoted, text brings forth some serious inconsistency between the common viewpoint of America’s dominant parties, and the reality of how America has performed since the start of the Great Depression."

 

[JakeStarkey]

Evaluating sources is correct procedure. The Congress was Republican for those twelve years, and Clinton and Bush happily went along with the stupidity.

 

[SassyIrishLass]

Evaluating sources is correct procedure. The Congress was Republican for those twelve years, and Clinton and Bush happily went along with the stupidity.

 

[The Rabbi]

Deflection and spin. The Democrat party twins. Poor things, it's all they've got.

 

[TyroneSlothrop]

Research from the Federal Reserve by Neil Bhutta and Glenn B. Canner (helpfully summarized in this Randy Kroszner speech), argues that the CRA couldn't have been behind the subprime and housing bubbles. "The very small share of all higher-priced loan originations that can reasonably be attributed to the CRA makes it hard to imagine how this law could have contributed in any meaningful way to the current subprime crisis." Only six percent of higher-priced loans (their proxy for subprime loans) were extended by CRA-covered lenders to lower-income borrowers or CRA neighborhoods.

 

[JakeStarkey]

Evaluating sources is correct procedure. The Congress was Republican for those twelve years, and Clinton and Bush happily went along with the stupidity.

Yup, the truth hurts your ears.

 

[Rocko]

In other news water is wet and the sun is hot.

 

[JakeStarkey]

Deflection and spin. The Democrat party twins. Poor things, it's all they've got.

Says a very poor deflector.

 

[TyroneSlothrop]

The United States' housing market is one of the most intensely studied capital markets in the world. What has other research found? From Min:

Did Fannie and Freddie buy high-risk mortgage-backed securities? Yes. But they did not buy enough of them to be blamed for the mortgage crisis. Highly respected analysts who have looked at these data..including the nonpartisan Government Accountability Office, the Harvard Joint Center for Housing Studies, the Financial Crisis Inquiry Commission majority, the Federal Housing Finance Agency, and virtually all academics, including the University of North Carolina, Glaeser et al at Harvard, and the St. Louis Federal Reserve [also here], have all rejected the Wallison/Pinto argument that federal affordable housing policies were responsible for the proliferation of actual high-risk mortgages over the past decade.

 

[g5000]

Investors.com is a hack partisan site. I would not trust them on anything.

And you are truly retarded if you think the CRA was the cause of a GLOBAL derivatives crises.

Sassy, do you think it was the negroes of Iceland who crashed their economy? Do you think it was the black Irish (black Irish, get it?) who sank Allied Irish Bank, Bank of Ireland, and Anglo Irish Bank?

How about Spain? How about Germany's banks? How about the Royal Bank of Scotland? How about HBOS?



Lehman Brothers, Merrill Lynch, Bear Stearns. Guess what these collapsed firms all had in common?

THEY WERE NOT SUBJECT TO THE CRA.


Lehman Brothers bought up mortgage brokers so it could be sure its CDO pipeline kept being fed without having to compete with other banks in the secondary market.


These retards who blame the CRA for the global derivatives crash must have gone outside and looked around their white middle class neighborhood and seen all their neighbors foreclosing on their street and said to themselves, "Hmmmm, I had no idea Biff was a negro!"

 

[g5000]

As the mortgage bubble grew, Fannie and Freddie's market share shrank. Simple fact.

Wall Street was the primary driver behind the bubble. The GSEs certainly contributed, but Wall Street was doing everything in its power to take over the secondary market and to force the GSEs to shrink.

 

[NYcarbineer]

The NEBR is not widely recognized much less respected.

Our economy was set up for failure by the Congresses from 1994 to 2006 with compliant Democratic and Republican presidents.

You don't even know the history of slavery, I'm not apt to take anything you say about this serious.

Carter and Clinton started this and the Dems were warned it was going to implode but as usual you can't tell a Dem a damn thing. Then when it all goes to shit they point fingers at someone else.

Also, attacking a source is the oldest dodge in the book

Where's your link to the actual study?

Blaming the CRA is the oldest piece of rightwing propaganda in the real estate bubble book.

 

[JakeStarkey]

SassyIrishLass is EconChick come alive. She's a sock, NYc, so don't expect much.

She tells me she recaptured Route Irish all by herself.

 

[NYcarbineer]

Investors.com is a hack partisan site. I would not trust them on anything.

And you are truly retarded if you think the CRA was the cause of a GLOBAL derivatives crises.

Sassy, do you think it was the negroes of Iceland who crashed their economy? Do you think it was the black Irish (black Irish, get it?) who sank Allied Irish Bank?

How about Spain? How about Germany's banks? How about the Royal Bank of Scotland?

Lehman Brothers, Merrill Lynch, Bear Stearns. Guess what these collapsed firms all had in common?

THEY WERE NOT SUBJECT TO THE CRA.


These retards who blame the CRA for the global derivatives crash must have gone outside and looked around their neighborhood and seen all their neighbors foreclosing on their street and said to themselves, "Hmmmm, I had no idea Biff was a negro!"

The hardest hit areas of the real estate meltdown were not low income high minority areas...

...that is where the mythology of this piece of propaganda begins. Myth One, if you wish...

...refute that before you go anywhere else, because your myth is dead without doing so.

 

[g5000]

Where's your link to the actual study?

Blaming the CRA is the oldest piece of rightwing propaganda in the real estate bubble book.

We've had a topic on this NBER study in the past.

Sassy is too retarded to notice her "new study" is actually more than two years old.