That’s what the law says.
Regulators will be bringing pressure on banks to make greater efforts to serve poorer communities after an FDIC survey showed that more than a quarter of U.S. households have little or no financial activity through banks.
The survey, conducted through the Census Bureau, found that 25.6 percent of the nation’s households – representing some 60 million adults – are “unbanked” or “underbanked” and rely on expensive non-bank services such as payday loans, check-cashing services, money orders or pawn shops to conduct their financial transactions.
Remember the CRU?
That was where the government regulators said banks needed to make more home loans to people that couldn’t afford to pay them back. They even created Fannie Mae and Freddie Mac to buy up all those loans, making them, in effect, Government insured loans. Fannie and Freddy then created bonds from these loans and sold them to the financial market. Because, hey, they were government loans, kind of.
In case, you have been liking an a cave somewhere allow me to refresh your memory. The easy loans fed a housing market that could not keep up and the prices of homes skyrocketed. As long as the prices kept rising people could roll over their unsustainable loans into different unsustainable loans. But when the bubble burst, as all bubbles do, they couldn’t keep up and defaulted. As the defaults spread they impacted the market and things started slowing down. As businesses were affected by the slowdown they cut workers, usually at the bottom which threw more people into default. This snowballed until we ended up where we are now.
So, the government is once again going to micromanage the bank’s business to force them to give services to people who have been denied these services by the fact that they haven’t bothered to sign up or use them. They certainly aren’t going to pay for them, so guess who is? That’s right, those of us who actually pay for and use the services.
And how long do you think it will take for this requirement will ‘mission-creep” back to making loans to people that can’t afford to pay them?
Not long, I think. A bureaucracy only exists as long as it expands, and it never goes away. Draw your own conclusions.
COPENHAGEN — Tempers flared Monday at the United Nations climate summit as poor nations staged a walkout to protest what they called inadequate aid offers from rich countries, and the U.S. and China jockeyed for position.
Hang on to your waistcoat and pocket-watch. We’re in definite “Alice in Wonderland” territory here, folks.
We have the “poor” countries, which mean the countries that are run by various dictators and oligarchs, walking out of the “Climate Conference” because they aren’t being promised enough free money from countries with economies that work.
I guess all that “Aid” money that has been given to them hasn’t helped and they need more. Gee, maybe it’s because you invested your aid money in your relatives and cronies businesses and off shore bank accounts? You know, the same place you plan to “invest” this money?
And who is going to administer these trillions of dollars to insure that it’s not going to disappear into a haze of corruption?
Why that would be the UN! You remember, the folks that did such a bang-up job of administering the Oil-for-Food money that ended up in Saddam Hussein’s treasury?
OK, if you’re so worried about this “Global Warming” thing and think that we should be funding developing countries (they’ve been ‘developing’ since the 1950’s but never seem to arrive. I wonder why?) to become “green”, how about you send them all your money?
Or are you some kind of International cheapskate that hates poor people and wants them to starve or die from too much CO2?
I’m generous, if you can convince me that this really needs to be done, I am willing to send every cent that Al Gore has. What could be more generous than that? If it’s not enough I could be persuaded to send along all the money that Nancy Pelosi and John Kerry have. (Which would include their spouse’s money, because I believe that families should share) Maybe I could even be convinced to tap the Kennedy’s? But they have to keep some for drug and alcohol treatment, and defense lawyers, so there would be limits.
Actually, I just waiting to see how far things go before the torches and pitchforks come out. I wonder if I could corner the market on tar and feathers for when the politicians come home to explain to the voters why it would be a good thing to borrow more money from our good friends the Chinese, in order to give the money back to the Chinese to finance the ‘green’ replacements for all those CO2 spewing coal power plants they’ve been feverishly building over the last decade?
What a deal for the Chinese. They buy our bonds, for which we commit to paying them back with interest. Then we take that money anf give it back to them. I wonder? Do you have to be Chinese to get deals like this?
A longtime island resident married to a Cuban, Bravo made the 91-minute-long, sympathetic documentary “Fidel: The Untold Story” in 2001. For that film, she interviewed Hollywood stars, American authors and political leaders who had met Castro, as well as Cuban government and military leaders and those who knew Castro as a child.
WASHINGTON — Private security guards from Blackwater Worldwide participated in some of the C.I.A.’s most sensitive activities — clandestine raids with agency officers against people suspected of being insurgents in Iraq and Afghanistan and the transporting of detainees, according to former company employees and intelligence officials.
Several former Blackwater guards said that their involvement in the operations became so routine that the lines supposedly dividing the Central Intelligence Agency, the military and Blackwater became blurred. Instead of simply providing security for C.I.A. officers, they say, Blackwater personnel at times became partners in missions to capture or kill militants in Iraq and Afghanistan, a practice that raises questions about the use of guns for hire on the battlefield.
Is this another attempt to delegitimatize Blackwater yet again, another attempt to conjure up reasons to prosecute CIA as enemies of the State, or is it just another smokescreen to keep from reporting that ACORN has been caught with their pants down again?
Probably some of each. Blackwater staff is mostly retired U.S. Military personnel, including Special Ops people and the NYT editorial board hates military people. They often complain about the close relationship between Blackwater and the CIA on the weekend around the pool at their Hamptons estates.
They also hate the CIA. Not the Valerie Plame, Leon Panetta CIA, but the part that goes out and does the risky business of gathering info and running up covert ops. They have hated Covert Op people since the CIA exploding cigar failed to kill Castro for JFK. (That was before they discovered that Fidel was one on the great humanitarians of the century.)
And they need to come up with stories that take up space and draw attention to the fact that, not only were they caught suppressing the ACORN under-aged illegal immigrant prostitute story, but they are determinedly trying not to report that fact that ACORN illegally dumped the private financial records of thousands of people after being tipped off by the California AG that they were going to be raided the next day.
ACORN is one of the groups that seems to have the same relationship with the Democrat Party that Blackwater has with the CIA.
What’s blue and white, squiggly and suddenly appears in the sky?
If you know the answer, pop it on a postcard and send it to the people of Norway, where this mysterious light display baffled residents yesterday.
Mystery solved! It’s the same thing that’s causing Global Warming on Earth and Mars.
Ming, The Merciless
If the data devoured in the United States last year were converted to text there would be enough books to bury the country under a pile seven feet (two meters) deep, according to a study released Wednesday.US residents consumed about 1.3 trillion hours worth of information from radios, televisions, computers, newspapers, mobile telephones, and other sources, according to researchers at the University of California, San Diego.
It looks to me like this is a situation that is tailor made for some “stimulus” funds.
Do you really think any of those eighth graders hadn’t already heard and used the word in question?
And what did the kids learn? That censorship is OK if you can claim you’re doing it to protect “the children”.