Posted on 09/17/2008 4:28:33 PM PDT by frithguild
*** The breakthrough in Friday's legislation came in a backroom meeting at the Capitol soon after midnight, when a group of moderate Senate Democrats -- led by Christopher Dodd of Connecticut and Charles E. Schumer of New York -- forced a compromise between Gramm and the White House over the legislation's effect on the Community Reinvestment Act, a 1977 anti-discrimination law intended to encourage lending to minorities and others historically denied access to credit.
***
Gramm had maintained that he did not want anything in the bill that would expand the application of the Community Reinvestment Act because it was, he said, unnecessarily burdensome to banks. He had sought a provision that would exempt thousands of smaller banks from the law. He also wanted a provision that would expose what he has described as the "extortion" committed by community groups against banks by requiring the groups to disclose any special financial deals the groups extract from the banks.
*** The White House had insisted that the President would veto any legislation that would scale back minority-lending requirements. Four days of intense negotiations between Summers, Gene Sperling, the President's top economic policy adviser, and Gramm, while moving the two sides closer, failed to resolve the differences.
***
After receiving calls from executives of some of the nation's leading financial companies, An agreement was quickly reached on the issue of banks and expanded powers -- no institution would be allowed to move into any new lines of business without a satisfactory lending record.
The lawmakers bogged down on Gramm's insistence that all Icommunity organizations disclose to the regulators what benefits they get from banks. ...
Ultimately, the following provisions were drawn up and both the White House and Gramm said they could accept them ...
(Excerpt) Read more at partners.nytimes.com ...
So to quote Rev. Wright, "The chickens have come home to roost."
Schumer, the wall street shakedown artist, better do something, he is one of the a-holes that caused it. NYers deserve the politicians they vote for...
The CRA and HMDA were the beginning of the end of the credit markets. Took years and piling on by freebie politicians. Now the chickens are coming home to roost.
Dodd and Schumer are now moderates? LMAO
The DNC’s New York Times Division had to go beyond the pale to come up with that nonsense.
I’ll be darned if the proposed compromise doesn’t seem to defend the very practice that got us in this mess, unqualified loans.
Defaults have brought us to this place in time, and by golly the same types of loans that have been defaulting are left in the structure by this so-called compromise.
I swear, what other conclusion are people to come away with other than that Dodd and Schumer can’t wait to manipulate his nation into a total meltdown?
It’s as if they want this nation to fail, so they can say, “See those founding principles didn’t work either. Let’s try the full blown communism, give it an honest try this time.”
Is there any other conclusion?
The lefties that I chat with are trying to crucify Phil Gramm for this problem.
When in fact, Chuckie, and Mayor McCheese (Dodd) were the ones behind it.
On the Conference Report (S.900 Conference Report); Nov. 4, 1999; 106th Congress, 1st Session
On Passage of the Bill (S.900 as amended); May 6, 1999; 106th Congress, 1st Session
Text of the U.S. Senate Bill:
Let's see who voted for this...
Schumer has his attack dog Elliot Spitzer right in his pocket too...
Those who would not play, got to play with the dog.
This must be another thing that Barry Hussein doesn’t know. That list is a long one.
The GOP simply must run a 2-minute ad soon on who actually started this mess and list all the fat-cats from Wall St. who are advising him after being fired for malfeasance in their former jobs. Frank Raines, who looted Fannie Mae to the tune of $100,000,000, being Exhibit A.
ping
“Took years and piling on by freebie politicians. Now the chickens are coming home to roost.”
The problem is were the ones with chickenshit on us...
Great info - thanks!
The idiocy involved here is of course that credit is denied to anyone that doesn't fit credit-worthy criteria - black, white, red, yellow....
You can't lower standards and expect less defaults.
Here’s a couple of articles that (in addition to other stuff) talk about the repeal of the Glass-Steagall Act in 1999, and its impact on the housing market.
http://www.bloomberg.com/apps/news?pid=20601109&sid=aDSFgf3DHR_A&refer=exclusive
http://www.prospect.org/cs/articles?article=the_bubble_economy
Here’s an article that talks about the oversight that the Bush Administration proposed in 2003.
I love the quote near the bottom by Rep. Barney Frank...
‘’These two entities — Fannie Mae and Freddie Mac — are not facing any kind of financial crisis,’’ said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ‘’The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.’’
THESE GUYS ARE INVOVLED UP TO THIER EYE BALLS!
Hoping to skate they have jumped ahead if the line and made it look like they are making the changes to correct it after they have bilked the financial system for millions and now WE THE TAX PAYERS HAVE TO FOOT THE BILL.
This is criminal and all of us should be contacting our representatives to DEMAND congressional hearings and jail the ones responsible. ENOUGH IS ENOUGH
Schumer STARTS the fire and then LIES to the firemen.
B.O. is in the middle of it. In order to get regulator approval for financial institution innovation in structure, they had to prove they were serving minority community interests. In these determinations, "community organizers, like ACORN, are legally entitlled to play a part. Without their say so, the financial institution gets not deal. What price is exacted? No money down, no income verification subprime loans and "partnering of ACORN with, for example, Citibank.
http://www.businesswire.com/portal/site/google/index.jsp?ndmViewId=news_view&newsId=20040920005453&newsLang=en
They might have caused the problem. But congressman since are not blameless. Anybody with an ounce of common sense could see the train wreck coming but no one did anything.
Now we have a freaking disaster. If John Q Public starts withdrawing his money from Banks and Retirement funds we could very easily see another depression like 29-30.
All my stocks are down big this week except guns and gold.
saving this message
note that banks were forced to show compliance with lending to minorities and in redlined areas (slums) in order ot ge federal permission to expand their businesses (”satisfactory lending records”)
HEY SCHUMER DODD AND OBAMA- CAN WE JUST CALL ALL THIS MESS “REPARATIONS”AND BE DONE WITH IT???
Here’s yet another angle from another skunk hiding under the rockpile- Andrew Cuomo, HUD secretary when the FNMA/GNMA extortion and looting spree began in earnest
You are probably then leaving out about about 85-90% of the American public. All I keep hearing out of people are: I am sick of politics. I don't like politics. I don't follow politics. I don't care about politics until about 10 days before the election. I always vote (Dim) or (Rep) so it doesn't matter.
I always respond with: You better START getting interested in politics and politicians, because they are the ones raping your wallet and causing you all these problems, shortages, high taxes, no oil, no gas, high food prices. . . . yada yada yada.
They still don't care. So, 85-90% are the ones with no common sense.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.