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What Causes Banking Crises? Talks about how the CRA caused the last one.

By indigenous follow indigenous   2014 Aug 4, 6:28am 53,871 views   85 comments   watch   nsfw   quote   share    


He says that in the last 200 years there have been 17 banking crises (defines a crises involving over 1% of the GDP) in the US while Canada has had ZERO.

And how the CRA was central to the meltdown in 08

I know you willfully ignorant mutts (you know who you are) will ignore this, despite it is only a 1/2 hour show.

http://www.schiffradio.com/pg/jsp/verticals/archive.jsp

The show titled "What Causes Banking Crises?"

He talks about too many protections which emboldens banks to make more risks this escalated a lot since the 90s.

He said the biggest reason for the failures in 2008 was that banks had to get permission to merge with other banks in the 90s. They had to prove that they were good citizens to the Fed. They did this by giving money to community groups to testify that you were good citizens. Total money given to these groups was about 2.5 TRILLION Dollars in about 20 yr.

The low income people were not the cause of the crises but Fannie and Freddy could not lower the standards for only subprimes but for everyone.

He talks about this at about 20 minutes of the talk.

http://fragilebydesign.com/

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46   NoCoupForYou   ignore (5)   2014 Aug 7, 10:43am     ↓ dislike (0)   quote   flag        

Entitlemented says

Moz made a trip to FHA, they met. The FHA leader would later worke at Countrywide.

Solution: Federal Regulator and Publicly owned Company Non-Compete Clauses.

Generals, Food inspectors, FHA employees, etc. - no working for the regulated industry for X years after leaving employment.

A General could work for Monsanto, an FDA Honcho could work for Lockheed Martin, but not vice-versa.

47   Entitlemented   ignore (0)   2014 Aug 7, 10:49am     ↓ dislike (0)   quote   flag        

Wikipedia: A manifesto is a published verbal declaration of the intentions, motives, or views of the issuer, be it an individual, group, political party or government.[1][2][3][4] A manifesto usually accepts a previously published opinion or public consensus and/or promotes a new idea with prescriptive notions for carrying out changes the author believes should be made. It often is political or artistic in nature, but may present an individual's life stance. Manifestos relating to religious belief are generally referred to as creeds.

Heres a document that meets and exceeds the definition of Manifesto:

http://www1.nyse.com/pdfs/Countrywide0505.pdf

48   indigenous   ignore (0)   2014 Aug 7, 10:50am     ↓ dislike (2)   quote   flag        

thunderlips11 says

Solution: Federal Regulator and Publicly owned Company Non-Compete Clauses.

The solution is to EMACIATE the government and repeal the 17th amendment.

49   indigenous   ignore (0)   2014 Aug 7, 3:43pm     ↓ dislike (2)   quote   flag        

But the government can be played by the absence of a ruling party that is not subject to election by the voting public. As the bankers and the community groups co opt the government. This was not the case previous to Wilson's handy work. What a complete asshole he was.

50   APOCALYPSEFUCKisShostikovitch   ignore (49)   2014 Aug 7, 4:10pm     ↓ dislike (0)   quote   flag        

Entitlemented says

APOCALYPSEFUCKisShostikovitch says

There was a CRA manifesto?

Can you send a citation that we can review? I was unaware that the CRA had been reduced to a propaganda vehicle with the power to reforge the underwriting protocols for mortgages in every assessment area in America by every bank and non-bank lender.

This will be a revelation to a number of correspondents in industry and regulatory affairs.

See the following:

http://www.prnewswire.com/news-releases/countrywide-expands-commitment-to-1-trillion-in-home-loans-to-minority-and-lower-income-borrowers-54027497.html

Moz made a trip to FHA, they met. The FHA leader would later worke at Countrywide.

Countrywide was never subject to the CRA.

A conspiracy theory needs to be somewhat coherent to get traction.

Hillary eat Rosie's twat. BENGHAZI! doesn't have enough logistical consistency to build a crowd, even of tea baggers.

51   APOCALYPSEFUCKisShostikovitch   ignore (49)   2014 Aug 7, 4:12pm     ↓ dislike (0)   quote   flag        

Entitlemented says

Also, Countrywide had Jerry Browns sister employed, HUD leaders employed. Chicago housing advocates, etc. Look at this web of influence:

http://news.muckety.com/2008/06/26/the-tragedy-of-countrywide-financial-and-angelo-mozilo/3712

And she invented the CRA? Or is she another one of Hillary's immense hirsute lesbians lovers who can brainwash Anthony Mozilla into believing anything, including that Countrywide was subject to the CRA?

52   Blurtman   ignore (1)   2014 Aug 8, 4:02am     ↓ dislike (0)   quote   flag        

What I would like to know is how that cockaroach Deval Patrick avoided a jail term, and even more amazingly, was elected governor of Massachusetts. He was on board Ameriquest and profiting from their crime spree, which made Countrywide look like the Salvation Army.

53   indigenous   ignore (0)   2014 Aug 8, 5:35am     ↓ dislike (0)   quote   flag        

bgamall4 says

Truth is, the TBTF banks want the GSE business. You didn't know that? I bet you thought the TBTF banks were the good guys! Lol.

Of course they did, if you can pass the bad paper off why wouldn't you.

Nope if I had my way the TBTF would be subjected to things that would make AF cringe.

54   bob2356   ignore (4)   2014 Aug 8, 4:35pm     ↓ dislike (1)   quote   flag        

APOCALYPSEFUCKisShostikovitch says

The local - in my council, North Cartlon, anyway - pronunciation was closer to MIL-bin. The table chuckled in delight at the lifer fuck's cluelessness.

The languages of NZ and Oz (they are 2 different languages) are based on english more or less. Sometimes less.

US embassies around the world cause more hatred of america and any other reason.

55   bob2356   ignore (4)   2014 Aug 8, 4:42pm     ↓ dislike (1)   quote   flag        

APOCALYPSEFUCKisShostikovitch says

I was hanging out out with teachers in Melbourne

I like Melbourne a lot except for their annoying habit of doing the british status thing. In Sydney they ask how much you make, in Brisbane they ask, where you are from, in Perth they ask do you want a beer, in Melbourne they ask what school you went to.

I took a long holiday in gippsland around barnsedale and lakes entrance. Really nice area. Would like to go back one day.

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