The "community activists"/liars who got CRA passed said there was a
"problem" of banks not lending to slum and ghetto neighborhoods. There
was no such problem. Banks didn't lend on slum and ghetto properties
because it was unsound to lend - certainly unsound to lend on prime
terms. Lending in those neighborhoods would have been abdicating their
fiduciary responsibility to depositors. It would have been stealing
from depositors.

There was no "redlining." That was just the stalking horse - the lie -
the radicals used to force a bad law. This bad law, the CRA, forces
bankers to steal from depositors as well as shareholders.

Rudy Canoza wrote:
The "community activists"/liars who got CRA passed said there was a
"problem" of banks not lending to slum and ghetto neighborhoods.

That's corrupt banker propaganda. Here is the truth:

The problem was banks were taking deposits from
urban blue collar working neighborhoods and then
not making loans in those neighborhoods.
This went in from 40's until the 70's.

After decades of not being able to get credit to
build a house or buy a house or repair a house
the neighborhoods deteriorated and many of the
inhabitants were forced to sell their house
at a loss. They were forced to move to the
suburbs where the developers who were buddies of
the corrupt bankers had received all
the credit funded by their deposits.

George Carlin said this was the "American Dream"
because you had to be asleep to believe it.

On 5/31/2015 2:50 AM, "jim " wrote:
Rudy Canoza wrote:
The "community activists"/liars who got CRA passed said there was a
"problem" of banks not lending to slum and ghetto neighborhoods.

That's corrupt banker propaganda.

No. Stop lying. That's exactly what Gale Cincotta, the Marxian
agitator, said to Proxmire, and what Proxmire then said himself.

Rudy Canoza wrote:
On 5/31/2015 2:50 AM, "jim " wrote:
Rudy Canoza wrote:
The "community activists"/liars who got CRA passed said there was a
"problem" of banks not lending to slum and ghetto neighborhoods.

That's corrupt banker propaganda.

No. Stop lying. That's exactly what Gale Cincotta, the Marxian
agitator, said to Proxmire, and what Proxmire then said himself.



When banks take deposits in a community
and make loans elsewhere Proxmire called that "disinvestment"
What he he really meant is that it was "theft"

Quoting Proxmi
"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."

On 5/31/2015 8:44 AM, "jim " wrote:
Rudy Canoza wrote:
On 5/31/2015 2:50 AM, "jim " wrote:
Rudy Canoza wrote:
The "community activists"/liars who got CRA passed said there was a
"problem" of banks not lending to slum and ghetto neighborhoods.

That's corrupt banker propaganda.

No. Stop lying. That's exactly what Gale Cincotta, the Marxian
agitator, said to Proxmire, and what Proxmire then said himself.



When banks take deposits in a community
and make loans elsewhere Proxmire called that "disinvestment"
What he he really meant is that it was "theft"

Wrong either way, but in fact Proxmire did not mean theft. He didn't
mean it because it isn't.