Singh, all you need to know is this:
If you work for yourself, if you work in general, if you walk and talk (or even not) , and if you breathe… .you will have your income, and investments, both any current of future real estate or 401k… HEAVILY TAXED with NoBama.
Its a whole different philosophy. We can pay our way out of this mess with job creation, which is what happens when companies are allowed a profit… and by companies, I especially mean small ones.
In the debate NoBama said he wants to give 95% of Americans a tax cut. Understand, that’s not cutting your taxes, its a onetime rebate of either 500 or 1000 dollars. 46% of the people getting the rebate didn’t pay one dime into the government for income tax…yet us workers get to give them money. Hmmm, that’s a social program, not a tax cut! Now I realized Bush did one last year, fine, but he didn’t call it a tax cut and mislead people in a debate.
NoBama means well, if you like socialism. And oddly, he gets away with telling people he want to tax them to death…why?? Cause 46% of Americans don’t pay crap… so theres alot of votes right there. Don’t letter the inner cities swing this election to take money from those that have it to give it to them!
well if you want to get technical it started in 1977
The CRA was passed by the 95th United States Congress and signed into law by President Jimmy Carter in 1977 as a result of national grassroots pressure for affordable housing, and despite considerable opposition from the mainstream banking community. Only one banker, Ron Grzywinski from ShoreBank in Chicago, testified in favor of the act. The CRA mandates that each banking institution be evaluated to determine if it has met the credit needs of its entire community. That record is taken into account when the federal government considers an institution’s application for deposit facilities, including mergers and acquisitions after the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994 repealed restrictions on interstate banking. However, until 1995 the Act was laxly enforced and banks only were required to advertise in local minority newspapers or sit on the boards of local community groups. The CRA is enforced by the financial regulators (Federal Deposit Insurance Corporation (“FDIC”), Office of the Comptroller of the Currency (“OCC”), Office of Thrift Supervision (“OTS”), and the Federal Reserve System).[citation needed]
The bill encouraged mortgage lending through two government sponsored enterprises (“GSEs”). The Federal National Mortgage Association, commonly known as Fannie Mae, enables mortgage companies, savings and loans, commercial banks, credit unions, and state and local housing finance agencies to lend to home buyers. The Federal Home Loan Mortgage Corporation, commonly known as Freddie Mac, buys mortgages on the secondary market and sell them as mortgage-backed securities on the open market. It also charged the Federal Reserve System to implement the CRA through ensuring banks and savings and loans met their CRA obligations.
In early 1993 President Bill Clinton ordered new regulations for the CRA which would increase access to mortgage credit for inner city and distressed rural communities. The new rules January 31, 1995 and featured: requiring strictly numerical assessments to get a satisfactory CRA rating; using federal home-loan data broken down by neighborhood, income group, and race; encouraging community groups to complain when banks were not loaning enough to specified neighborhood, income group, and race; allowing community groups that marketed loans to target to groups to collect a fee from the banks.
The new rules, during a time when many banks were merging and needed to pass the CRA review process to do so, substantially increased the number and aggregate amount of loans to low- and moderate-income borrowers for home loans, some of which were “risky mortgages.” Banks set up CRA departments, a CRA consultant industry was created and new financial-services firms helped banks invest in packaged portfolios of CRA loans to ensure compliance. Established and new community groups began marketing such mortgages. The Senate Banking Committee estimated that as of 2000, as a result of CRA, such groups had received $9.5 billion in services and salaries. As of that time such groups also had received tens of billions of dollars in multi-year commitments from banks, including ACORN Housing $760 million; Boston-based Neighborhood Assistance Corporation of America $3 billion; a New Jersey Citizen Action-led coalition $13 billion; the Massachusetts Affordable Housing Alliance $220 million. The number of CRA mortgage loans increased by 39 percent between 1993 and 1998, while other loans increased by only 17 percent.
Related rule changes gave Fannie and Freddie extraordinary leverage, allowing them to hold just 2.5% of capital to back their investments, vs. 10% for banks. By 2007, Fannie and Freddie owned or guaranteed nearly half of the $12 trillion U.S. mortgage market. Due to massive financial losses, on September 7, 2008 the Federal Housing Finance Agency (FHFA) put Fannie Mae and Freddie Mac under the conservatorship of the FHFA.
In 2002 there was an interagency review of the effectiveness of the 1995 regulatory changes to the Community Reinvestment Act and new proposals were considered. In 2003, the Bush Administration recommended that a new Department of the Treasury agency should supervise the primary agents guaranteeing subprime loans, Fannie Mae and Freddie Mac. Congressional support was approximately split along Party lines and the proposal eventually failed.
The new CRA regulations proposed in early 2005 were put into effect in July and September of 2005. They included new definitions for “small” and “intermediate small” banks which were subject to less restrictions than formally. The regulations were opposed by a contingent of Democrats.
Jimm … we can Wikipedia it, and there are good facts there… as long as what is understood here, this is not Bush’s mess nor creation. This is life in action, as set forth by bleeding hearts for the poor.
I am all about some public funding, but give a man a fish and he eats for a day, take another mans lake and give it to others and i get a little pissed off. All lakes will soon be government operated resoviors soon if we dont plug the damns a little at a time. A fully democratic (or republican) Presidency and congress can only pass more laws, laws that are not in the best interest in many cases, of the very people that feed the economy and have made us the strong (dare I say wealthy) nation that we are.
Since the start of this thread, I think we have seen a tide toward Obama because “change” is in the air when people pocketbooks and 401ks seem to take a hit. Dems have realized if they can delay an bailout (which could end up a good investment like the government did in bailing out Chrysler), then they can win the election on the economy. So, I see them using this bill to max Obamas exposure where he appears to do better in the polling. Interesting times we live in.
yeah i know i just wanted to throw the rest of the information about the law in there, and that it was introduced as law in 1977. i was just adding to what you had posted already thats all lol…i was only trying to show people that things can happen 30+ years ago and not really have a huge effect one way or another for many many years, you know how people finger point and place blame on people who had no real control over it… bush couldnt have stoped this run away train wreck it was to big and moving to fast but the demicraps will throw hissy fits and say that it was the bush administrations fault and they didnt do anything and they will try to use that as propiganda against McCain because he is a republican… personaly i think the banks and the whole lot of them should be left to sink or swim. no one bailed me out when i lost my job because of this financial mess…i had to go find a new job… it wasnt handed to me… i think the banks and lenders and anyone els who had their hand in this shitstorm of a mess should be left to fend for themselves… including the people who took those veriable interest rates, i dont think you, me or any other hard working american should have to bail out wallstreet because they fucked themselves while trying to bend the average american over the barrel.