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Thread: U.S. sues S&P over subprime ratings

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    Re: U.S. sues S&P over subprime ratings

    Requiring lenders to prove that they are serving their entire community is not the same as forcing them to provide loans to every idiot who asks for one, no matter how bad their credit and work history etc.

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    Re: U.S. sues S&P over subprime ratings

    Quote Originally Posted by Hard Truth View Post
    Requiring lenders to prove that they are serving their entire community is not the same as forcing them to provide loans to every idiot who asks for one, no matter how bad their credit and work history etc.
    Again, the categories may very well overlap.
    "It's always reassuring to find you've made the right enemies." -- William J. Donovan

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    Re: U.S. sues S&P over subprime ratings

    Quote Originally Posted by Jack Hays View Post
    Again, the categories may very well overlap.
    Sure they do. I'm sure many bankers would rather just refuse all loans to certain races and neighborhoods rather than assess people as individuals because it would be faster and cheaper. That is why the CRA was necessary-there was a long history of arbitrary discrimination.

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    Re: U.S. sues S&P over subprime ratings

    Quote Originally Posted by Hard Truth View Post
    Sure they do. I'm sure many bankers would rather just refuse all loans to certain races and neighborhoods rather than assess people as individuals because it would be faster and cheaper. That is why the CRA was necessary-there was a long history of arbitrary discrimination.
    I have never argued that there should not have been a CRA or something like it. But I would also argue that unintended consequences can be just important as the intended ones.
    "It's always reassuring to find you've made the right enemies." -- William J. Donovan

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    Re: U.S. sues S&P over subprime ratings

    Quote Originally Posted by Hard Truth View Post
    Paul Krugman, what does that fool know?



    Paul Robin Krugman (born February 28, 1953) is an American economist, Professor of Economics and International Affairs at the Woodrow Wilson School of Public and International Affairs at Princeton University, Centenary Professor at the London School of Economics, and an op-ed columnist for The New York Times.[7][8] In 2008, Krugman won the Nobel Memorial Prize in Economic Sciences for his contributions to New Trade Theory and New Economic Geography. According to the prize Committee, the prize was given for Krugman's work explaining the patterns of international trade and the geographic concentration of wealth, by examining the effects of economies of scale and of consumer preferences for diverse goods and services.[9]

    Krugman is known in academia for his work on international economics (including trade theory, economic geography, and international finance),[10][11] liquidity traps, and currency crises. He is the 20th most widely cited economist in the world today[12] and is ranked among the most influential academic thinkers in the US.[13]

    As of 2008, Krugman has written 20 books and has published over 200 scholarly articles in professional journals and Awards..........

    1991, American Economic Association, John Bates Clark Medal.[87] Since it was awarded to only one person, once every two years (prior to 2009), The Economist has described the Clark Medal as 'slightly harder to get than a Nobel prize'.[88]
    1992, Fellow of the American Academy of Arts and Sciences (AAAS).[35]
    1995, Adam Smith Award of the National Association for Business Economics[89]
    1998, Doctor honoris causa in Economics awarded by Free University of Berlin Freie Universität Berlin in Germany
    2000, H.C. Recktenwald Prize in Economics, awarded by University of Erlangen-Nuremberg in Germany.
    2002, Editor and Publisher, Columnist of the Year.[90]
    2004, Fundación Príncipe de Asturias (Spain), Prince of Asturias Awards in Social Sciences.[91]
    2004, Doctor of Humane Letters honoris causa, Haverford College[92]
    2008, Nobel Memorial Prize in Economics for Krugman's contributions to New Trade Theory.[93] He became the twelfth John Bates Clark Medal winner to be awarded the Nobel Memorial Prize.
    2012, Doctor honoris causa from the Universidade de Lisboa, Universidade Técnica de Lisboa and Universidade Nova de Lisboa[94][95]

    A May, 2011 Hamilton College analysis of 26 politicians, journalists, and media commentators who made predictions in major newspaper columns or television news shows from September 2007 to December 2008 found that Krugman was the most accurate. Only nine of the prognosticators predicted more accurately than chance, two were significantly less accurate, and the remaining 14 were no better or worse than a coin flip. Krugman was correct in 15 out of 17 predictions, compared to 9 out of 11 for the next most accurate media figure, Maureen Dowd. Krugman's result was found to be statistically significant at the p<0.001 level.[96]

    Foreign Policy named Krugman one of its 2012 FP Top 100 Global Thinkers "for wielding his acid pen against austerity".[97]
    Wikipedia
    Post all of the WIKI and other lib lovung data you want to about Krugman.

    He's a moron. Look the abillity to memorize facts and dates and mathematical theorems does take a certain amount of intelligence but thats where Krugmans abillity stops.

    The application of that knowledge tells a different story.

    Either he is so partisan he is willing to damage his reputation by ignoring mass amounts of data or there is something actually wrong with him.

    Anyone who argues for the policies of Obama isn't playing with a full deck.

    There is no way to objectivly reason away his failure and the failure of his policies.
    Last edited by Fenton; 02-14-13 at 10:41 AM.

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    Re: U.S. sues S&P over subprime ratings

    Take with a pinch of salt some with of these titles that have been bestowed
    on these lunatic proffesors.

    A harvard emeritus economics professor had a 2 hour lib-athon on current TV.

    I thought I'll keep an open mind and see what he has to say.

    His solution ? Tax the rich at 95% because we did it after WWII.

    Moron. He was a moron and a liar

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    Re: U.S. sues S&P over subprime ratings

    Quote Originally Posted by Hard Truth View Post
    Requiring lenders to prove that they are serving their entire community is not the same as forcing them to provide loans to every idiot who asks for one, no matter how bad their credit and work history etc.
    Apparently no job and a bad credit history has become the equivalent of "up is down,' "slavery is freedom," etc. Did Orwell look into the future in 1949 when he wrote "1984?" We would have been laughed out of the bank not too many years ago had we tried this! Now I am reading that if the minimum wage goes up by a grand amount of $1.75 an hour, millions of people will suddenly qualify for a home loan? Okaaay....

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    Re: U.S. sues S&P over subprime ratings

    Quote Originally Posted by Jack Hays View Post
    I have never argued that there should not have been a CRA or something like it. But I would also argue that unintended consequences can be just important as the intended ones.
    I agree and I acknowledge that the regulating legislation and practices during the 19990s-the present may be a small factor in the crisis and should be re-examined. However, there is no evidence that the original CRA (enacted in 1977) caused the crisis or required loans to unqualified borrowers. Ending redlining and discrimination was the right thing to do and was beneficial to many people who previously faced unjustifiable discrimination.
    Last edited by Hard Truth; 02-14-13 at 06:23 PM.

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    Re: U.S. sues S&P over subprime ratings

    Quote Originally Posted by polgara View Post
    Apparently no job and a bad credit history has become the equivalent of "up is down,' "slavery is freedom," etc. Did Orwell look into the future in 1949 when he wrote "1984?" We would have been laughed out of the bank not too many years ago had we tried this! Now I am reading that if the minimum wage goes up by a grand amount of $1.75 an hour, millions of people will suddenly qualify for a home loan? Okaaay....
    Neither I, the CRA law, or anyone else I am aware of, said that home loans should be given to unemployed people with bad credit history.

    I can imagine that some people earning minimum wage may qualify for a home loan if the home is sufficiently low-cost (perhaps a trailer), the cost of living in the region is low and there are more than one wage earners in the household.

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    Re: U.S. sues S&P over subprime ratings

    Quote Originally Posted by Hard Truth View Post
    I agree and I acknowledge that the regulating legislation and practices
    during the 19990s-the present may be a small factor in the crisis and should be re-examined. However, there is no evidence that the original CRA (enacted in 1977) caused the crisis or required loans to unqualified borrowers. Ending redlining and discrimination was the right thing to do and was beneficial to many people who previously faced unjustifiable discrimination.
    Your looking at the CRA as a static piece of legislation.

    Initially CRA was just a stand alone framework of guidelines that was supposed to stop discrimination.

    In 1989 under Bush one it was changed to a piece of legislation that forced banks to "prove " they were attempting to make loans accessable to their surounding communities.

    In 1995 Clinton chamged to finally force banks to loan to the people in their communities and the banks were audited as "trying" wasn't good enough anymore.

    Why you claim these regulations amounted to a small portion is beyond me. HUD was given regulatory oversight to force the GSEs under quota's to purchase and then bundle and sell low quality mortgages.

    THAT one regulation contributed to the lions share of sub-prime debt on Govt books that was the lions share of all sub-prime debt.

    The GSEs mixed good with bad and pushed those toxic securities out into the market.

    A lending institution failing to lend to its community members is NOT discrimination.

    Proper lending involves "discrimination". Not lending to community members because they have a darker complextion IS discrimination.

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