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Thread: Economy adds 192,000 jobs; unemployment rate holds steady at 6.7%

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    Re: Economy adds 192,000 jobs; unemployment rate holds steady at 6.7%

    Quote Originally Posted by mmi View Post
    Adept? Uh, …
    Did I use it wrong?....

    a·dept
    adjective
    əˈdept/
    1.
    very skilled or proficient at something.

    https://www.google.com/#q=Adept

    Hmmmm....Seems not....What's your problem with the word?
    Americans are so enamored of equality that they would rather be equal in slavery than unequal in freedom.

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    Re: Economy adds 192,000 jobs; unemployment rate holds steady at 6.7%

    Good morning mmi, let's start here:

    In the academic world, mealy-mouthed delivery of even powerful conclusions is the norm, so it's refreshing to see authors Sumit Agarwal, Efraim Benmelech, Nittai Bergman, Amit Seru answer the title's question, "Did the Community Reinvestment Act (CRA) Lead to Risky Lending?," with the clear, "Yes, it did. ... We find that adherence to the act led to riskier lending by banks." The full abstract reads:
    Yes, it did. We use exogenous variation in banks’ incentives to conform to the standards of the Community Reinvestment Act (CRA) around regulatory exam dates to trace out the effect of the CRA on lending activity. Our empirical strategy compares lending behavior of banks undergoing CRA exams within a given census tract in a given month to the behavior of banks operating in the same census tract-month that do not face these exams. We find that adherence to the act led to riskier lending by banks: in the six quarters surrounding the CRA exams lending is elevated on average by about 5 percent every quarter and loans in these quarters default by about 15 percent more often. These patterns are accentuated in CRA-eligible census tracts and are concentrated among large banks. The effects are strongest during the time period when the market for private securitization was booming.

    Study Says Community Reinvestment Act Induced Banks To Take Bad Risks - Hit & Run : Reason.com
    If you don't like Reason, then Investors Business Daily had a good take on it as well....

    Democrats and the media insist the Community Reinvestment Act, the anti-redlining law beefed up by President Clinton, had nothing to do with the subprime mortgage crisis and recession.But a new study by the respected National Bureau of Economic Research finds, "Yes, it did. We find that adherence to that act led to riskier lending by banks."
    Added NBER: "There is a clear pattern of increased defaults for loans made by these banks in quarters around the (CRA) exam. Moreover, the effects are larger for loans made within CRA tracts," or predominantly low-income and minority areas.


    Read More At Investor's Business Daily: New Study Blames Community Reinvestment Act For Mortgage Defaults - Investors.com
    We can start there.
    Americans are so enamored of equality that they would rather be equal in slavery than unequal in freedom.

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    Re: Economy adds 192,000 jobs; unemployment rate holds steady at 6.7%

    Quote Originally Posted by Conservative View Post
    Sorry, done with you if you don't use the quote function properly which is probably what you want anyway because you are looking foolish and have zero credibility.
    Yer a real character, I'll give ya that. A bit of a broken record though.

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    Re: Economy adds 192,000 jobs; unemployment rate holds steady at 6.7%

    Quote Originally Posted by j-mac View Post
    .What's your problem with the word?
    My only problem is that it's seems inappropriately applied to me in this context. I keep stumbling around with these BLS tables. I find more and more stuff on their site all the time; it's a fabulous resource. But I'm just learning my way around on it; all these years, I've just read the monthly reports.

    I see there's a post below where yer gonna come after me on the CRA. I've got my attorney available in his office if I need 'im. You not gonna swear me in or anything, are ya?

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    Re: Economy adds 192,000 jobs; unemployment rate holds steady at 6.7%

    Quote Originally Posted by mmi View Post
    My only problem is that it's seems inappropriately applied to me in this context. I keep stumbling around with these BLS tables. I find more and more stuff on their site all the time; it's a fabulous resource. But I'm just learning my way around on it; all these years, I've just read the monthly reports.

    I see there's a post below where yer gonna come after me on the CRA. I've got my attorney available in his office if I need 'im. You not gonna swear me in or anything, are ya?
    We're only trying to help you.

    To educate you. To give you the advantage of information that hasn't been redacted or mischaracterized.

    The NBERs report on the CRAs effect on the Sub-Prime Bubble is just one aspect of how the CRA contributed to the Sub-Prime Collapse.

    Clintons 1995 CRA changes allowed what would have been a small and isolated bubble to grow into systemic proportions.

    By allowing the two largest GSEs to count their purchase of Sub-Prime loans and securities towards their HUD " affordable lending " goals, Clinton set in motion a deluge of toxic securities that made their way out into the worlds Capital Markets via CDO tranches.

    The Banks weren't the first Financial entities to buy and package and securitize Sub-Prime loans.

    No, that would be Freddie and Fannie.

    Freddie Mac in 1998 Guaranteed 380 Million dollars of Sub-Prime securities.

    Those Securities were then distributed out to investment houses and then throughout the worlds Capital markets as "AAA" rated securities.

    They were of course worthless.

    Banks didn't start creating private Mortgae backed Securities backed by Sub-Prime debt until 2002.

    And when they did, Fannie Mae and Freddie Mac were their primary Consumers.

    Fannie Mae was put under SEC investigation in 2004 and eventually fined 400 Million dollars for what amounted to unprecedented Securities fraud.

    Freddie Mac AND Fannie Mae were put under investigation again in 2011 for hiding massive amounts of worthless debt from....well everyone.

    They manipulated the entire MBS market, manipulated demand of securities backed by Sub-Prime debt and lied their way to insolvency.

    And they were defended and run by Democrats.
    Last edited by Fenton; 05-21-14 at 02:18 PM.

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    Re: Economy adds 192,000 jobs; unemployment rate holds steady at 6.7%

    Quote Originally Posted by j-mac View Post
    Good morning mmi, let's start here
    Whew! Looks like a friendly prosecutor at least.

    The first thing I noticed is that this all seems to be from one analysis, the NBER paper. I don't suppose it would help me to point out that these authors sound like foreigners, and I don't mean Swedes or anything. Just kidding.

    I absolutely want to give this matter the attention it deserves. At the moment, I'm required to return to my efforts to transfer taxpayer dollars from the Treasury into my checking account. In the meantime, let me say three things.

    First, I'm not really looking to argue that the CRA played no role in the crisis. I just think it belongs a ways down on the list, behind:

    • the criminal operations operating as private mortgage lenders that led to convictions, mostly out West
    • the Big Banks that are getting stuck with tens of billions of dollars in fines
    • Mr. Greenspan and associates, who worked to keep interest rates low when they should have been rising
    • politicians like Mr. Clinton, Mr. Bush, and some members of Congress who played important roles in loosening loan standards


    Secondly, like you, and apparently unlike some others on this thread, I'm no expert on mortgage lending standards. I know I had no trouble getting a mortgage in Dec 2008, in small part because I had credit scores in the 800s, and in large part because I put $120K down on a $180 property. I waited until I was 52 years old to buy a house and I have never carried a credit card balance. That's about all I know.

    Finally, I'm gonna send a couple o' pinch hitters up to the plate for me: Carl Yastrzemski and Stan Musial. I load my bench up with guys like this, hoping to avoid having problems with tough righties. So, somewhat ironically, unless you can get a really nasty lefty on the mound, I'd say you've got yer hands full.

    The latest failed effort to blame the Community Reinvestment Act for Accounting Control Fraud, from a fellow that I figure you'll see as a lefty economist in March 2013

    Government Policy and the Crisis: The Case of the Community Reinvestment Act, from some Fed economists in Aug 2013


    Quote Originally Posted by Fenton View Post
    We're only trying to help you. To educate you.
    Sorry, but you've described me as a "low-information Obama supporter." This indicates to me that yer a right-wing hack not worth communicating with. Besides, you've made it clear that you find my posting style confusing. I don't want to confuse you.

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    Re: Economy adds 192,000 jobs; unemployment rate holds steady at 6.7%

    Quote Originally Posted by mmi View Post
    Whew! Looks like a friendly prosecutor at least.

    The first thing I noticed is that this all seems to be from one analysis, the NBER paper. I don't suppose it would help me to point out that these authors sound like foreigners, and I don't mean Swedes or anything. Just kidding.

    I absolutely want to give this matter the attention it deserves. At the moment, I'm required to return to my efforts to transfer taxpayer dollars from the Treasury into my checking account. In the meantime, let me say three things.

    First, I'm not really looking to argue that the CRA played no role in the crisis. I just think it belongs a ways down on the list, behind:

    • the criminal operations operating as private mortgage lenders that led to convictions, mostly out West
    • the Big Banks that are getting stuck with tens of billions of dollars in fines
    • Mr. Greenspan and associates, who worked to keep interest rates low when they should have been rising
    • politicians like Mr. Clinton, Mr. Bush, and some members of Congress who played important roles in loosening loan standards


    Secondly, like you, and apparently unlike some others on this thread, I'm no expert on mortgage lending standards. I know I had no trouble getting a mortgage in Dec 2008, in small part because I had credit scores in the 800s, and in large part because I put $120K down on a $180 property. I waited until I was 52 years old to buy a house and I have never carried a credit card balance. That's about all I know.

    Finally, I'm gonna send a couple o' pinch hitters up to the plate for me: Carl Yastrzemski and Stan Musial. I load my bench up with guys like this, hoping to avoid having problems with tough righties. So, somewhat ironically, unless you can get a really nasty lefty on the mound, I'd say you've got yer hands full.

    The latest failed effort to blame the Community Reinvestment Act for Accounting Control Fraud, from a fellow that I figure you'll see as a lefty economist in March 2013

    Government Policy and the Crisis: The Case of the Community Reinvestment Act, from some Fed economists in Aug 2013




    Sorry, but you've described me as a "low-information Obama supporter." This indicates to me that yer a right-wing hack not worth communicating with. Besides, you've made it clear that you find my posting style confusing. I don't want to confuse you.
    What you are failing to understand is that there are a lot of people to blame and simply focusing on Bush is the problem when in reality there wouldn't have been any sub prime bubble had not Clinton created the sub primes in the early 90's and had not Democrats promoted home ownership just like Bush did. The blame solely on Bush is nothing more than partisan hackery

    I would describe you as someone purely partisan who buys what they want to believe and ignores anything that contradicts it. You have way too much time invested in your Bush Derangement Syndrome and really should seek help. There isn't one economic number today better than what Bush had during his term yet you and others want to focus solely on 2008 and not the prior years. You want to blame Bush for the 2009 budget that was never passed by Congress or signed by Bush until Democrats took the WH and filled that budget with items of their own and signed by Obama knowing that people like you would blame Bush.

    You really could help yourself a lot by one conforming to the posting standards in this forum and

    two doing some independent research on what you are being told.

  8. #1238
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    Re: Economy adds 192,000 jobs; unemployment rate holds steady at 6.7%

    Quote Originally Posted by mmi View Post
    My only problem is that it's seems inappropriately applied to me in this context. I keep stumbling around with these BLS tables. I find more and more stuff on their site all the time; it's a fabulous resource. But I'm just learning my way around on it; all these years, I've just read the monthly reports.

    I see there's a post below where yer gonna come after me on the CRA. I've got my attorney available in his office if I need 'im. You not gonna swear me in or anything, are ya?

    I see, and heh, heh....No oath to be taken here, just friendly conversation.
    Americans are so enamored of equality that they would rather be equal in slavery than unequal in freedom.

    Alexis de Tocqueville

  9. #1239
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    Re: Economy adds 192,000 jobs; unemployment rate holds steady at 6.7%

    Quote Originally Posted by mmi View Post
    Whew! Looks like a friendly prosecutor at least.

    The first thing I noticed is that this all seems to be from one analysis, the NBER paper. I don't suppose it would help me to point out that these authors sound like foreigners, and I don't mean Swedes or anything. Just kidding.

    I absolutely want to give this matter the attention it deserves. At the moment, I'm required to return to my efforts to transfer taxpayer dollars from the Treasury into my checking account. In the meantime, let me say three things.

    First, I'm not really looking to argue that the CRA played no role in the crisis. I just think it belongs a ways down on the list, behind:

    • the criminal operations operating as private mortgage lenders that led to convictions, mostly out West
    • the Big Banks that are getting stuck with tens of billions of dollars in fines
    • Mr. Greenspan and associates, who worked to keep interest rates low when they should have been rising
    • politicians like Mr. Clinton, Mr. Bush, and some members of Congress who played important roles in loosening loan standards


    Secondly, like you, and apparently unlike some others on this thread, I'm no expert on mortgage lending standards. I know I had no trouble getting a mortgage in Dec 2008, in small part because I had credit scores in the 800s, and in large part because I put $120K down on a $180 property. I waited until I was 52 years old to buy a house and I have never carried a credit card balance. That's about all I know.

    Finally, I'm gonna send a couple o' pinch hitters up to the plate for me: Carl Yastrzemski and Stan Musial. I load my bench up with guys like this, hoping to avoid having problems with tough righties. So, somewhat ironically, unless you can get a really nasty lefty on the mound, I'd say you've got yer hands full.

    The latest failed effort to blame the Community Reinvestment Act for Accounting Control Fraud, from a fellow that I figure you'll see as a lefty economist in March 2013

    Government Policy and the Crisis: The Case of the Community Reinvestment Act, from some Fed economists in Aug 2013
    Hey, no problem, a lot of what "I" think may or may not be spot on, but hey, we are just two people talking right? For what it's worth, I don't blame the CRA totally, nor do I think that the collapse was a direct product of the evil Bush, and Cheney manipulating the astronomical alignment in an evil plot to sink the US. Same goes for the banks...Although I do think that they were pressured to make loans to people that they knew full well would default, and in turn invented a way to insulate themselves from those losses...

    I will read your articles, and let you know what I think, if that is fair...Oh, and while your in there tinkering with the Fed money for personal gain, could you transfer a little to me? It would sure help these days.....
    Americans are so enamored of equality that they would rather be equal in slavery than unequal in freedom.

    Alexis de Tocqueville

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    Re: Economy adds 192,000 jobs; unemployment rate holds steady at 6.7%

    Ok mmi, I read, and did a little research on the articles you posted, the first one:

    The latest failed effort to blame the Community Reinvestment Act for Accounting Control Fraud - New Economic PerspectivesNew Economic Perspectives

    Seems to be little more than Black trying to attack personally the people that wrote the study I provided, and at the same time shill his own made up theory placing Banks solely at fault through criminal activity....If asked a simple question to Mr. Black, "why if what you pose that the banks are committing "control fraud", did no one go to jail?"

    On the second article posted by the Atlanta Fed:

    Real Estate Research

    They seem to prose more than a few "probably's" and "Likely" terminology in their dismissal that anything to do with forcing banks to make risky loans is speculation...And thus without giving more weight to the truth from either of these sources, I don't think I can consider them at all...

    Republicans were screaming about this crap in 2004, while Demo's ran cover for Franklin Raines, and lauded that everything was fine:

    Americans are so enamored of equality that they would rather be equal in slavery than unequal in freedom.

    Alexis de Tocqueville

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