Monday, April 28, 2014

The Donald Sterling kerfluffle

So the Left media noise machine is generating outrage about Donald Sterling's stupid remarks (and yes, they were rather stupid). But no one asks the real questions:

1. Gee, maybe Mr. Sterling doesn't like being cuckolded? Although the douchebag's cheating on his spouse with this mistress of his certainly does not say much for him. Can't say which side of "too much" she is on the enhancement surgery scale. What is evident, though, is that she could suck a bowling ball through 50' of garden hose.

2. Mr. Sterling may be the greatest douchebag alive at the moment, but it is somewhat amusing to see that somehow saying something somewhat "racist" now trumps at least misdemeanor wiretapping laws. Didn't we once impeach a president over wiretapping? Of course, he was an evil white guy, but...

3. It is also amusing to see liberal douchebags like Mr. Sterling dole out millions to the NAACP and other black liberal politicos. How did that work out for him?

4. What about all this kerfluffle makes me think that this was a shakedown by a jilted ex at her former sugar daddy? This girlfriend who was sued in court by Sterling's wife to return the Lamborghini and Ferrari and pricey apartment given to her by Sterling.

Sterling is an old fool, to think that his girlfriend would NOT be cheating on him massively with various Alpha males, never mind the blackness of Athletes like former Rihanna boyfriend Matt Kemp.

At any rate this seems a way to generate some quick TMZ cash ... listening to the full tape, you can just sense her lawyer coaching her to bait Sterling into saying "Black" when frankly, he's really concerned more about the Athlete/Alpha Male part. I really doubt Mr. Sterling would be happy with his trophy hootchie cheating on him with a strapping *white* athlete either.

All that said, It's impossible to feel sorry for the old fool, being a stupid old man thinking some young "Adventuress" would actually be interested in him for anything other than his money.

Mr. Sterling may be a despicable person, but his former trollop is far worse.

Friday, April 25, 2014

“Clinton Library Reveals CRA Fueled Subprime Bubble”

The Community Reinvestment Act is the gift that keeps on giving....
Newly released memos from the Clinton presidential library reveal evidence the government had a big hand in the housing crisis. The worst actors were in the White House, not on Wall Street.

During the 1990s, former Clinton aides bragged that more aggressive enforcement of the Community Reinvestment Act pressured banks to issue riskier mortgages, lending more proof the anti-redlining law fueled the crisis. 

A 2012 National Bureau of Economic Research study found “that adherence to that act led to riskier lending by banks,” with “a clear pattern of increased defaults for loans made by these banks in quarters around the (CRA) exam, (and) the effects are larger for loans made within CRA tracts,” or low-income and minority areas. 

To satisfy CRA examiners, Clinton mandated “flexible” lending by large banks. As a result, CRA-approved loans defaulted about 15% more often, the NBER found. 

Exhibit A in the 7,000-page Clinton Library document dump is a 1999 memo to him from his treasury secretary, Robert Rubin.

“Public disclosure of CRA ratings, together with the changes made by the regulators under your leadership, have significantly contributed to … financial institutions … meeting the needs of low- and moderate-income communities and minorities,” Rubin gushed. “Since 1993, the number of home mortgage loans to African Americans increased by 58%, to Hispanics by 62% and to low- and moderate-income borrowers by 38%, well above the overall market increase.

“Since 1992, nonprofit community organizations estimate that the private sector has pledged over $1 trillion in loans and investment under CRA.

”Other documents reveal how the community-activist group ACORN and other organizations met with Rubin and other top Clinton aides on “improving credit availability for minorities.”

Clinton’s changes to the CRA let ACORN use the act’s ratings to “target merging firms with less-than-stellar records and to get the banks to agree to greater community investment as a condition of regulatory approval for the merger,” White House aide Ellen Seidman wrote in 1997 to Clinton chief economist Gene Sperling.

“Community groups have come to recognize how terribly powerful CRA has been as a tool for making credit available in previously underserved communities,” Seidman added.

Seidman later boasted that Clinton’s 1995 CRA revisions created not only the subprime mortgage market but also the subprime securities market. Of course, subprime loans and their high default rates ruined minority neighborhoods when the market crashed.

Memos also reveal how Clinton aides held repeal of the Glass-Steagall Act hostage to strengthening the CRA. They gave Republicans deregulation of banking activities in exchange for over-regulating how those banking activities applied to low-income communities.


In 2000, HUD Secretary Andrew Cuomo lit the fuse on the subprime bomb by requiring Fannie Mae and Freddie Mac to purchase subprime, CRA and other risky mortgages totaling half their portfolios.

A 1993 memo, “Racism in Home Lending,” captured the tone of Clinton’s affordable-housing crusade. It proposed coordinating with the Washington Post and Congressional Black Caucus on bank investigations. 

These White House papers are smoking-gun evidence of Clinton’s culpability in creating the subprime bubble. The mainstream media’s silence is deafening.
 Jeff Goldstein at Protein Wisdom asks,
It consistently amazes me how the American people re-elect to office the very kinds of people who cause them so much harm, be it to liberty or property. Maybe we’re a nation of masochists.
What we are is a nation that can be race-baited. This was all about the “Affirmative Action” in home lending.

And as long as Fannie Mae and Freddie Mac were underwriting it, why should any thoughtful banker care?

Go along to get along, or face shakedown lawsuits from the race pimps.