If I make a bowl of ice cream for you and only add 6% dog shit in

Lamont Cranston wrote:
> vict0r wrote:
>> “Lamont Cranston” wrote in message
>> news:h5pqak$uo5$1 @&*$?%news.datemas.de…
>>> vict0r wrote:
>>>> “I don’t want the folks who created the mess to do a lot of talking.
>>>> I want them to get out of the way so we can clean up the mess,”
>>>>
>>>> — Barack Hussein Obama Aug 6, 2009
>>>>
>>>> http://www.reuters.com/article/GCA-BarackObama/idUSTRE57570720090807
>>>>
>>>> —
>>>>
>>>> Fannie Mae Eases Credit To Aid Mortgage Lending
>>>>
>>>> Published: Thursday, September 30, 1999
>>>
>>>
>>> Fannie Mae was a victim of the folks who created the mess.
>>>
>>> http://www.businessweek.com/investing/insights/blog/archives/2008/09/fannie_mae_and.html
>>>
>>>
>>> Fannie Mae and Freddie Mac were victims, not culprits
>>> Posted by: Aaron Pressman on September 26
>>>
>>> There’s a dangerous — and misleading — argument making the rounds
>>> about the causes of our current credit crisis. It’s emanating from
>>> Washington where politicians are engaging in the usual blame game
>>> but this time the stakes are so high that we can’t afford to fall
>>> victim to political doublespeak. In this fact-free zone, government
>>> sponsored mortgage giants Fannie Mae and Freddie Mac caused the real
>>> estate bubble and subprime meltdown. It’s completely false. Fannie
>>> Mae and Freddie Mac were victims of the credit crisis, not culprits.
>>
>> I agree, to the extent that at the start of the drive to put CRA on
>> steroids, the GSE’s and the industry as a whole were arm twisted and
>> brow beaten into lowering credit standards because some politicians
>> thought there was racism in lending practices.
>
> LIES.
>
> http://www.federalreserve.gov/newsevents/speech/kroszner20081203a.htm
>
> Governor Randall S. Kroszner
>
> At the Confronting Concentrated Poverty Policy Forum, Board of Governors
> of the Federal Reserve System, Washington, D.C.
>
> December 3, 2008
>
> The Community Reinvestment Act and the Recent Mortgage Crisis
>
> …
> Some critics of the CRA contend that by encouraging banking institutions
> to help meet the credit needs of lower-income borrowers and areas, the
> law pushed banking institutions to undertake high-risk mortgage lending.
> We have not yet seen empirical evidence to support these claims, nor has
> it been our experience in implementing the law over the past 30 years
> that the CRA has contributed to the erosion of safe and sound lending
> practices.
> …

The “the Federal Reserve System” got us here, of course they’ll blame
someone other than Barney Frank who is their Boss. The Fed is part of
the problem and they are protecting the status quo,

*HOW IS THAT CHANGE AND HOPE WORKING FOR YOU*

> Putting together these facts provides a striking result: Only 6 percent
> of all the higher-priced loans were extended by CRA-covered lenders to
> lower-income borrowers or neighborhoods in their CRA assessment areas,

If I make a bowl of ice cream for you and only add 6% dog s&*$?%t in it,
will you still eat it?

That describes how I feel about buying any financial investments.

> the local geographies that are the primary focus for CRA evaluation
> purposes. This result undermines the assertion by critics of the
> potential for a substantial role for the CRA in the subprime crisis. In
> other words, the very small share of all higher-priced loan originations
> that can reasonably be attributed to the CRA makes it hard to imagine
> how this law could have contributed in any meaningful way to the current
> subprime crisis.

And the double talk continues “hard to imagine” “in any meaningful way”

That is a non confession, confession if I’ve ever seen one. A non
denial, denial….