Drudge Retort: The Other Side of the News
Saturday, March 23, 2019

So much for letting the free market be. GOP Sens. Kevin Cramer of North Dakota and John Kennedy of Louisiana introduced a bill on Thursday that would force major banks to do business with the gun industry or else face punishments like restricting their access to discounted Federal Reserve loans.

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The bill is a response to moves by two major banks -- Citigroup and Bank of America -- that decided to take matters in their own hands on gun control thanks to Republican inaction after numerous mass shootings.

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The gun industry is out of control and needs to be quashed once and for all as the heroic politicians in New Zealand just, courageously, did. If only we had leaders like that in America. Our nation would be far better off. New Zealand is shaming American gun nuts and we all should take notice. We should not allow gun nuts to control our policies on unnecessary weapons of war.

#1 | Posted by danni at 2019-03-23 08:08 AM | Reply | Newsworthy 3

New Zealand didn't even try "thoughts and prayers"!

#2 | Posted by Nixon at 2019-03-23 09:19 AM | Reply

"Big banks should not be the arbiters of constitutionality"

Better question is should big corporations be the arbiter of constitutionality?

Democrats the party of big business... proven yet again....

#3 | Posted by AndreaMackris at 2019-03-23 10:12 AM | Reply

#2 | POSTED BY NIXON

Seems like you are mocking the deaths of those in NewZealand... JPW will be along shortly to correct you.

#4 | Posted by AndreaMackris at 2019-03-23 10:12 AM | Reply

The gun industry is out of control and needs to be quashed once and for all

Perhaps, but Banks shouldn't be the ones to do it.

#5 | Posted by AndreaMackris at 2019-03-23 10:13 AM | Reply

Isn't this where the cake bakers say take your business elsewhere?

Do businesses get to decide who their customers are or not?

Reich wing fascists outlawing freedom again.

#6 | Posted by bored at 2019-03-23 12:55 PM | Reply | Newsworthy 3

Better question is should big corporations be the arbiter of constitutionality?

#3 | Posted by AndreaMackris at 2019-03-23 10:12 AM

Speaking for corporate personhoods everywhere, it's a matter of individual choice.

Moreover, is it the will of the shareholders? Should government compel shareholders to do something which is otherwise legal?

#7 | Posted by SunTzuMeow at 2019-03-23 08:59 PM | Reply

Proving once again all the talk of democracy and free markets is a farce.

#8 | Posted by bayviking at 2019-03-23 11:31 PM | Reply

borrow and spend borrow and spend borrow and spend

#9 | Posted by RightisTrite at 2019-03-24 04:46 AM | Reply

Perhaps, but Banks shouldn't be the ones to do it.

Free market.

You don't like that BoA and Citi won't lend to gun manufacturers then don't bank with BoA or Citi. If enough people refuse to bank with them then they will change course.

Alternately you could start your own bank to work with gun manufacturers and merchants.

#10 | Posted by TaoWarrior at 2019-03-24 07:21 AM | Reply | Newsworthy 1

The gun industry is out of control and needs to be quashed once and for all

Yawn.

It's funny how often you slip into fascist crazy mode without even realizing it.

You want to know the better solution? Actually reign in lobbying and corporate influence. Let companies/industries stand on their own merits.

#11 | Posted by jpw at 2019-03-24 10:29 AM | Reply

Democrats the party of big business... proven yet again....

#3 | Posted by AndreaMackris

Yet again, your windsock convictions are fluttering in the breeze.

#12 | Posted by jpw at 2019-03-24 10:30 AM | Reply

Seems like you are mocking the deaths of those in NewZealand... JPW will be along shortly to correct you.

#4 | Posted by AndreaMackris

No, moron, he's mocking people like you.

#13 | Posted by jpw at 2019-03-24 10:31 AM | Reply

all the talk of democracy and free markets is a farce.
#8 | Posted by bayviking

It is when somebody who made big bribes, excuse me, I mean campaign contributions, comes knocking. Free markets rule when most people want business to stop cheating them.

#14 | Posted by SomebodyElse at 2019-03-24 11:22 AM | Reply

I see no one here who had a problem with the govt pressuring banks to drop gun companies under the obama administration [if we weren't for double standards libs would have no standards at all].

136,831 viewsNov 5, 2018, 06:30pm
Newly Unsealed Documents Show Top FDIC Officials Running Operation Choke Point
www.forbes.com

#15 | Posted by MSgt at 2019-03-25 12:13 PM | Reply

Banks are in the business of taking risks with funds they have borrowed, whether from depositors, equity investors, bondholders or Federal agencies. The amount of risk taken should not be determined by outsiders untrained in the evaluation of risk. Politicians should not have a say in how a banker lends someone else's money. Just sayin...

#16 | Posted by catdog at 2019-03-25 02:21 PM | Reply

Democrats the party of big business... proven yet again....

#3 | Posted by AndreaMackris

They all get their "forced loans" at Deutsche Bank, too?

Didn't know that.

#17 | Posted by donnerboy at 2019-03-25 03:03 PM | Reply

Wait...So the GOP wants to "force major banks to do business with the gun industry"

Forcing the Banks to give you a loan because you have a gun?

Sounds like an old idea that some Americans tried awhile back.

I believe their names were Bonnie and Clyde.

Didn't work out well in the End.

#18 | Posted by donnerboy at 2019-03-25 03:09 PM | Reply

For those who conveniently forgot, or never knew: the banks were pressured by the govt to give out those sub prime loans which let to the 2008 crash.

excerpt from article:

"His most successful effort was to impose what were called "affordable housing" requirements on Fannie Mae and Freddie Mac in 1992. Before that time, these two government sponsored enterprises (GSEs) had been required to buy only mortgages that institutional investors would buy--in other words, prime mortgages--but Frank and others thought these standards made it too difficult for low income borrowers to buy homes. The affordable housing law required Fannie and Freddie to meet government quotas when they bought loans from banks and other mortgage originators."

www.theatlantic.com

So many want to blame it all on President Bush, but fail to mention the dems fingers in that disaster.

After obama's & Co., having 'quietly pressured [on the sly] banks under Operation Choke Point, to drop gun manufacturers and related business, this administration is just attempting to rectify the situation.

#19 | Posted by MSgt at 2019-03-25 05:37 PM | Reply | Newsworthy 1

"His most successful effort was to impose what were called "affordable housing" requirements on Fannie Mae and Freddie Mac in 1992. Before that time, these two government sponsored enterprises (GSEs) had been required to buy only mortgages that institutional investors would buy--in other words, prime mortgages--but Frank and others thought these standards made it too difficult for low income borrowers to buy homes. The affordable housing law required Fannie and Freddie to meet government quotas when they bought loans from banks and other mortgage originators."
www.theatlantic.com
So many want to blame it all on President Bush, but fail to mention the dems fingers in that disaster.
After obama's & Co., having 'quietly pressured [on the sly] banks under Operation Choke Point, to drop gun manufacturers and related business, this administration is just attempting to rectify the situation.
POSTED BY MSGT AT 2019-03-25 05:37 PM | REPLY

my words follow

BUSH 41'S TIME. OOPSIE DAISY!!!!!!!!!!!!!!!!!!!!

#20 | Posted by LauraMohr at 2019-03-25 05:50 PM | Reply

#20 | POSTED BY LAURAMOHR AT 2019-03-25 05:50 PM | FLAG: Dodd and Franks have plenty of blame as were complicit in pressuring FANNIE MAE and FREDDIE MAC to make sub prime loans and too bad Bush was unable to get it stopped. Concerning mortgages, I'd like to see the to go back to the 20% down and will tell any and all to avoid ARMs.

BUT, he reason of my post was to show that the govt gets too involved in pressuring banks on business decisions, including Operation Choke Point which should never have happened.

#21 | Posted by MSgt at 2019-03-25 06:28 PM | Reply

Dodd and Franks have plenty of blame as were complicit in pressuring FANNIE MAE and FREDDIE MAC to make sub prime loans

#21 | Posted by MSgt at 2019-03-25 06:28 PM | Reply

You do know it wasn't the sub-prime loans themselves that were the problem, right? It was the bad risk decisions on those sub-prime loans and mortgages and mortgage-backed securities that were the issue - you know, the credit default swaps and the AAA ratings on those MBSs. Had the risks been properly acknowledged, the banks wouldn't have been so heavily leveraged on those mortgages. Without so much leverage, the rise in defaults wouldn't have caused so much damage to the the banking sector.

By the way, the article you posted was an opinion piece by someone from the American Enterprise Institute. They aren't well known for placing blame on business, nor are they well known for supporting industry regulation of any type. It isn't exactly a surprise this individual would blame government regulations instead of irresponsible behavior by the banks.

Here's an interesting chart showing that the rate of sub-prime lending didn't really increase until 2004, where it jumped dramatically. The change in 1992 clearly didn't cause a large percentage of sub-prime lending. What happened in 2004 that the sub-prime lending nearly tripled and staid high until the collapse?

This paper posits that "The rise in mortgage defaults during the crisis was concentrated in the middle of the credit score distribution, and mostly attributable to real estate investors." Their numbers are very compelling.

#22 | Posted by StatsPlease at 2019-03-25 08:55 PM | Reply

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