Posted on 07/31/2010 10:41:35 AM PDT by GretchenB
Hidden on the Federal Reserve's website is a full explanation of its part in the creation of the housing crisis. Each of their 12 offices has a CRA (Community Reinvestment Act) department for the promotion of "social justice".
Congress and the Fed, who was to be overseeing the banks, knew full well what was going on. The defense from them that the banks were solely to blame is another Progressive lie. They both knew that the banks were making bad loans and issuing mortgage backed securities, dumping them into the giant garbage cans paid for by taxpayers--Freddie and Fannie. Whether this was gross incompetence on the part of the Fed, Congress and the Administration, in the case of the HUD involvement in 2004, we will never know, but with the expressed goals of the Progressives in Congress and this Administration—to “take capitalism apart brick-by-brick” and “fundamentally transform the United States of America”—one could make an argument for the intentional destruction of the country.
Full article at: www.TheOptionTrader.com/FederalReserve.aspx
(Excerpt) Read more at theoptiontrader.com ...
The Federal Reserve is an an evil organization. We will never be free or have honest government as long as the Federal Reserve exists. Both political parties are beholden to the Federal Reserve. That is why no matter who we elect, nothing changes, the government grows and we continue to be debt slaves.
save
What gave them the right to get into the redistribution of wealth? That’s what they did with the CRA and now with the new financial regulation law.
Unfortunately, it also mixes the truth with fiction, apparently to justify the authors' grievancies about the Fed.
The Fed operates withing the laws of the land. The CRA is part of that law, which the Fed is supposed to obey. It should not promote or oppose the law but only to obey it.
We all should know who and what created the crises. But pointing in this context to the Fed is both fasle and immoral.
Did you read the link to the NY Fed? This was just quoting from their website. Of course Congress passed the laws and revised them to push their agenda, but our “Central Bank” forced the banks into the risky loans. Giving the Fed this type of power seems strange. If and when they will be able to audit the Fed, it should be interesting. The author has no grievances about the Fed, just about what Congress has pushed them to do.
The new financial reform law is totally out of control see “Financial Reform - Social Justice on Steroids” posted here.
Are you nuts? The proportion of the bad loans was specified, revised annually, and rose to 52% in 2007. The conduit for these bad loans were Fannie and Freddie, not the Fed.
Just as to any leftist, facts don't matter to you, do they?
The last thing I am is a leftist!
No sense arguing - we have a difference of opinion.
Not knowing you at all, I cannot claim that, can I?
What I said was that you repeat, perhaps unwillingly, the leftist mantra. If it is true (and you are welcome to verify that), should it not disturb you that you repeat just what the leftists say? Perhaps you owe it to yourself this coincidence.
Sorry, this should've been:
Perhaps you owe it to yourself to explain this coincidence.
That is what I said earlier on this thread. The allegations that the Fed engaged in social engineering on its own is false. They are made by people who have their own agenda against the Fed.
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