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Economy
Just in case you STILL want proof Obama's trying to destroy the economy...
2011-05-12
HT Drudge
The "community organizer" crowd's out in full force again, hoping to use feddle gummint power to force banks to once again offer mortgages to people who can't pay them back.
Lawyers and bank consultants say regulators and the Obama Administration are scrutinizing financial institutions for a practice that last drew attention before the rise of subprime lending: redlining. The term dates from the 1930s, when the Federal Housing Administration drew up maps using red ink to delineate inner-city neighborhoods considered too risky for lending. Congress later passed laws banning lending discrimination on the basis of race and other characteristics. "The agencies have refocused on banks having the incredible nerve to actually use prudent lending standards redlining because, in the wake of the subprime explosion and sudden implosion, they are looking at these disadvantaged neighborhoods and not seeing any credit access," says Jo Ann Barefoot, co-chair at Treliant Risk Advisors in Washington, D.C., which consults with banks on regulatory issues.

At the Justice Dept., a new 20-person unit dedicated to fair lending issues received a record number of discrimination referrals from regulators in 2010 and has dozens of open cases, according to a recent agency report. Potential penalties can reach into the millions of dollars. "We are using every tool in our arsenal to combat lending discrimination, because forcing banks to shovel out untold billions of dollars in NINJA loans was SO beneficial the last time around" Thomas E. Perez, the Bolshevik ratbag who quashed the DOJ's "New Black Panther" voter-intimidation case assistant attorney general for the Civil Rights Div., told a conference of rent-seeking communist thieves community development advocates in Washington in April.
Hmmm...guess it's time to load up on those dried-food and shotgun-shell futures contracts again...
Posted by:Whaiting Spavitch3233

#5  Ricky, good to see you. Couldn't agree more.
Posted by: KBK   2011-05-12 20:44  

#4  Marcy Kaptur D-OH has filed a bill for reinstatement of all or part of Glass-Steagall several times over the years, most recently a month ago. It goes into a House committee, never to see the light of day again.
Posted by: Anguper Hupomosing9418   2011-05-12 16:31  

#3  I keep waiting to see if anyone in gummint's going to recommend reinstating Glass-Steagall's forced separation of commercial and investment banking, along with bringing back a strong Uptick Rule. The fix is obviously in, because all I hear is crickets chirping on both sides of the aisle. Paul Volcker's at least tried to promote a stripped-down version of Glass-Steagall, but of course the usual suspects have succeeded in strangling the Volcker Rule in its crib.

The Tea Party wing of the Republican Party needs to get out in front of this now. The Quislingcrats take gazillions from the big banks and investment houses (more than the Trunks got in the '08 election cycle, BTW), but the media will of course ignore that fact while they clobber the Republicans as "the party of Wall Street plutocrats."

Face it, folks. Wall Street as it now stands is an ENEMY of market capitalism as we've understood it in the past. The financial firms used to provide and enhance the capital that allowed real businesses to profit from producing real goods and services. All they do now is function as a gigantic casino, and they use all means at hand to make damn sure the advantage is always with the house.

I'm still waiting to see a conservative candidate start pounding on the theme of "Main Street, not Wall Street." Campaign on bringing back the sensible regs that worked well in the past (NOT the 2,000-plus-page Dodd-Frank abortion) and on going after the big fish who caused the crisis with criminal charges and long jail sentences - and yeah, Chris Dodd and Bawney Fwank, I'm looking at you. Demand that "too big to fail" be brought to an end - if a Wall Street firm is TBTF, it's just too damn big. The first Trunk candidate who promises to smash Goldman Sachs into a thousand pieces and scatter it to the winds has the best chance of getting my vote.
Posted by: Ricky bin Ricardo (Abu Babaloo)   2011-05-12 15:06  

#2  They never fixed "mark to market" or freddie ass or fanny crap either. We really are all going to hell with this government.
Posted by: newc   2011-05-12 12:56  

#1  I am beginning to think those vets who went off into the jungles of the Cascade range and the drug fried desert rats who live in contex containers in the mojave were actually on to something.

We may well be on our ways to another dark age of medieval lawlessness with moats, drawbridges and hot buckets of pitch.

At the rate this moron is going, there may be no economy left to fix when we elect a new president.
Posted by: Bill Clinton   2011-05-12 11:39  

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