That Was Then, This is Now

It must be nice to be the Mittens Romney of Wingnut Tink Tanks.

It’s those poor folks’ fault — again.

Sullivan is “Dish-Checking” this very question. You should send him this.
http://andrewsullivan.thedailybeast.com/2011/11/how-right-or-wrong-is-bloomberg-.html

The NYRB has an enlightening piece about this here.

@Benedick: I love the personal ads in the back of the NYRB.

CRA did nothing but mandate that each FDIC insured bank markets all products and services to all geographic areas where such bank accepts deposits. It was a response to redlining and the unavailability of many necessary bank services to under served neighborhoods.. CRA simply required banks to market all services to all areas where deposits were accepted. CRA never required lenders to lower underwriting standards to borrowers in previously under served areas. Sure, on rare occasions, a small local bank might grant a debt ratio (DTI) exception of 2-3 points to add a small $50,000 loan to the portfolio to enhance CRA compliance. But that loan could not be sold to Fannie or Freddie due to the DTI exception so it stayed at the local bank. CRA covered banks and only bank owned mortgage lenders. CRA did not then cover most mortgage lenders as they were not bank owned. In other words, CRA did not have a damn thing to due with the rash of foreclosures experienced. What is curious though is how not one large bank has stood up in defense of CRA and stated what I just posted, that CRA had no role in the crisis. It is just too damn convenient for the large banks to use CRA as a scapegoat and encourage such sorely mistaken and misplaced blame.

@jwmcsame: Thanks for that. I understood it. This is the new Republican explanation of how the financial collapse was Clinton’s fault. I’m hearing it a lot. On the last Maher show I watched, for example. And of course he’s too uninformed to respond adequately.

@Dodgerblue: Foxy philosopher, 50s, department head at major Ivy League, seeking erudite anthropologist gentleman to 70s for long moonlight digs. Spring in Paris, summer in Tuscany, winter at Vail. Let’s enjoy the good things in life together. (No fats, fems, or Republicans)

@Benedick: maher can be a little uninformed at times and the stephen hawking sexy halloween costume bit was way out of bounds last week. did you see cnn war corrspondent michael ware on maher then? he said iran invaded iraq the same time we did and actually was running all the resistance and coordinating the bombings and artillery strikes on the green zone. he said iran was the only winner in that war, again proving that w’s debacle in the desert only strengthened our worst enemy in the region. but considering how h.w. manipulated iran to bring jimmy carter down and then later iraq, maybe that was the plan all along.

@Benedick: Perfect.

@jwmcsame: The whole costume skit was cringe-making. But Ware was very impressive and hilarious when he kept grabbing brother West as if holding him back from a fight. The guest got in the Fannie/Freddie spin and Maher didn’t know enough to correct it. He didn’t even know enough to correct motherfucking Grover Norquist. It’s not good enough. He does a lot that’s good but if he’s going to have those people on he needs to know what they’re talking about.

@Dodgerblue: I do my best.