Formerly About Advanced Micro Devices Message Board

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Politics : Formerly About Advanced Micro Devices

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To: SilentZ who wrote (472771)	4/17/2009 12:11:22 PM
From: Tenchusatsu	Read Replies (4) of 1575651

Z, that's alarming. Not only are the usual suspects like Barney Frank issuing the same old denials, they are now pushing for an expansion of the very program that helped to exacerbate this crisis, if not cause it. By the way, I find this to be a weak defense: > Yet the Fed’s research points to a different reality. “Our analysis of the data finds no evidence, in fact, that CRA lending is in any way responsible for the current crisis,” Fed board member Elizabeth Duke said in a speech before representatives of the banking industry last month. “The CRA is designed to promote lending in low- to moderate-income areas; it is not designed to encourage high-risk lending or poor underwriting.” Of course it wasn't DESIGNED to encourage high-risk lending. That's why they call it an "unintended consequence." Once again, one half of the problem remains in power, and they are pushing solutions that will only repeat history. Tenchusatsu

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