" wrote:

On Tuesday, December 31, 2013 7:12:24 AM UTC-5, jim wrote:


Honest bankers love CRA and corrupt bankers hate it.



There is nothing corrupt about lending money
to those most likely to pay back the loan.

That is false. That statement may apply to loans sharks
but banks are not supposed to be like loan sharks.

Whether you like it or not banks are public utilities.
If you don't like it then put your money with private
firms where your deposits are not guaranteed by the
taxpayers.

The FDIC deposit taking banks do not lend money that
already exists. Every new loan creates new dollars out
of thin air. The power to create new money out of
thin air flows from the power given to the lender
by its govt charter. Such a lender has a moral
obligation to provide credit to the community that
supplies the deposits. To do otherwise is stealing
wealth from the depositors with the help of the govt.

If nothing is done to prevent banks from taking money
from depositors in one community and making all its loans
in the community where the banker lives then you have
created a govt sponsored monopoly to funnel wealth
out of the depositor's pockets into the banker's
pockets. And when such a system exists corrupt bankers
do take advantage of the govt sponsored theft to
enrich themselves at the expense of the depositors.

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