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Thread: Former SEIU Official Reveals Secret Plan To Destroy JP Morgan & Crash Stock Market

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    Re: Former SEIU Official Reveals Secret Plan To Destroy JP Morgan & Crash Stock Marke



    Sorry...no.....I know it's tough to swallow....but the fact is that the Feds used this to make the Banks do what they wanted...


    Quote Originally Posted by pbrauer View Post
    Thanks for making my point, it is much appreciated.
    Obama is NOT 50 feet tall, he is ONE inch deep.
    Mark Levin

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    Re: Former SEIU Official Reveals Secret Plan To Destroy JP Morgan & Crash Stock Marke

    Quote Originally Posted by zimmer View Post

    "...consistent with the safe and sound operation of such institutions..." That law was neither safe, sound or sane. It was retarded and proven so. It was another welfare program that went really, really bad despite warnings.

    And here is Cuomo predicting loans would go bad.



    .
    That's a load of BS from Fox News... Bret Baier

    Fox News' Baier advanced conservative attacks on CRA, repeated falsehood about Rep. Frank | Media Matters for America

    During the October 5 Fox News special Saving Our Economy, chief White House correspondent Bret Baier repeated or failed to challenge numerous false assertions about the role of affordable housing initiatives in the financial crisis and Democratic responses to the crisis, including the following: the false suggestion that banks were pressured under the Community Reinvestment Act (CRA) to lend to unqualified buyers, causing the mortgage crisis; a repetition of his false suggestion that Rep. Barney Frank (D-MA) opposed strengthening oversight over Fannie Mae and Freddie Mac; the false claim that congressional Democrats sought to give $20 billion in taxpayer money to a controversial community organization during negotiations over legislation to authorize the U.S. Treasury to purchase up to $700 billion in mortgage-backed assets; the false claim that during a House vote on the bill, Speaker Nancy Pelosi's floor speech resulted in "10 to 20" Republicans deciding to vote against the bill; and the false claim that Democrats held the majority in the Senate in 2006 and caused a reform bill to "fail[]."
    During the report, Amity Shlaes, a former Wall Street Journal columnist and author of The Forgotten Man: A New History of the Great Depression, claimed of the CRA: "We want to have everyone be able to buy a house anywhere. We're going to lend to people of all colors. Nothing wrong with that. We're going to make sure those banks do it, and they don't discriminate. But the law went overboard. Institutions made loans that they probably didn't want to make, because they couldn't seem racist." But the suggestion that the financial crisis was caused by banks lending irresponsibly to comply with the CRA is false. The CRA applies only to depository institutions -- such as banks and savings and loan associations -- which have been estimated to have issued approximately 20 percent of subprime mortgages. Further, a study released earlier this year by a law firm specializing in CRA compliance estimated that in the 15 most populous metropolitan areas, 84.3 percent of high-cost loans in 2006 were made by financial institutions not governed by the CRA. In fact, Janet Yellen, president and CEO of the Federal Reserve Bank of San Francisco, stated in a March speech that "studies have shown that the CRA has increased the volume of responsible lending to low- and moderate-income households" [emphasis added].
    During the Fox News special, Baier further claimed of subprime loans given to low- and middle-income borrowers, "[A]t the tail end of the Clinton administration, Fannie Mae was told to substantially increase the percentage of those mortgages in its portfolio." Baier later asserted, "In April 2001, during the Bush administration's first year, the White House saw danger on the horizon." Baier went on to discuss legislative efforts to enhance oversight of Fannie Mae and Freddie Mac, showing Frank's comments from 2003 on the issue. But at no point did Baier or host David Asman point out Frank's efforts in 2005 and 2007 to pass legislation in the House to provide greater oversight of Fannie Mae and Freddie Mac. Moreover, neither Baier nor Asman pointed out that in 2004, the Bush administration increased Fannie Mae and Freddie Mac's affordable housing goals from 50 percent to 56 percent. Indeed, in a June 10 article, The Washington Post reported that in 2004, "President Bush's HUD ratcheted up the main affordable-housing goal over the next four years, from 50 percent to 56 percent."

    more at the link

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    Re: Former SEIU Official Reveals Secret Plan To Destroy JP Morgan & Crash Stock Marke

    dude, the Cuomo stuff is on CSPAN. and the influence of "roll the dice" Barney Frank in favor of pushing subprime loans is pretty solid history.

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    Re: Former SEIU Official Reveals Secret Plan To Destroy JP Morgan & Crash Stock Marke

    Media Matters...LOL!!!!!!!
    Obama is NOT 50 feet tall, he is ONE inch deep.
    Mark Levin

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    Re: Former SEIU Official Reveals Secret Plan To Destroy JP Morgan & Crash Stock Marke

    Quote Originally Posted by Amazed View Post
    Media Matters...LOL!!!!!!!
    yeah, i thought about citing a contradicting article from townhall.com... but it just wasn't worth it. everyone basically knows this stuff anyway.

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    Re: Former SEIU Official Reveals Secret Plan To Destroy JP Morgan & Crash Stock Marke

    Quote Originally Posted by Amazed View Post
    The Community Reinvestment Act (or CRA, Pub.L. 95-128, title VIII of the Housing and Community Development Act of 1977, 91 Stat. 1147, 12 U.S.C. 2901 et seq.) is a United States federal law designed to encourage commercial banks and savings associations to help meet the needs of borrowers in all segments of their communities, including low- and moderate-income neighborhoods.[1][2][3] Congress passed the Act in 1977 to reduce discriminatory credit practices against low-income neighborhoods, a practice known as redlining.[4][5]
    What's your point? The CRA was passed in 1977 as an answer redlining, which was contributing to urban blight (most American cities were not habitable in the late '70s). My guess is you don't understand what redlining is/was and somehow you think this act has some relevance today. It really doesn't. So, please state your point so I don't have to assume.

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    Re: Former SEIU Official Reveals Secret Plan To Destroy JP Morgan & Crash Stock Marke

    Quote Originally Posted by upsideguy View Post
    What's your point? The CRA was passed in 1977 as an answer redlining, which was contributing to urban blight (most American cities were not habitable in the late '70s). My guess is you don't understand what redlining is/was and somehow you think this act has some relevance today. It really doesn't. So, please state your point so I don't have to assume.
    The CRA was used to club lenders over the head to loosen credit requirements. Fiscal responsibility was thrown out the window in favor of, "Every American should be able to buy a house." Result? Our real estate crash -- as people who couldn't afford to buy lunch were loaned money to buy homes.
    The devil whispered in my ear, "You cannot withstand the storm." I whispered back, "I am ​the storm."

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    Re: Former SEIU Official Reveals Secret Plan To Destroy JP Morgan & Crash Stock Marke

    Quote Originally Posted by Mellie View Post
    This guy seems to want a complete collapse of the economy. For what purpose???
    To start from square one?

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    Re: Former SEIU Official Reveals Secret Plan To Destroy JP Morgan & Crash Stock Marke

    Perhaps you don't understand how the Left used it get their way with the Banks....easily solved with a quick search....if you need to assume something it's ok...my point was clear.

    Quote Originally Posted by upsideguy View Post
    What's your point? The CRA was passed in 1977 as an answer redlining, which was contributing to urban blight (most American cities were not habitable in the late '70s). My guess is you don't understand what redlining is/was and somehow you think this act has some relevance today. It really doesn't. So, please state your point so I don't have to assume.
    Obama is NOT 50 feet tall, he is ONE inch deep.
    Mark Levin

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    Re: Former SEIU Official Reveals Secret Plan To Destroy JP Morgan & Crash Stock Marke

    TITLE I--FACILITATING AFFILIATION AMONG BANKS, SECURITIES FIRMS, AND INSURANCE COMPANIES

    Subtitle A--Affiliations

    SEC. 101. GLASS-STEAGALL ACT REPEALS.

    (a) SECTION 20 REPEALED- Section 20 of the Banking Act of 1933 (12 U.S.C. 377) (commonly referred to as the `Glass-Steagall Act') is repealed.

    (b) SECTION 32 REPEALED- Section 32 of the Banking Act of 1933 (12 U.S.C. 78) is repealed.
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