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Occupy Wall Street

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GoJazz said:
My arguement is that CRA contributed the housing crisis which is very different then the CRA caused the housing crisis. Here are some facts/fictions.

FACT: Studies show that CRA loans have higher delinquencies and defaults and act as a major drag on bank earnings. In 2008, CRA loans accounted for just 7% of Bank of America's total mortgage lending, but 29% of its losses on home loans. Also, banks with the highest CRA ratings tend to have the lowest safety and soundness ratings.

FICTION: Only 6% of subprime loans were originated by banks subject to the CRA, so the vast majority of risky lending was not tied to the law.

FACT: Among other things, the figure does not count the trillions of dollars in CRA "commitments" that WaMu, BofA, JPMorgan Chase, Citibank, Wells Fargo and other large banks pledged to radical inner-city groups like Acorn, Greenlining and Neighborhood Assistance Corp. of America (NACA) after they used the public comment process to protest bank merger applications on CRA grounds.

All told, they shook down banks for $4.6 trillion in such commitments before the crisis, boasts a report by the National Community Reinvestment Coalition, or NCRC, the nation's top CRA lobbyist (which conveniently removed the report from its website during the FCIC hearings).
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Any time you need to include "radical inner-city groups" in a sentence to describe a group like ACORN, you're not actually stating fact. You're demagoguing. I inherently distrust demagoguing. What's your source for this information? Why single out Bank of America, as opposed to CRA loans in general? Do the safety and soundness rating of banks change as they become more safety compliant, or is it stable, and the different safety and soundness rating due to other factors?

Who has put forth the position you labled as "fiction"? I did not, and the article I quoted put the figure at 20-25%, so it seems non-responsive to this conversaiton, which leads me to think you are cut-and-pasting rhetoric, rather than doing the research and figuring out the truth. Are you? Is yes, what's your source for the rhetoric, and what's their agenda?

Why do you think your facts are sufficient to dispute the empirical studies cited in the CRA article in wikipedia? What studies are they based upon?
 
That is a fantastic video. It's amazing how on that guy is when he doesn't get caught up in the Reptilian stuff. Unfortunately I haven't seen much evidence that these protestors actually understand any of the system he is talking about.

The key point is obviously more globalism doesn't solve the problems globalism caused. Just like more debt doesn't fix an economy riddled with debt. Simple stuff.
 
KOC BEGONE said:
Just went the the movie JUST IN TIME it has a great significance to where we are today.
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Do you mean the movie "In Time" with Justin Timberlake? It sounds interesting, in concept at least.

One Brow said:
What you get a chance, read the wikipedia article on the CRA, and in particular the section its relationship to the 2008 housing crisis. Among other things, it mentions CRA loans are more sound that the privately financed exurban loans.
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Are you referring to the article on Fannie Mae that's linked in an earlier post? I read it. Seems the writers of that article subscribe to a similar "Fair and Balanced" philosophy as Fox News. Some good basic facts and a good time-line of events interspersed with lots of interpretation, esp. in the first half of the article.

My own personal feeling is that the housing crisis was caused by hyperinflation of housing prices. To a great extent, this was caused by relaxed lending standards. I personally don't believe that the Community Reinvestment Act was the primary mover that led to the easing of lending standards, it's more just an excuse after the fact.

(edit: I think this wikipedia article on the subprime mortgage crisis gives a better, and more dispassionate, explanation of the events: https://en.wikipedia.org/wiki/Subprime_mortgage_crisis)

Anyhow a friend of mine went to an envelope stuffing "party" the other night where everyone brought all the postage paid return envelopes that come with bank credit card offers and stuffed them with other junk mail and sent them back. She said they had over 500 pieces of mail they were sending out, and they're hoping if more people do this, the mail processor in Sioux Falls, SD will have to hire some extra help!
 
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"We are the 99%!" "We are the 99%!" "We are the 99%!"

I was watching Youtube videos of some wealthy beach areas in SoCal occupy protests(more like gatherings) and noticed a guy I recognized that is worth a minimum of 50 million chanting that. He owns a cement company. I thought that was kind of funny. I mean, rich people should be as actively involved in the American political process as everyone else, which includes protest, but maybe some discretion in the chants you choose to belt out?

On a another note, when are these NYC fools going to go try to mob the NYSE trading floor, break into the NY FED, or move to D.C. and camp out on the White House lawn or something actually entertaining? These guys are boring.
 
My question for the the Wall Streeters is why don't they just organize a large scale bank run on Bank Of America. Seems to me that moving money from large banks and into local credit unions would do more damage then camping in a park and getting arrested for walking on bridges. Also consider that many accross the Nation would be happy to move money from Bank Of America due to its new Debit Card Fees. It seems they could enlist the Tea Party to assist because Bank of America has recieved so much government help. Imagin a large scale bank run on Bank of America that is something that could scare Wall Street straight.
 
I think they are actually having a general back account closing day on Nov. 6 or something now. It is interesting how people on both sides thrive in some areas of decentralizing(food co-ops, states rights, etc.) but then also embrace massive wars or big government generally. I think if you could get the banking system more decentralized and working well, you could start convincing the big government weeines that doing likewise with the government might be a good thing.
 
Duck Rodgers said:
I think they are actually having a general back account closing day on Nov. 6 or something now. It is interesting how people on both sides thrive in some areas of decentralizing(food co-ops, states rights, etc.) but then also embrace massive wars or big government generally. I think if you could get the banking system more decentralized and working well, you could start convincing the big government weeines that doing likewise with the government might be a good thing.
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I would love to see big government reduced down in size and scope.
 
moevillini said:
Do you mean the movie "In Time" with Justin Timberlake? It sounds interesting, in concept at least.



Are you referring to the article on Fannie Mae that's linked in an earlier post? I read it. Seems the writers of that article subscribe to a similar "Fair and Balanced" philosophy as Fox News. Some good basic facts and a good time-line of events interspersed with lots of interpretation, esp. in the first half of the article.

My own personal feeling is that the housing crisis was caused by hyperinflation of housing prices. To a great extent, this was caused by relaxed lending standards. I personally don't believe that the Community Reinvestment Act was the primary mover that led to the easing of lending standards, it's more just an excuse after the fact.

(edit: I think this wikipedia article on the subprime mortgage crisis gives a better, and more dispassionate, explanation of the events: https://en.wikipedia.org/wiki/Subprime_mortgage_crisis)

Anyhow a friend of mine went to an envelope stuffing "party" the other night where everyone brought all the postage paid return envelopes that come with bank credit card offers and stuffed them with other junk mail and sent them back. She said they had over 500 pieces of mail they were sending out, and they're hoping if more people do this, the mail processor in Sioux Falls, SD will have to hire some extra help!
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Yes, the movie 'In Time' with Justin Timberlake. It is very relevant with all of the problems we have right now.

Right now we have basically two classes the haves and the have nots. The haves are gaining more and more power and they are getting to the point that they are setting the rules. Well, where does that leave the have nots?

OWC has it's good intentions but they need at least a candidate because there is a huge separation between what they are doing and what they can actually change.

I personally think that they could do a lot. Pool their resources together and try to do something that can put fear into the 1% like the 99% staging a corporate take over.
 
Does anyone else find it ironic that the NYC Occupy Wall Street protestors don't want the NYC homeless crashing their party?
They may have backed off their stance a bit now, but they did not want the homeless, or "fake protestors" coming and eating their food.
They had to change the menu from gourmet items, to plain brown rice. Well, they though about it, I don't know if they did it.
 
They are the 99% that HAVE food and they don't want the 1% that HAVE NOT food to be getting any for free, the rotten free-loaders.
 
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