Pelosi - If They Won’t Unionize, Shut ‘em Down
“The Administration is trying to foist unions on workers, whether they want them or not..”
By Dell Hill
Via The Foundry
“In
an interview late last week, House Minority Leader Nancy Pelosi (D-CA)
told CNBC that Boeing should either unionize its production facilities
in South Carolina, or shut them down entirely.
“Do
you think it’s right that Boeing has to close down that plant in South
Carolina because it’s non union?” asked host Maria Bartiromo. Pelosi’s
reply: “Yes.”
The
minority leader quickly added that she would rather it simply unionize
and stay open. But barring unionization, by Pelosi’s reasoning, it
should simply shut down.
Boeing
is the target of a suit from the National Labor Relations Board, which
accused the company of retaliation against a machinists’ union in its
decision to open a new plant in South Carolina, a right-to-work state,
instead of Washington State.
Pelosi may or may not know that workers at the South Carolina plant in question voted resoundingly
(199-68) to decertify their union two years ago. Government policies
that would close the plant for being a non-union shop would simply be
punishing those workers for exercising their right to determine union
representation for themselves.
“The
Administration is trying to foist unions on workers, whether they want
them or not, whether union representation would help them or not,”
Heritage’s James Sherk noted in response to Pelosi’s statement. As for
the more general issue of Boeing’s suit, Sherk called it “a good way of
discouraging businesses from building new factories or plants.”
Perhaps Mrs. Pelosi should unionize the workers in her multi-million dollar wine company in California....or shut it down.
Dell's Original Uncoverage Logo by Antonio F. Branco, Comically Incorrect
Tuesday, November 1, 2011
NYSE Invokes ‘Rule 48’ To Control Sell-off
NYSE Invokes ‘Rule 48’ To Control Sell-off
Traders Across The Globe Rushed Out Of Equity Markets
By Dell Hill
Publishers Note: This blog does not give investment advice. Consult your broker.
All eyes are on the New York Stock Exchange today as worries over the debt crisis in Europe has investors making major changes to their portfolios.
“Traders across the globe rushed out of equity markets and piled into safe havens after a move by Greece put a plan forged by European leaders to avert the heightening debt crisis into question.
Today's Markets
As of 10:10 a.m. ET, the Dow Jones Industrial Average slid 255 points, or 2.1%, to 11,698, the S&P 500 dropped 28.2 points, or 2.3%, to 1,225 and the Nasdaq Composite fell 78.6 points, or 2.9%, to 2,606.
The session on Tuesday was off to a volatile start with the VIX spiking 17.7%. Indeed, the New York Stock Exchange invoked "Rule 48," which is designed to smooth the opening of trading on particularly tumultuous days.
European blue chips plunged 5.8%, while the euro was off 1.6% against the U.S. dollar. Euro zone banks, seen to have a particularly large exposure to sovereign debt, took a strong beating.
France's three biggest banks, Societe Generale, BNP Paribas and Credit Agricole, and Germany's Deutsche Bank were all off more than 10% in afternoon trading there.
Meanwhile U.S. investment bank Morgan Stanley (MS: 16.34, -1.30, -7.37%), which has been the subject of concern over its European debt holdings, fell as much as 10%.
Yields on U.S. government bonds fell as traders raced into the perceived safe-haven assets. The benchmark 10-year Treasury note yielded 2.006% from 2.11%.
The markets capped the best month in years on Monday. However, the last two sessions have represented a stark contrast as fears over the European debt crisis have once again crept back to the forefront, with the blue chips shedding 500 points in two sessions alone.
Greece Move May Put EU Plan in Jeopardy
Greek Prime Minister George Papandreou unexpectedly called for a referendum of the country's bailout package after the closing bell on Monday. Citizens would reportedly be asked to either approve or deny the bailout from various international lenders, which the beleaguered nation needs to stave off a default that analysts say could pressure much bigger European economies, like Italy.
The Greek public has vehemently, and sometimes violently, protested the austerity measures lenders have pushed for to cut the country's tremendous public debt load. Indeed, a recent poll shows more than half of Greek voters are against the measures, according to The Wall Street Journal.
"The latest developments increase the uncertainty around the euro area's response to the crisis," analysts at Nomura wrote in a note to clients. "If the referendum fails it might have wider repercussions, and not only in Greece given the general discontent at the peripheral austerity drive."
European leaders, who are already facing strong political criticism for using public funds to support Greece, may be faced with a difficult decision if the referendum fails. Analysts say they would have to either ease the bailout terms, or risk an almost certain default that would threaten the entire currency bloc, and potentially global economies.
At the same time, if the terms of the bailout were lightened, it may signal to other countries seeking bailouts that such measures provide leverage in negotiations.
Still, European leaders remained optimistic following Greece's move: "We fully trust that Greece will honour the commitments undertaken in relation to the euro area and the international community," the European Council and European Commission said in a joint statement.
Global Manufacturing Data Miss Expectations
Also concerning to the markets are fresh data showing the pace of manufacturing expansion in the U.S. and China -- two of the world's biggest economies -- unexpectedly slowed down to a crawl in October from September.
The Institute for Supply Management Manufacturing PMI gauge fell to 50.8 in October from 51.6 in September and missing expectations of 52. Readings above 50 point to expansion, while those below indicate contraction.
Meanwhile, construction spending rose 0.2% in September from August, slower than the 0.3% pace economists' had anticipated.
On the corporate front, pharmaceutical giant Pfizer (PFE: 19.53, +0.27, +1.40%) posted quarterly earning and sales that came in well higher than analysts' estimates.
Market participants were also paying close attention to the unfolding MF Global (MF: 1.20, -0.23, -16.08%) situation. The once powerful derivatives player filed for Chapter 11 bankruptcy protection on Monday after a soured bet on European sovereign debt sent investors and customers fleeing, according to several media reports. A last-ditch plan to sell the company fell through in the final hours after discrepancies were found in the New York-based companies books, with regard to customer money, according to a report by The Wall Street Journal.
Energy and metals futures were sharply lower amid concerns over Chinese manufacturing, a rallying dollar and tracking broad selling in equity markets. The benchmark U.S crude oil contract sunk $2.48, or 2.6%, to $90.73 a barrel. Wholesale RBOB gasoline fell 4 cents, or 1.5%, to $2.64 a gallon.
Gold slid $21.20, or 1.2%, to $1,704 a troy ounce.
Foreign Markets
European blue chips plunged 5.8% to 2,248, the English FTSE 100 slid 3.5% to 5,349 and the German DAX plummeted 5.8% to 5,785.
In Asia, the Japanese Nikkei 225 slid 1.7% and the Chinese Hang Seng dipped 2.5% to 19,370.
Traders Across The Globe Rushed Out Of Equity Markets
By Dell Hill
Publishers Note: This blog does not give investment advice. Consult your broker.
All eyes are on the New York Stock Exchange today as worries over the debt crisis in Europe has investors making major changes to their portfolios.
“Traders across the globe rushed out of equity markets and piled into safe havens after a move by Greece put a plan forged by European leaders to avert the heightening debt crisis into question.
Today's Markets
As of 10:10 a.m. ET, the Dow Jones Industrial Average slid 255 points, or 2.1%, to 11,698, the S&P 500 dropped 28.2 points, or 2.3%, to 1,225 and the Nasdaq Composite fell 78.6 points, or 2.9%, to 2,606.
The session on Tuesday was off to a volatile start with the VIX spiking 17.7%. Indeed, the New York Stock Exchange invoked "Rule 48," which is designed to smooth the opening of trading on particularly tumultuous days.
European blue chips plunged 5.8%, while the euro was off 1.6% against the U.S. dollar. Euro zone banks, seen to have a particularly large exposure to sovereign debt, took a strong beating.
France's three biggest banks, Societe Generale, BNP Paribas and Credit Agricole, and Germany's Deutsche Bank were all off more than 10% in afternoon trading there.
Meanwhile U.S. investment bank Morgan Stanley (MS: 16.34, -1.30, -7.37%), which has been the subject of concern over its European debt holdings, fell as much as 10%.
Yields on U.S. government bonds fell as traders raced into the perceived safe-haven assets. The benchmark 10-year Treasury note yielded 2.006% from 2.11%.
The markets capped the best month in years on Monday. However, the last two sessions have represented a stark contrast as fears over the European debt crisis have once again crept back to the forefront, with the blue chips shedding 500 points in two sessions alone.
Greece Move May Put EU Plan in Jeopardy
Greek Prime Minister George Papandreou unexpectedly called for a referendum of the country's bailout package after the closing bell on Monday. Citizens would reportedly be asked to either approve or deny the bailout from various international lenders, which the beleaguered nation needs to stave off a default that analysts say could pressure much bigger European economies, like Italy.
The Greek public has vehemently, and sometimes violently, protested the austerity measures lenders have pushed for to cut the country's tremendous public debt load. Indeed, a recent poll shows more than half of Greek voters are against the measures, according to The Wall Street Journal.
"The latest developments increase the uncertainty around the euro area's response to the crisis," analysts at Nomura wrote in a note to clients. "If the referendum fails it might have wider repercussions, and not only in Greece given the general discontent at the peripheral austerity drive."
European leaders, who are already facing strong political criticism for using public funds to support Greece, may be faced with a difficult decision if the referendum fails. Analysts say they would have to either ease the bailout terms, or risk an almost certain default that would threaten the entire currency bloc, and potentially global economies.
At the same time, if the terms of the bailout were lightened, it may signal to other countries seeking bailouts that such measures provide leverage in negotiations.
Still, European leaders remained optimistic following Greece's move: "We fully trust that Greece will honour the commitments undertaken in relation to the euro area and the international community," the European Council and European Commission said in a joint statement.
Global Manufacturing Data Miss Expectations
Also concerning to the markets are fresh data showing the pace of manufacturing expansion in the U.S. and China -- two of the world's biggest economies -- unexpectedly slowed down to a crawl in October from September.
The Institute for Supply Management Manufacturing PMI gauge fell to 50.8 in October from 51.6 in September and missing expectations of 52. Readings above 50 point to expansion, while those below indicate contraction.
Meanwhile, construction spending rose 0.2% in September from August, slower than the 0.3% pace economists' had anticipated.
On the corporate front, pharmaceutical giant Pfizer (PFE: 19.53, +0.27, +1.40%) posted quarterly earning and sales that came in well higher than analysts' estimates.
Market participants were also paying close attention to the unfolding MF Global (MF: 1.20, -0.23, -16.08%) situation. The once powerful derivatives player filed for Chapter 11 bankruptcy protection on Monday after a soured bet on European sovereign debt sent investors and customers fleeing, according to several media reports. A last-ditch plan to sell the company fell through in the final hours after discrepancies were found in the New York-based companies books, with regard to customer money, according to a report by The Wall Street Journal.
Energy and metals futures were sharply lower amid concerns over Chinese manufacturing, a rallying dollar and tracking broad selling in equity markets. The benchmark U.S crude oil contract sunk $2.48, or 2.6%, to $90.73 a barrel. Wholesale RBOB gasoline fell 4 cents, or 1.5%, to $2.64 a gallon.
Gold slid $21.20, or 1.2%, to $1,704 a troy ounce.
Foreign Markets
European blue chips plunged 5.8% to 2,248, the English FTSE 100 slid 3.5% to 5,349 and the German DAX plummeted 5.8% to 5,785.
In Asia, the Japanese Nikkei 225 slid 1.7% and the Chinese Hang Seng dipped 2.5% to 19,370.
Obama’s Secretary of Labor Calls out ‘Tea Baggers’
Obama’s Secretary of Labor Calls out ‘Tea Baggers’
“If so-called decent people and organizations wish to continue using the phrase, “tea-bagging,” in formerly respectable public forums, then they ought to know exactly what they are doing and how much grievous damage it is causing to those of us who have actually been “tea-bagged” by ... pedophilic tormentors.”
By Dell Hill
Hasn’t this foul-mouthed talk gone on long enough?
At the Florida Democratic Party State Convention over the weekend, U.S. Secretary of Labor Hilda Solis insulted members of the Tea Party, referring to the activists as “teabaggers.” Teabagger is a pejorative term used to refer to a certain sexual act. Liberal talk show hosts such as Rachel Maddow brought the phrase into the mainstream in 2009, using it as a tongue-in-cheek insult.
As reported by Tallahassee Democrat and Sunshine State News, after voicing her support for large federal programs, Solis warned, “I’ll be darned if I’m going to set that aside now because a few teabaggers want to somehow muzzle my voice,” Solis said. “We don’t have to sit back and allow a minority in the Congress, known as the tea party, to dominate the discussion in our households.”
The Bokertov blog writer made the following personal comment.
“This is so disgusting. It's so hard to believe that ordinary Americans, who - initially, at least, merely dared to express alarm at the passage of the "Stimulus" legislation into law (on top of the bailouts that had already occurred), are referred to in such disrespectful and offensive language by officials this high in the administration. I've certainly never witnessed anything like it in my life.
Kyle-Anne Shiver wrote an amazing post back in January of last year that I am tempted to print out and mail to Secretary Solis. This excerpt will give you a clue as to the gist of it. I do recommend reading it all, and repeat Kyle-Anne's own warning:
"This is for adults only. It's not for the timid, squeamish or otherwise easily offended reader..." (emphasis added)
... If so-called decent people and organizations wish to continue using the phrase, “tea-bagging,” in formerly respectable public forums, then they ought to know exactly what they are doing and how much grievous damage it is causing to those of us who have actually been “tea-bagged” by ... pedophilic tormenters. And how much damage they may be doing — at this very minute — to children being “tea-bagged” by sexual predators in the present.
You see, “tea-bagging” is the pedophile’s very best friend and ally. I know this because it was used against me. I’ve studied the issue of childhood sexual abuse and know that this vile deed against children is not as uncommon as some believe. In fact, according to the most recent findings, about one in every four American women was sexually abused in some fashion as a child. About one in five American men were as well. Few of us talk about it openly; I’m sure you can understand why....”
Anderson Cooper may think using this term is funny...and we fully understand why he thinks that way. Comedians may think using this term is funny...and we know why. It’s a way for Democrats to say “suck my balls” without having to actually say that.
This is the level of dialogue we’ve allowed to continue and now even top government officials are using the term.
We can NOT get these people out of office soon enough.
“If so-called decent people and organizations wish to continue using the phrase, “tea-bagging,” in formerly respectable public forums, then they ought to know exactly what they are doing and how much grievous damage it is causing to those of us who have actually been “tea-bagged” by ... pedophilic tormentors.”
By Dell Hill
Hasn’t this foul-mouthed talk gone on long enough?
Obama’s Secretary of Labor Calls out ‘Tea Baggers’
At the Florida Democratic Party State Convention over the weekend, U.S. Secretary of Labor Hilda Solis insulted members of the Tea Party, referring to the activists as “teabaggers.” Teabagger is a pejorative term used to refer to a certain sexual act. Liberal talk show hosts such as Rachel Maddow brought the phrase into the mainstream in 2009, using it as a tongue-in-cheek insult.
As reported by Tallahassee Democrat and Sunshine State News, after voicing her support for large federal programs, Solis warned, “I’ll be darned if I’m going to set that aside now because a few teabaggers want to somehow muzzle my voice,” Solis said. “We don’t have to sit back and allow a minority in the Congress, known as the tea party, to dominate the discussion in our households.”
The Bokertov blog writer made the following personal comment.
“This is so disgusting. It's so hard to believe that ordinary Americans, who - initially, at least, merely dared to express alarm at the passage of the "Stimulus" legislation into law (on top of the bailouts that had already occurred), are referred to in such disrespectful and offensive language by officials this high in the administration. I've certainly never witnessed anything like it in my life.
Kyle-Anne Shiver wrote an amazing post back in January of last year that I am tempted to print out and mail to Secretary Solis. This excerpt will give you a clue as to the gist of it. I do recommend reading it all, and repeat Kyle-Anne's own warning:
"This is for adults only. It's not for the timid, squeamish or otherwise easily offended reader..." (emphasis added)
... If so-called decent people and organizations wish to continue using the phrase, “tea-bagging,” in formerly respectable public forums, then they ought to know exactly what they are doing and how much grievous damage it is causing to those of us who have actually been “tea-bagged” by ... pedophilic tormenters. And how much damage they may be doing — at this very minute — to children being “tea-bagged” by sexual predators in the present.
You see, “tea-bagging” is the pedophile’s very best friend and ally. I know this because it was used against me. I’ve studied the issue of childhood sexual abuse and know that this vile deed against children is not as uncommon as some believe. In fact, according to the most recent findings, about one in every four American women was sexually abused in some fashion as a child. About one in five American men were as well. Few of us talk about it openly; I’m sure you can understand why....”
Anderson Cooper may think using this term is funny...and we fully understand why he thinks that way. Comedians may think using this term is funny...and we know why. It’s a way for Democrats to say “suck my balls” without having to actually say that.
This is the level of dialogue we’ve allowed to continue and now even top government officials are using the term.
We can NOT get these people out of office soon enough.
Wheelchair Ramps & Sidewalks To Nowhere
Wheelchair Ramps & Sidewalks To Nowhere
“Do the rats need assistance getting from one abandoned building to another” - Facebook Comment
By Dell Hill
Strict rules to assist the handicapped have been in place for years. We’re now quite used to seeing wheelchair accessible bathrooms - complete with heighth adjusted sinks and fixtures designed for ease of use, hallways that are wide enough to accommodate a wheelchair, entry and exit doors that have automatic door openers so that the wheelchair bound or frail people can use the door without using 75 pounds of strength that they don’t have! It’s all good. It’s called being considerate and accommodating to those less fortunate.
So how do we explain this?
THIS is a classic example of your tax dollars at work.
Let’s get a direct report from MyFoxDetroit.
As the report states, it makes sense to have the intersections upgraded when an entire street is rebuilt, but from that report it certainly didn’t look like anything had been done to the streets. The fresh “green” concrete was clearly visible, though, as was the old wooden utility pole that lists about ten degrees out of plumb.
One other observation: The people interviewed seemed to display far more common sense than the city government officials, which makes me wonder - why are they still living in Detroit?
“Do the rats need assistance getting from one abandoned building to another” - Facebook Comment
By Dell Hill
Strict rules to assist the handicapped have been in place for years. We’re now quite used to seeing wheelchair accessible bathrooms - complete with heighth adjusted sinks and fixtures designed for ease of use, hallways that are wide enough to accommodate a wheelchair, entry and exit doors that have automatic door openers so that the wheelchair bound or frail people can use the door without using 75 pounds of strength that they don’t have! It’s all good. It’s called being considerate and accommodating to those less fortunate.
So how do we explain this?
THIS is a classic example of your tax dollars at work.
Let’s get a direct report from MyFoxDetroit.
As the report states, it makes sense to have the intersections upgraded when an entire street is rebuilt, but from that report it certainly didn’t look like anything had been done to the streets. The fresh “green” concrete was clearly visible, though, as was the old wooden utility pole that lists about ten degrees out of plumb.
One other observation: The people interviewed seemed to display far more common sense than the city government officials, which makes me wonder - why are they still living in Detroit?
Monday, October 31, 2011
Smoking Gun: Document Found That Touched Off The Mortgage Crisis
Smoking Gun: Document Found That Touched Off the Mortgage Meltdown
By Dell Hill Via Doug Ross Journal
Here’s a little something to talk about the next time someone blames George W. Bush for the current recession, triggered by the collapse of the mortgage market.
“The entire Democrat Party hardest hit:
[In 1994] the federal government declared war on an enemy — the racist lender — who officials claimed was to blame for differences in homeownership rate, and launched what would prove the costliest social crusade in U.S. history.
At President Clinton's direction, no fewer than 10 federal agencies issued a chilling ultimatum to banks and mortgage lenders to ease credit for lower-income minorities or face investigations for lending discrimination and suffer the related adverse publicity. They also were threatened with denial of access to the all-important secondary mortgage market and stiff fines, along with other penalties.
The threat was codified in a 20-page "Policy Statement on Discrimination in Lending" and entered into the Federal Register on April 15, 1994, by the Interagency Task Force on Fair Lending. Clinton set up the little-known body to coordinate an unprecedented crackdown on alleged bank redlining.
The edict — completely overlooked by the Financial Crisis Inquiry Commission and the mainstream media — was signed by then-HUD Secretary Henry Cisneros, Attorney General Janet Reno, Comptroller of the Currency Eugene Ludwig and Federal Reserve Chairman Alan Greenspan, along with the heads of six other financial regulatory agencies...
...The unusual full-court press was predicated on a Boston Fed study showing mortgage lenders rejecting blacks and Hispanics in greater proportion than whites. The author of the 1992 study, hired by the Clinton White House, claimed it was racial "discrimination." But it was simply good underwriting.
It took private analysts, as well as at least one FDIC economist, little time to determine the Boston Fed study was terminally flawed. In addition to finding embarrassing mistakes in the data, they concluded that more relevant measures of a borrower's credit history — such as past delinquencies and whether the borrower met lenders credit standards — explained the gap in lending between whites and blacks, who on average had poorer credit and higher defaults...
Lenders -- faced with ten federal regulatory bodies, the Attorney General, the President and the HUD Secretary -- quickly fell into line.
[They] threw such a scare into the industry that the American Bankers Association issued a "fair-lending tool kit" to every member. The Mortgage Bankers Association of America signed a "fair-lending" contract with HUD. So did Countrywide.
HUD also pushed Fannie and Freddie, which in effect set industry underwriting standards, to buy subprime mortgages, freeing lenders to originate even more high-risk loans.
And the rest, as they say, is history.
Barack Obama can blame George W. Bush, Herman Cain, Rick Perry, and Carmen Electra for the housing crisis. But the real culprits were the social engineers, criminals and cronies in the Clinton administration.
Please read the rest -- and pass it on.
By Dell Hill Via Doug Ross Journal
Here’s a little something to talk about the next time someone blames George W. Bush for the current recession, triggered by the collapse of the mortgage market.
“The entire Democrat Party hardest hit:
[In 1994] the federal government declared war on an enemy — the racist lender — who officials claimed was to blame for differences in homeownership rate, and launched what would prove the costliest social crusade in U.S. history.
At President Clinton's direction, no fewer than 10 federal agencies issued a chilling ultimatum to banks and mortgage lenders to ease credit for lower-income minorities or face investigations for lending discrimination and suffer the related adverse publicity. They also were threatened with denial of access to the all-important secondary mortgage market and stiff fines, along with other penalties.
The threat was codified in a 20-page "Policy Statement on Discrimination in Lending" and entered into the Federal Register on April 15, 1994, by the Interagency Task Force on Fair Lending. Clinton set up the little-known body to coordinate an unprecedented crackdown on alleged bank redlining.
The edict — completely overlooked by the Financial Crisis Inquiry Commission and the mainstream media — was signed by then-HUD Secretary Henry Cisneros, Attorney General Janet Reno, Comptroller of the Currency Eugene Ludwig and Federal Reserve Chairman Alan Greenspan, along with the heads of six other financial regulatory agencies...
...The unusual full-court press was predicated on a Boston Fed study showing mortgage lenders rejecting blacks and Hispanics in greater proportion than whites. The author of the 1992 study, hired by the Clinton White House, claimed it was racial "discrimination." But it was simply good underwriting.
It took private analysts, as well as at least one FDIC economist, little time to determine the Boston Fed study was terminally flawed. In addition to finding embarrassing mistakes in the data, they concluded that more relevant measures of a borrower's credit history — such as past delinquencies and whether the borrower met lenders credit standards — explained the gap in lending between whites and blacks, who on average had poorer credit and higher defaults...
Lenders -- faced with ten federal regulatory bodies, the Attorney General, the President and the HUD Secretary -- quickly fell into line.
[They] threw such a scare into the industry that the American Bankers Association issued a "fair-lending tool kit" to every member. The Mortgage Bankers Association of America signed a "fair-lending" contract with HUD. So did Countrywide.
HUD also pushed Fannie and Freddie, which in effect set industry underwriting standards, to buy subprime mortgages, freeing lenders to originate even more high-risk loans.
And the rest, as they say, is history.
Barack Obama can blame George W. Bush, Herman Cain, Rick Perry, and Carmen Electra for the housing crisis. But the real culprits were the social engineers, criminals and cronies in the Clinton administration.
Please read the rest -- and pass it on.
By Dell Hill Via Doug Ross Journal
Here’s a little something to talk about the next time someone blames George W. Bush for the current recession, triggered by the collapse of the mortgage market.
“The entire Democrat Party hardest hit:
[In 1994] the federal government declared war on an enemy — the racist lender — who officials claimed was to blame for differences in homeownership rate, and launched what would prove the costliest social crusade in U.S. history.
At President Clinton's direction, no fewer than 10 federal agencies issued a chilling ultimatum to banks and mortgage lenders to ease credit for lower-income minorities or face investigations for lending discrimination and suffer the related adverse publicity. They also were threatened with denial of access to the all-important secondary mortgage market and stiff fines, along with other penalties.
The threat was codified in a 20-page "Policy Statement on Discrimination in Lending" and entered into the Federal Register on April 15, 1994, by the Interagency Task Force on Fair Lending. Clinton set up the little-known body to coordinate an unprecedented crackdown on alleged bank redlining.
The edict — completely overlooked by the Financial Crisis Inquiry Commission and the mainstream media — was signed by then-HUD Secretary Henry Cisneros, Attorney General Janet Reno, Comptroller of the Currency Eugene Ludwig and Federal Reserve Chairman Alan Greenspan, along with the heads of six other financial regulatory agencies...
...The unusual full-court press was predicated on a Boston Fed study showing mortgage lenders rejecting blacks and Hispanics in greater proportion than whites. The author of the 1992 study, hired by the Clinton White House, claimed it was racial "discrimination." But it was simply good underwriting.
It took private analysts, as well as at least one FDIC economist, little time to determine the Boston Fed study was terminally flawed. In addition to finding embarrassing mistakes in the data, they concluded that more relevant measures of a borrower's credit history — such as past delinquencies and whether the borrower met lenders credit standards — explained the gap in lending between whites and blacks, who on average had poorer credit and higher defaults...
Lenders -- faced with ten federal regulatory bodies, the Attorney General, the President and the HUD Secretary -- quickly fell into line.
[They] threw such a scare into the industry that the American Bankers Association issued a "fair-lending tool kit" to every member. The Mortgage Bankers Association of America signed a "fair-lending" contract with HUD. So did Countrywide.
HUD also pushed Fannie and Freddie, which in effect set industry underwriting standards, to buy subprime mortgages, freeing lenders to originate even more high-risk loans.
And the rest, as they say, is history.
Barack Obama can blame George W. Bush, Herman Cain, Rick Perry, and Carmen Electra for the housing crisis. But the real culprits were the social engineers, criminals and cronies in the Clinton administration.
Please read the rest -- and pass it on.
By Dell Hill Via Doug Ross Journal
Here’s a little something to talk about the next time someone blames George W. Bush for the current recession, triggered by the collapse of the mortgage market.
“The entire Democrat Party hardest hit:
[In 1994] the federal government declared war on an enemy — the racist lender — who officials claimed was to blame for differences in homeownership rate, and launched what would prove the costliest social crusade in U.S. history.
At President Clinton's direction, no fewer than 10 federal agencies issued a chilling ultimatum to banks and mortgage lenders to ease credit for lower-income minorities or face investigations for lending discrimination and suffer the related adverse publicity. They also were threatened with denial of access to the all-important secondary mortgage market and stiff fines, along with other penalties.
The threat was codified in a 20-page "Policy Statement on Discrimination in Lending" and entered into the Federal Register on April 15, 1994, by the Interagency Task Force on Fair Lending. Clinton set up the little-known body to coordinate an unprecedented crackdown on alleged bank redlining.
The edict — completely overlooked by the Financial Crisis Inquiry Commission and the mainstream media — was signed by then-HUD Secretary Henry Cisneros, Attorney General Janet Reno, Comptroller of the Currency Eugene Ludwig and Federal Reserve Chairman Alan Greenspan, along with the heads of six other financial regulatory agencies...
...The unusual full-court press was predicated on a Boston Fed study showing mortgage lenders rejecting blacks and Hispanics in greater proportion than whites. The author of the 1992 study, hired by the Clinton White House, claimed it was racial "discrimination." But it was simply good underwriting.
It took private analysts, as well as at least one FDIC economist, little time to determine the Boston Fed study was terminally flawed. In addition to finding embarrassing mistakes in the data, they concluded that more relevant measures of a borrower's credit history — such as past delinquencies and whether the borrower met lenders credit standards — explained the gap in lending between whites and blacks, who on average had poorer credit and higher defaults...
Lenders -- faced with ten federal regulatory bodies, the Attorney General, the President and the HUD Secretary -- quickly fell into line.
[They] threw such a scare into the industry that the American Bankers Association issued a "fair-lending tool kit" to every member. The Mortgage Bankers Association of America signed a "fair-lending" contract with HUD. So did Countrywide.
HUD also pushed Fannie and Freddie, which in effect set industry underwriting standards, to buy subprime mortgages, freeing lenders to originate even more high-risk loans.
And the rest, as they say, is history.
Barack Obama can blame George W. Bush, Herman Cain, Rick Perry, and Carmen Electra for the housing crisis. But the real culprits were the social engineers, criminals and cronies in the Clinton administration.
Please read the rest -- and pass it on.
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