Cry Wolf Quotes
In 1989, sympathetic members of Congress got the Home Mortgage Disclosure Act amended to force banks to collect racial data on mortgage applicants; this allowed various studies to be ginned up that seemed to validate the original accusation… bank regulators required the loosened underwriting standards, with approval by politicians and the chattering class. A 1995 strengthening of the Community Reinvestment Act required banks to find ways to provide mortgages to their poorer communities. It also let community activists intervene at yearly bank reviews, shaking the banks down for large pots of money.
If we take this route, we would eventually have the tools to cut carbon emissions, instead of misguided near-term initiatives like RGGI where an attempt to meet even the modest targets will only disrupt energy markets at great cost to consumers and the economy as whole. Programs to curb other GHGs can proceed such as measures to reduce methane releases from coal mines, but it is absurd to impose any meaningful limits on carbon emissions when so much of our energy comes from coal.
Journalists...did a remarkable job of creating the garbage crisis...Mandatory recycling programs aren't good for posterity. They offer mainly short-term benefits to a few groups -- politicians, public relations consultants, environmental organizations, waste-handling corporations -- while diverting money from genuine social and environmental problems.
Any review of the history of the affordable mortgage movement in America demonstrates the power that CRA had in helping to shred mortgage underwriting standards throughout the industry and exposing us to the kind of market meltdown we've experienced. “If form follows, soon banks and other financial institutions operating under CRA will be cudgeled into lending to small businesses based on race and gender, which will be the opening of a new round of lower lending standards in the very risky small-business sector. The effort to save and extend CRA in the face of its role in the mortgage market's massive meltdown is testament to the unique power of this legislation to nourish an entire industry of nonprofits that, like Acorn, have been reliable supporters of politicians such as Barney Frank, Maxine Waters and a former community organizer and associate of Acorn by the name of Barack Obama.