Quote:
Originally Posted by BobR
How is that for regulation? You better meet your quota of loans to people with BAD CREDIT or you may find yourself unable to open up that new branch across town.
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Can you point to where this act says Banks have to lend to people with poor credit?
The crux of the bill is to prevent redlining.
You are a victim of the spin machine that sat around a table and came up with the rhetoric they were going to spray during the blame game for this scheme when it blew up in their face. If what you are saying is correct, the system would have disintegrated during the Reagan years, it would not have waited until now.
Of course at this point I would probably get better receptiveness talking to a brick wall.
BOB, The crux of the regulations put in place during the depression was to limit the amount of money people could make off of money without investing in or inventing something tangible that would be useful for society.
When you deregulate banking, all you end up with is unaffordable interest rates or debts that outrun what society could ever possibly repay and you get more people into debt which hurts the creative powers of society.
You have entire cities full of people who do nothing but shuffle paperwork for bankers. They do absolutely nothing productive leaving the rest of the blue collar workers to support them. As these large financial entities get larger they become more and more parasitic to the working people of this country until the point at which the actual productive industry itself disintegrates due to being unable to hire the right people to do the work, invest in R&D etc at which point the entity disintegrates and the goods then get imported from foreign countries that believe slave labor and unbridled pollution are ok.
Sound Banking regulation prevents this from happening.
History has proven it.
Things will still be "unequal" in the eyes of some but picture Henry Ford rich VS JPMorgan.
Which one made society better?
