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


Sen Proxmire was very clever.
The original law that he sponsored designed
to find out which bankers were corrupt,

Stop lying. That was not the purpose.


"In 1975 Congress passed the Home Mortgage Disclosure
Act

It was the first step in exposing corrupt
bankers.


"In 1975 Congress passed the Home Mortgage Disclosure
Act, requiring financial institutions just to disclose where
home mortgage loans are made. "

After HMDA was passed, the game was up for
corrupt bankers. They could no longer hide
their larceny.

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

What he really meant was that it was "theft":

Here is what Proxmire said:
"The use of that [HMDA] data has been quite extensive. The New
York papers have had a very elaborate series of stories on the
amount of disinvestments in New York pointing out that about
11 percent of the money deposited in Brooklyn remains and
89 percent is invested elsewhere.

In the District of Columbia we find about 90 percent of the
money is invested outside of the community where the money
is deposited. Chicago has an enormous amount of disinvestments;
in California, the data and details flowing from our legislation
show that Los Angeles has suffered a great deal of disinvestments;
St. Louis has massive disinvestments; Indianapolis is the same way;
and in Cleveland, the Cleveland Plain Dealer had a series of stories
pointing out this very serious problem, and highlighting the fact that
this is something that is undoubtedly contributing or has contributed
for a long time to the decay of the city."

This theft by corrupt bankers had been going on
for decades, draining the wealth from urban blue collar
workers to enrich the corrupt bankers.