A Quote by Ian Macfarlane
Banks and other providers of credit to households have been competing vigorously to expand or protect their market share. In the process, lending standards have been progressively eroded so that lenders are now engaging in practices that would have been regarded as out of the question five or ten years ago.
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Before the CFPB, there was no single agency or entity within the federal government tasked with protecting Americans from predatory or negligent practices of banks, credit card companies, mortgage lenders, payday lenders, credit rating agencies and other financial service businesses.
Improvements in lending practices driven by information technology have enabled lenders to reach out to households with previously unrecognized borrowing capacities.
No one pushed harder than Congressman Barney Frank to force banks and other financial institutions to reduce their mortgage lending standards, in order to meet government-set goals for more home ownership. Those lower mortgage lending standards are at the heart of the increased riskiness of the mortgage market and of the collapse of Wall Street securities based on those risky mortgages.
There could be a 'community of communities' rather than a state. They would be united in some way but without any governing body. It would be made up of unions, credit unions instead of banks. There would be no more lending at interest. There would be no more money lenders.
With the right sources of funding and some smart, strategic thinking about how to force non-banks to follow the same rules as other lenders, the entire landscape of consumer lending would change.
This man, who for twenty-five years has been reading and writing about art, and in all that time has never understood anything about art, has for twenty-five years been hashing over other people's ideas about realism, naturalism and all that nonsense; for twenty-five years he has been reading and writing about what intelligent people already know and about what stupid people don't want to know--which means that for twenty-five years he's been taking nothing and making nothing out of it. And with it all, what conceit! What pretension!
Separating out banks and investment banks right now under Glass-Steagall would have very big implications to the liquidity and the capital markets and banks being able to perform necessary lending.
I'm very realistic about the challenges we face. OK? I have seen it up close in 2010. It's why I ran for the Senate five years ago. I have only been there five years, but it's been enough time to know the damage Barack Obama has done to this country.
Financial institutions have been merging into a smaller number of very large banks. Almost all banks are interrelated. So the financial ecology is swelling into gigantic, incestuous, bureaucratic banks-when one fails, they all fall. We have moved from a diversified ecology of small banks, with varied lending policies, to a more homogeneous framework of firms that all resemble one another. True, we now have fewer failures, but when they occur... I shiver at the thought.
Today's recording techniques would have been regarded as science fiction forty years ago.
Ten years ago, 15 years ago, I think the church would have been asleep at the switch. This level of activism and engagement with the needs of society by local churches I never thought I'd see it in my lifetime.
If you look at Hollywood today, compared to five years ago, 10 years ago, 20 years ago or 30 years ago, the change from moment to moment has always been extraordinary. It never stops moving.
What was happening was only the working-out of a process that had started years ago. The first step had been a secret, involuntary thought, the second had been the opening of the diary. He had moved from thoughts to words, and now from words to actions. The last step was something that would happen in the Ministry of Love. He had accepted it. The end was contained in the beginning.
The events which transpired five thousand years ago; Five years ago or five minutes ago, have determined what will happen five minutes from now; five years From now or five thousand years from now. All history is a current event.
In the United States and some of the other countries involved it's sort of a "five eyes" global spying alliance. That's the US, UK, Canada, New Zealand, and Australia. They've had a little bit of a more muscular public response. Now, they haven't been satisfying or really meaningful in any country yet. But they have been engaging.
Europe's financial system is fragmented, although the gap in funding costs for banks within the euro area is no longer as wide as it was two years ago. But in lending the differences are still very large, and in some countries the credit flow is disrupted.
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