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  • Govt creating another bubble?

    House Subcommittee on Diversity and Inclusion is pushing for government-led diversity in lending again. Did everyone forget 2008?

  • #2
    Can you post a damn link? I might actually agree with you here. The way you improve people’s status is by getting them better paying jobs, not by giving them loans they can’t afford to pay.

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    • #3
      Originally posted by ivegostdacityblues View Post
      Can you post a damn link? I might actually agree with you here. The way you improve people’s status is by getting them better paying jobs, not by giving them loans they can’t afford to pay.
      You mean student loans to go learn English lit at some private college?

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      • #4
        As per usual, Dynasty is fucking stupid.

        https://www.foxnews.com/politics/hou...ancial-metrics

        The law would mandate that asset management firms publish a request for services in "print and online publications oriented towards women, minorities, and veterans," to consider at least one of these firms that submits a proposal, and if one of these firms submits a proposal that "satisfies the criteria set forth in request for proposal, to invite at least one such diverse individual-owned and controlled asset management firm to present their proposal to the person."
        It's nothing more than the Rooney Rule for banking and won't have any real chance of passing because you can't legislate something like this.

        But don't let that stop Dynasty from getting it completely wrong and then implying that lending to black and brown people caused the financial crisis.

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        • #5
          https://financialservices.house.gov/...umentID=406225

          So the jist is there isn't enough diversity at banks, and not enough lending to diverse institutions,

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          • #6
            Originally posted by Foster4Prez View Post
            As per usual, Dynasty is fucking stupid.

            https://www.foxnews.com/politics/hou...ancial-metrics



            It's nothing more than the Rooney Rule for banking and won't have any real chance of passing because you can't legislate something like this.

            But don't let that stop Dynasty from getting it completely wrong and then implying that lending to black and brown people caused the financial crisis.
            But they try. This kind of stuff bothers me. Let businesses hire the best employees. And let them assume business risk that they are comfortable with. When the govt steps in and says you have to hire people based on something other than performance, or you have to lend money based on something other than risk/profit, it’s a recipe for bankruptcy

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            • #7
              Dynasty's ramblings aside, the idea that banks and financial institutions need to start being evaluated on things like "Do you have too many white men" is fucking stupid.

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              • #8
                Originally posted by ibleed View Post
                Dynasty's ramblings aside, the idea that banks and financial institutions need to start being evaluated on things like "Do you have too many white men" is fucking stupid.
                Hey, fcuk you dude. That’s all I said.

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                • #9
                  Originally posted by DynastyFSU2 View Post

                  Hey, fcuk you dude. That’s all I said.
                  You were trying to imply that the law was designed to give out NINJA loans again....

                  Not even close to what is being pushed.

                  The proposal is still stupid, but not for the reasons you tried to imply.

                  Think before posting.... not the other way around.

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                  • #10
                    Originally posted by DynastyFSU2 View Post
                    Hey, fcuk you dude. That’s all I said.
                    No, you said that lending to black and brown people caused the financial collapse in 2008. Don't fucking backpedal like a bitch. Own your ignorance and shit talk.

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                    • #11
                      Originally posted by Foster4Prez View Post

                      No, you said that lending to black and brown people caused the financial collapse in 2008. Don't fucking backpedal like a bitch. Own your ignorance and shit talk.
                      No I said loans based on things other than risk, led to 2008. You added the color component.

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                      • #12
                        Originally posted by ibleed View Post

                        You were trying to imply that the law was designed to give out NINJA loans again....

                        Not even close to what is being pushed.

                        The proposal is still stupid, but not for the reasons you tried to imply.

                        Think before posting.... not the other way around.
                        it is implied that they will use the data to pressure the banks. Don’t be naive. You hoping the govt gathering information on bank hiring and lending practices are not meant to intimidate the banks into a preferred behavior?

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                        • #13

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                          • #14
                            Originally posted by Foster4Prez View Post
                            You can try to twist my words with what YOU believe I am saying. I have given you my opinion. Congress is trying to intimidate banks into loans based on things other than risk. 2008 housing crisis was, at least in part, created by banks making risky loans on promises of bail outs from the govt, after the govt required risk lines to be lowered.

                            The Committee staff report recommended that Congress consider the following legislative
                            actions to improve diversity and inclusion at America’s largest banks:
                            • Require that banks share diversity and inclusion data with their regulators and the public;
                            • Require banks to track and make efforts to increase their spending with diverse firms; and,
                            • Require banks to publicly disclose the diversity of their boards.
                            Last edited by DynastyFSU2; 02-14-2020, 10:19 AM.

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                            • #15
                              Originally posted by Foster4Prez View Post

                              No, you said that lending to black and brown people caused the financial collapse in 2008. Don't fucking backpedal like a bitch. Own your ignorance and shit talk.
                              It was a large contributing factor.

                              Come at me, bro.

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