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I don't want to believe that the government would interfere with the credit markets again after seeing what the CRA did...but it would be about par for the course.
They accuse banks of discriminating against minorities and the poor...but can you really say refusing to make a bad investment is discrimination? It's not the minority part that is making banks not lend. The bank is being responsible here.
It seems like banks can't win. They make loans, and get blasted for predatory lending. They don't lend, and it is suddenly discrimination.
Why is a lack of credit a problem requiring government intervention? If you can't afford a home, you probably should not be lent money to buy one anyways.
wouldn't the mortgage to the poor (aka people that cannot afford to buy a house) be, by definition, subprime?
Yep, basically the government would be forcing the banks to make the same loans that got us into this mess...but under the guise of "equal rights" rather than affordable housing.
What does the government think goes on inside a bank? If a branch was turning down profitable lending opportunities, the manager would be fired instantly, especially with the ton of reserves they are sitting on.
The only color the banks see is green. You can't discriminate and expect to remain competitive now.
I am holding out hope that the businessweek piece is just sensationalism...if Obama is seriously considering this, I think I'll lose any faith I have left in his ability to steer the economy.
I honestly think this country is going to the shitter because of these politics... maybe I'll try and move to Switzerland or Australia or something
Switzerland is worse (I would know).
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