September 17, 2009

Barney Frank's New Bill to Expand the Community Reinvestment Act

Nothing succeeds like failure.

Here's a press release from the National Community Reinvestment Coalition:
Expansion of Community Reinvestment Act Would Promote Economic Security and Financial Inclusion for

For ... whom? Can't you guys at least finish your titles? I'm imagine in your "Who? Whom?" equation, I'll end up a Whom, but I don't think the end of your sentence was going to be "for Steve Sailer's Family."

So, what's in Barney's Bill, H.R. 1479, the "Community Reinvestment Modernization Act of 2009"?

- Extension of the CRA from mortgages to small business loans.
- Inclusion of credit unions (my vague impression is that credit unions screwed up less than most financial institutions, so Barney has to rectify that!)
- Switch from unofficial to official inclusion of independent mortgage firms (e.g., Countrywide).

Will we ever learn? How can we learn if we aren't allowed to talk about What Just Happened to the economy?

My published articles are archived at iSteve.com -- Steve Sailer

19 comments:

David said...

> Will we ever learn? <

Whose "we"?

Anonymous said...

I don't think the end of your sentence was going to be "for Steve Sailer's Family."

The bill isn't finalized yet...

kurt9 said...

Obviously Barney Frank has never heard the expression "Out of the frying pan and into the fire".

headache said...

Will we ever learn?

Barney does not want to learn because the meltdown suits him and his gang right down the line so can we please have more of it.

AMac said...

Here's a link to the Expansion of CRA Would Promote Economic Security and Financial Inclusion for presser. Sic, indeed.

As a point of pride, the affiliated National Homeownership Sustainability Fund "is made possible by a multi-million dollar funding and underwriting commitment from HSBC-North America. Support for the fund is also provided by Select Portfolio Servicing, Inc., the Ford Foundation, Freddie Mac, the Fannie Mae Foundation, Fannie Mae, the JP Morgan Chase Foundation and the Heron Foundation."

I, for one, welcome our new Wall Street, portfolio servicing, GSE, and leftwing foundation overlords. I only hope there's still room to add the Senator Christopher Dodd Foundation to this list.

PRCalDude said...

I guess we can kiss future economic growth in this country good-bye. Oh well.

OneSTDV said...

Brilliant title.

OneSTDV said...

I just had a conversation with an elite economics Phd. I was grilling him on the recession. He correctly noted the housing market as causing the decline.

Then he correctly noting banks selling bad loans off, even explaining in detail how they do this. Then I asked him,"Well why all of a sudden did the banks start doing this? I mean, why were there so many more bad loans out there?"

He said it was due to less government regulation. Then blamed Bush.

Ahh, a GLOBAL economic crisis and all of one guy has the balls to keep repeating why it actually happened.

Anonymous said...

We really have not learned from 911 either. We are still overrun with illegals 8 years hence. It might just take two financial disasters before we learn.

stu said...

Report on crisis.

http://republicans.oversight.house.gov/media/pdfs/20090707HousingCrisisReport.pdf

DCThrowback said...

Looks like it's time to sell short on HSBC...

RWF said...

Thanks to Barney's previous efforts various "beneficiaries" of the CRA are currently deep in negative equity and crushed by a mountain of debt they will never escape from.

Thanks Barney!

Chief Seattle said...

Barney Frank. Now that Ted Kennedy's gone, he's the top embarrassment to the great state of MA. Since his constituents are too dumb to get rid of him, he'll probably have to go out the same way.

Svigor said...

Ahh, a GLOBAL economic crisis and all of one guy has the balls to keep repeating why it actually happened.

We really have not learned from 911 either. We are still overrun with illegals 8 years hence. It might just take two financial disasters before we learn.

Learn? Balls? As if those things are more important than obeying our media masters, in thought as well as deed!

Steve wants research on what salary levels would best suit Republicans. I'd like research on whether humans are evolved enough to have teevee without following the Goddamned thing off a cliff like a swarm of lemmings.

CJ said...

He said it was due to less government regulation. Then blamed Bush.

It's entirely possible to be both over-regulated and under-regulated at the same time, like a city that installs red-light cameras and photo radar everywhere but does nothing about violent crime. The CRA was regulation that exacerbated the erosion of lending standards. The simultaneous lack of regulation for bond rating firms facilitated the issuance of junk mortgage securities. (The lack of enforcement from agencies like the SEC might be better described as regulatory capture, but I digress.)

As for Bush, as Steve has explained, he is in fact responsible for pushing bad lending to an even worse degree than his predecessor -- and for doing absolutely nothing about the racial spoils system enforced by the federal government. So, the two points made by your tyro economist are in fact true -- but of course they're not the whole story.

Harry Baldwin said...

One of the unfortunate aspects of having Barney Frank occupy political office is that we have to listen to that excruciating voice of his. What do you have to do to your vocal cords to damage them like that? Gargle with some sort of weird rinse? Whatever it is, Harvey Fierstein must use the same stuff. Also Charlie Rangel.

Barney Fife said...

Dennis Miller has a unique take on Barney Frank

Mr. Anon said...

Barney Frank - Is that really who the people of Massachusetts want representing them?

A gay Buddy Hacket who trolls for rent-boys?

Ok. Knock yourself out.

Anonymous said...

Didn't Barney Frank get caught up in a male prostitution ring or something way back? Why is he still in office? Oh, yeah, he comes from the Kennedy Plantation doesn't he, another gloirfied Democrat who is full of.... Well I don't even want to imagine what Barney fills up on.