Drudge Retort: The Other Side of the News

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Sunday, December 07, 2014

A white police chief of a small South Carolina town was indicted on a murder charge Wednesday in the shooting death of an unarmed black man nearly four years ago. Richard Combs worked in Eutawville, population 300, when Bernard Bailey came to Town Hall to argue about his daughter's broken-taillight ticket. Combs tried to arrest Bailey on an obstruction of justice charge, prosecutors said. Bailey marched back outside to his truck, and Combs tried to get inside. The two briefly fought, and then the police chief shot Bailey, 54, twice in the chest in his pickup. read more


"So what are you going to do? Most of these people have no other way for emergency cash. What are you going to do? Make legit lenders lower their standards so poor people can get loans? Oh we tried that, and the housing market crashed...
My bad.

#52 | POSTED BY BOAZ AT 2014-12-30 04:04 PM | FLAG: "

Stop blaming the CRA for one.

From the link www.creditslips.org :

"Assuming ABBS's analysis is correct, the paper shows pretty clearly that the CRA did not play a significant role in fomenting the housing bubble. While the CRA may have lead to more risky lending, what is most striking about the paper's findings are how small in magnitude the CRA's effects are. While ABBS find statistically significant impacts, the magnitudes are really small: 5% more lending in the six quarters surrounding a CRA exam and 15% higher default rate. That's not a 15% default rate. That means a 1.15% default rate instead of a 1% default rate or a 6.9% default rate instead of a 6% default rate. This sort of change is a drop in the bucket relative to what happened during the housing bubble."

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