Journal ValarClan's Journal: Community Reinvestment Act 2
I just thought that would be useful source of information at time of this posting.
I know of people I have done TECHNICAL support who reported at a GM annual meeting in New York in 2007 that they talked about the housing bubble about to bust. It would be nice to get my hands on the professionally created video by a New York video firm.
This article points out both the conservative views and liberal views, gives a great point by point construction of the situation.
But my main point is as a Leader in charge and responsible for the activities for which one is in charge you take blame for the control or lack thereof for the organization you run. As a president the president for 8 years running one should not have been on vacation and actually in the office to monitor, guide and direct. Thus avoid the warning signs. Avoiding the monitoring of such does not remove the responsibility due to LACK of knowing.
In fact it increases blame.
And a president who had majority control of congress and some might say even the Justice department. (although I would say the justices are actually more interested in justice then politics, so I do not support that idea. But it is worth noting people believe it.) should not have had the problems seeing this arrive.
Even during the Katrina and that other hurricane events, we had a president who was rather absent, and had unqualified people in charge of FEMA. We now have someone who knows how to handle a emergency.
The person who was placed was due to a political appointment w/o consideration of qualifications. And they got caught with their pants down.
And that is the point, the president Bush was caught with his pants down.
And he kept his pants down under many situations. And I fear it was due to his lack of interest in things not promoting things 'he wants to play with' and what the people need attending. When you take charge you have to put your own interests away and look to others.
It is clear corporations involved with the loan problems where interested in themselves, and as leaders in their own right also have not learned this.
To those corporations who help communities and assist those trying hard, major thanks! Those looking to a fast buck w/o regard to the future consequences should be made a example of.
These are my musings. I suggest people read the wiki article, it seems fair, more fair then I am here.
Community Reinvestment Act, Pt 2 (Score:1)
What my friend at GM financial pointed out is these loans had been huge profit sources for GM. But even he knew there was something wrong. They were putting the double and triple digit profits back to the main corporation to help prop them up.
The bubble that burst was they did not reinvest the money back into the department that made the money or held it re
Community Reinvestment Act, pt 3 (Score:1)
Corporations have a duty even under this act to respond responsibly and have a greater breadth and depth of resources. Any leader not willing to work under a set of rules can still leave the post. The little guy has no control.
Additionally a lot of the customers with these loans are finding it impossible to reason with these lenders when trouble hits. This further makes it impossible to hel