The Trillion-Dollar Bank Shakedown That Bodes Ill for Cities[From 2000]

It has been explained on FR by others many times in the past few days.

If you don't get it by now, educating you is beyond my power.

However for starters you might read http://www.freerepublic.com/focus/news/2086484/posts?page=26

Obviously you are intellectually elite and will find all manner of fault with this article, but do note that it was written eight years ago with the intention of warning the US that a melt down was coming.

Because it was written eight years ago, it can hardly be called a finger pointing CYA piece. It was an analysis that turned out to be accurate.

Why don’t you post some links or references (outside of FR) that support this “theory”. I’m sorry but I won’t take this seriously until I see something from mainstream economists that support this “theory”.

I’ve only asked a simple question here and your belligerent responses show that you have little actual content to offer.

The theory you seem to be defending is a marginal opinion and don’t expect the rest of us to just swallow your koookery. Sorry.

BTW, here’s a clue. Try browsing the many many threads that discuss the banking crisis that have totally different explanations of what is going on.

When you can explain why the mainstream opinion is all wrong and your marginal “theory” is totally correct then get back to me.

ROFL.

Ever heard of the word “Precedent” which is recognized in our Judicial System as well Congressional?

All this activity regarding the precedent of bludgeoning the Mortgage Industry by Department of Justice took place during the precedent setting early days of the first four years of the Clinton Administration.

You seem overly eager to blame the Republican Congress for what is openly documented by many sources as the Clinton era foundation of the failure of our Mortgage/Bank system today.

It seems apparent to me that the Mortgage Industry was able to find means to go around the CRA signed into law by Jimmy Carter in 1977, until the Industry was bludgeoned by the Clinton DOJ, Janet Reno etc; thus forced to comply with that law by the Mid 1990’s, 1995 as I recall, 18 years later.

Why Congress didn’t intervene is probably because as often occurs in such situations, there existed that early on only anecdotal evidence that something COULD happen since the signing of that law in 1977, but that territory had already been covered amply prior to the signing of the CRA in 1977. Remember that NOBODY with any sense approved of the CRA, only Democrats/Liberals with their information provided by the Liberal Boston Federal Reserve.

How far do you think anecdotal evidence would get in any Congress comprised of Republican leadership?

Only in a Congress of Dems.

A radical group called ACORN Housing has a $760 million commitment from the Bank of New York... Observes Tom Callahan, executive director of the Massachusetts Affordable Housing Alliance, which has $220 million in bank mortgage money to parcel out, "CRA is the backbone of everything we do."

This needs to be shouted in town squares across the shire.

Thanks again, Jimmy Carter.

If you had bothered to follow the link I gave you, you would have found that the link takes you to an article that appeared in City Journal. The article is in their archives as it appeared 8 years ago.

Then at the bottom of the article is a link that will take you to a page that gives you the history of and the mission statement of City Journal.

Now you could do a search on the author's name and find that he is a faculty member at Harvard's Kennedy School.

Doesn't sound like some ultra conservative does he?

Yet he hit it right on the money.

Next, you could google CRA and read that act. Then in order to find out how the problem spiraled out of control, google The Gramm-Leach Bliley Act and read in in its entirety. Especially that page that says that banks who do not follow to the letter the CRA will not be granted permission to purchase other banks for expansion.

I am paraphrasing that somewhat, but that is the heart of it.

Then you could confirm all of this by discussing it with your banker, which I have done. A teller can't help you. You have to talk to someone in upper management levels.

I ordinarily don't waste this much time with people who would rather play “gotcha” than contribute information to FR, nor do I care to do your homework for you. So this is going to be the end of this as far as you are concerned.

The only other thought I have is: Because almost every FR article posted here is a news item or similar information that is taken from a national publication, a speech from a public official or something of that sort, why do you sneer at what is posted here?

If you have such a low opinion of what appears here, perhaps you should go back to the daily kos.

“If you had bothered to follow the link I gave you, you would have found that the link takes you to an article that appeared in City Journal. The article is in their archives as it appeared 8 years ago.”

Which is irrelevant to what I asked from you. I really can’t dumb it down any more for you.

Go back and reread my previous reply and get back to me.

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