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Thread: U.S. Jobless Rate Unexpectedly Declines to 8.6%

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    Re: U.S. Jobless Rate Unexpectedly Declines to 8.6%

    Quote Originally Posted by Conservative View Post
    Don't think so as I don't recall the Founders promoting a large central govt. and nanny state. With the Founders it was about people helping people, not the government taking from people to redistribute to someone else. Self reliance was paramount with the Founders and when people couldn't help themselves then the community would step in.

    We have a 15 trillion dollar debt today and 3.7 trillion dollar Federal Govt. Do you think that our Founders would have agreed with either?
    I'm not convinced we have a nanny state. i think that's your misperceptions. Still, we started with the arcitles of confederation, but found it had too weak a central government, and moved to strengthen the federal government with our constititution.

    Again, i'm not convinced you understand the foundation of this country.

    AUSTAN GOOLSBEE: I think the world vests too much power, certainly in the president, probably in Washington in general for its influence on the economy, because most all of the economy has nothing to do with the government.

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    Re: U.S. Jobless Rate Unexpectedly Declines to 8.6%

    Quote Originally Posted by Boo Radley View Post
    I'm not convinced we have a nanny state. i think that's your misperceptions. Still, we started with the arcitles of confederation, but found it had too weak a central government, and moved to strengthen the federal government with our constititution.

    Again, i'm not convinced you understand the foundation of this country.
    Really? no nanny state? How many people are now dependent on the govt. for food stamps? How many are dependent on unemployment insurance? How many are dependent on the govt. for healthcare programs? Our Founders understood personal responsibility and didn't have a social safety net like we have today. They believed in self reliance and individual responsibility. None of those are supported by liberals today.

    I have seen no evidence that you understand the foundation of this country.

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    Re: U.S. Jobless Rate Unexpectedly Declines to 8.6%

    Quote Originally Posted by Conservative View Post
    Really? no nanny state? How many people are now dependent on the govt. for food stamps? How many are dependent on unemployment insurance? How many are dependent on the govt. for healthcare programs? Our Founders understood personal responsibility and didn't have a social safety net like we have today. They believed in self reliance and individual responsibility. None of those are supported by liberals today.

    I have seen no evidence that you understand the foundation of this country.
    A lot less than aren't.

    AUSTAN GOOLSBEE: I think the world vests too much power, certainly in the president, probably in Washington in general for its influence on the economy, because most all of the economy has nothing to do with the government.

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    Re: U.S. Jobless Rate Unexpectedly Declines to 8.6%

    Quote Originally Posted by Boo Radley View Post
    A lot less than aren't.
    A growing number each and every day and the liberal ideology requires dependence and continue to promote the benefits of big govt. Sorry, but that is reality

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    Re: U.S. Jobless Rate Unexpectedly Declines to 8.6%

    Quote Originally Posted by Conservative View Post
    A growing number each and every day and the liberal ideology requires dependence and continue to promote the benefits of big govt. Sorry, but that is reality
    That would be a sign there are more and n more poor people and not a nanny state, if in fact you're correct, which is not a given.

    Not sure you know much about reality either btw.

    AUSTAN GOOLSBEE: I think the world vests too much power, certainly in the president, probably in Washington in general for its influence on the economy, because most all of the economy has nothing to do with the government.

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    Re: U.S. Jobless Rate Unexpectedly Declines to 8.6%

    Quote Originally Posted by Gill View Post
    And thanks for making my point again -- this time about the importance of fact checking.

    The best source to consult with respect to what the CRA does or does not require is the CRA statute itself.

    12 C.F.R. PART 228—COMMUNITY REINVESTMENT (REGULATION BB)

    s 228.1(d): Safe and sound operations.

    This part and the CRA do not require a bank to make loans or investments or to provide services that are inconsistent with safe and sound operations. To the contrary, the Board anticipates banks can meet the standards of this part with safe and sound loans, investments, and services on which the banks expect to make a profit. Banks are permitted and encouraged to develop and apply flexible underwriting standards for loans that benefit low- or moderate-income geographies or individuals, only if consistent with safe and sound operations.
    PART 228—COMMUNITY REINVESTMENT (REGULATION BB) :: PART 228--COMMUNITY REINVESTMENT (REGULATION BB) :: CHAPTER II--FEDERAL RESERVE SYSTEM :: Title 12 - Banks and Banking :: Code of Federal Regulations :: Regulations :: Law :: Justia
    Last edited by AdamT; 12-06-11 at 04:42 PM.

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    Re: U.S. Jobless Rate Unexpectedly Declines to 8.6%

    Quote Originally Posted by AdamT View Post
    And thanks for making my point again -- this time about the importance of fact checking.

    The best source to consult with respect to what the CRA does or does not require is the CRA statute itself.



    PART 228—COMMUNITY REINVESTMENT (REGULATION BB) :: PART 228--COMMUNITY REINVESTMENT (REGULATION BB) :: CHAPTER II--FEDERAL RESERVE SYSTEM :: Title 12 - Banks and Banking :: Code of Federal Regulations :: Regulations :: Law :: Justia
    You're right about one thing, fact checking is important. You should try it sometime.
    Section 228.29 Effect of CRA performance on applications
    Provides that the Board takes account of a bank's record of CRA performance when evaluating specified applications for deposit facilities. Explains that in considering the bank's CRA performance in such an application, the Board takes account of any views expressed by interested parties that are submitted in accordance with the Board's Rules of Procedure. States that a bank's record of performance may be the basis for denying or conditioning approval of one of the specified types of application. Finally, cross-references definitions in the Bank Holding Company Act.
    FRB: Regulation BB: Compliance Guide

    This is how many banks were blackmailed. Whenever they wanted to expand or make other changes to their charter, they had to be approved by the Federal Reserve. Any community organization near the bank could object on the grounds that the bank had not provided enough low income loans. In most cases, the bank was forced to settle by giving subprime loans, usually hundreds of million dollars.

    • "The America Republic will endure until the day Congress discovers that it can bribe the public with the public's money." -- Alexis de Tocqueville





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    Re: U.S. Jobless Rate Unexpectedly Declines to 8.6%

    Quote Originally Posted by Gill View Post
    You're right about one thing, fact checking is important. You should try it sometime.


    FRB: Regulation BB: Compliance Guide

    This is how many banks were blackmailed. Whenever they wanted to expand or make other changes to their charter, they had to be approved by the Federal Reserve. Any community organization near the bank could object on the grounds that the bank had not provided enough low income loans. In most cases, the bank was forced to settle by giving subprime loans, usually hundreds of million dollars.
    I guess I missed the fact part of your response. Did you unintentionally leave out the citation?

    Not really. Because the fact is that there aren't, and never have been, quotas under the CRA. Banks simply have to establish that they complied with the statutory requirements of the Act to stay off the **** list.

    CRA Regulations - What Does the Community Reinvestment Act Regulate?

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    Re: U.S. Jobless Rate Unexpectedly Declines to 8.6%

    Quote Originally Posted by AdamT View Post
    I guess I missed the fact part of your response. Did you unintentionally leave out the citation?

    Not really. Because the fact is that there aren't, and never have been, quotas under the CRA. Banks simply have to establish that they complied with the statutory requirements of the Act to stay off the **** list.

    CRA Regulations - What Does the Community Reinvestment Act Regulate?
    In 1977, when the CRA was established those were the rules. However over time there were other challenges against lending money according top the ability to repay the loan.

    This is one such successful challenge forcing banks to lend money not according to their ability to repay the loan but on the color of their skin or ethnic background.

    Scroll down and youŽll see the name of a well known "community organizer",

    Civil Rights Litigation Clearinghouse

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    Re: U.S. Jobless Rate Unexpectedly Declines to 8.6%

    Quote Originally Posted by AdamT View Post
    I guess I missed the fact part of your response. Did you unintentionally leave out the citation?

    Not really. Because the fact is that there aren't, and never have been, quotas under the CRA. Banks simply have to establish that they complied with the statutory requirements of the Act to stay off the **** list.

    CRA Regulations - What Does the Community Reinvestment Act Regulate?
    Here's one fact you neglected to "check". Where have I ever said "quota" ???

    Banks were graded on the number of low income loans they made. Those grades could be taken into account if the bank filed for a merger. Community activists could file a protest during the public opinion portion of the process.

    No, there were no quotas, just a LOT of incentives for banks to make sure they gave plenty of low income loans, whether the borrowers were qualified or not.

    • "The America Republic will endure until the day Congress discovers that it can bribe the public with the public's money." -- Alexis de Tocqueville





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