On 5/30/2015 1:49 PM, "jim " wrote:

When banks take deposits in one community
and then make loans in the bankers community
Sen Proxmire called it "disinvestment"

Proxmire could have called it Italian opera or mumbletypeg. Proxmire
didn't know a thing about banking or business or investment.

"Communities" don't have credit needs. Individual person have credit
wants. The fact that they make deposits in banks doesn't entitle them
to credit.

CRA led to bad lending, especially after Clinton started imposing
bad-loan minimum quotas on banks, and that was the opening to the real
estate bubble.