Uncle Joe

[Sparko]

Randy's stats are of course contrived. Remember, the housing bubble was completely on republicans and Trump. Because Mango would not let the fed operate, they didn't raise interest rates until way too late and post Biden's inauguration. Yay. Biden got the economy and COVID under control and they thanked him by pushing interest rates up quickly. Consumer confidence is high. Literally anything Randy quotes is bullshit designed to depress voter turnout.

And Gutter: don't feed Putin's troll.

[TDub]

Anybody that thinks the housing market is to be directly blamed on a single administration is nothing but a team sports political fan. The housing market has been impacted by decisions made by multiple administrations over the last 20 years.

[jfish26]

Anybody that thinks the housing market is to be directly blamed on a single administration is nothing but a team sports political fan. The housing market has been impacted by decisions made by multiple administrations over the last 20 years.

And, it’s a market that takes longer to change directions than makes sense to blame it on any particular administration or party/group.

[TDub]

Anybody that thinks the housing market is to be directly blamed on a single administration is nothing but a team sports political fan. The housing market has been impacted by decisions made by multiple administrations over the last 20 years.

And, it’s a market that takes longer to change directions than makes sense to blame it on any particular administration or party/group.

it's like steering a barge, not a cigar boat. You can bump it with tugs to alter its course but you aren't running barrels with it.

[RainbowsandUnicorns]

Did someone try to/want to kill Uncle Joe? Probably not but wtf?

https://twitter.com/CollinRugg/status/1 ... 7494623379

https://twitter.com/rawsalerts/status/1 ... 5543485878

[Shirley]

Heard on the Prof G podcast this morning:

Scott Galloway: I would argue that Time's Person of the Year should have been Fed President Jerome Powell. I think he is, I mean, Jesus Christ, what do Americans want from the economy? It's the fastest, largest economy in the world with the lowest inflation. I mean, how do you even do that? That makes no sense to me economically.

Ed Olson: I was looking back at some of the headlines from a year ago:

Bloomberg: "US recession this year more likely than not.

Forecast for US recession within year reaches 100%."

Scott: 100%, every economist they surveyed predicted a recession.

Ed: Yet, here we are today with the Dow Jones Industrial average up 12%

S&P 500 up 23%

Nasdaq up 42%

Unemployment rate 3.9%

And inflation is down to 3.1%...

[jfish26]

Heard on the Prof G podcast this morning:

Scott Galloway: I would argue that Time's Person of the Year should have been Fed President Jerome Powell. I think he is, I mean, Jesus Christ, what do Americans want from the economy? It's the fastest, largest economy in the world with the lowest inflation. I mean, how do you even do that? That makes no sense to me economically.

Ed Olson: I was looking back at some of the headlines from a year ago:

Bloomberg: "US recession this year more likely than not.

Forecast for US recession within year reaches 100%."

Scott: 100%, every economist they surveyed predicted a recession.

Ed: Yet, here we are today with the Dow Jones Industrial average up 12%

S&P 500 up 23%

Nasdaq up 42%

Unemployment rate 3.9%

And inflation is down to 3.1%...

Election interference. All of it. The economy is terrible, inflation is skyrocketing, everyone knows this. You just need to look around.

[Shirley]

Uh oh, Consumer confidence numbers are improved from last month, and higher than estimated/expected.

Thanks, President Biden!

LiveSquawk
@LiveSquawk
US Conf Board Consumer Confidence:
Dec: 110.7 (est 104.5; prevR 101.0) Dec:
- Conf Board Present Situation Dec: 148.5 (prev 138.2)
- Conf Board Expectations Dec: 85.6 (prev 77.8)
10:01 AM · Dec 20, 2023


allie Cox
@callieabost

Consumer confidence rose to a 5-year high.

BUT what caught my eye was how much Americans' perspective of the economy's present state jumped this month.

Up 12 pts, the biggest monthly jump since May 2021.

[randylahey]

So the biden administration threatened banks not to deny illegal immigrants loans based on their illegal status.

What's the logic in this move?

Is there any thing this administration doesn't do for illegals? No wonder we have a border crisis and there is so much incentive to illegally immigrate here

Giving loans to illegal immigrants is a clear and easy way to put financial institutions at risk

[twocoach]

So the biden administration threatened banks not to deny illegal immigrants loans based on their illegal status.

What's the logic in this move?

Is there any thing this administration doesn't do for illegals? No wonder we have a border crisis and there is so much incentive to illegally immigrate here

Giving loans to illegal immigrants is a clear and easy way to put financial institutions at risk

No, they informed banks that "while the Equal Credit Opportunity Act allows a creditor to consider an applicant’s immigration status when necessary to ascertain the creditor’s rights regarding repayment, creditors should be aware that unnecessary or overbroad reliance on immigration status, including when that reliance is based on bias, may run afoul of the law."

https://www.consumerfinance.gov/about-u ... pplicants/

The "logic of the move here" is to ensure that banks follow the law and give credit to applicants who have the ability to pay back the loan, regardless of their perceived immigration status as well as to help protect banks from creating blanket policies that put them in violation of a person's civil rights., opening them up to civil litigation and fines.

Here is the full joint statement made by the Justice Department and the Consumer Financial Protection Bureau:

https://files.consumerfinance.gov/f/doc ... A2oRDf.pdf

[jfish26]

So the biden administration threatened banks not to deny illegal immigrants loans based on their illegal status.

What's the logic in this move?

Is there any thing this administration doesn't do for illegals? No wonder we have a border crisis and there is so much incentive to illegally immigrate here

Giving loans to illegal immigrants is a clear and easy way to put financial institutions at risk

Having illegal immigrants borrow money on the black market is a clear and easy way to put people at risk.

[Shirley]

So the biden administration threatened banks not to deny illegal immigrants loans based on their illegal status.

What's the logic in this move?

Is there any thing this administration doesn't do for illegals? No wonder we have a border crisis and there is so much incentive to illegally immigrate here

Giving loans to illegal immigrants is a clear and easy way to put financial institutions at risk

No, they informed banks that "while the Equal Credit Opportunity Act allows a creditor to consider an applicant’s immigration status when necessary to ascertain the creditor’s rights regarding repayment, creditors should be aware that unnecessary or overbroad reliance on immigration status, including when that reliance is based on bias, may run afoul of the law."

https://www.consumerfinance.gov/about-u ... pplicants/

The "logic of the move here" is to ensure that banks follow the law and give credit to applicants who have the ability to pay back the loan, regardless of their perceived immigration status as well as to help protect banks from creating blanket policies that put them in violation of a person's civil rights., opening them up to civil litigation and fines.

Here is the full joint statement made by the Justice Department and the Consumer Financial Protection Bureau:

https://files.consumerfinance.gov/f/doc ... A2oRDf.pdf

Thanks for correcting Randi's false, ignorant post. If he had any self-respect, any sense of shame, he'd be more careful about what he posts.

But he doesn't,
So he won't.

[DeletedUser]

So the biden administration threatened banks not to deny illegal immigrants loans based on their illegal status.

What's the logic in this move?

Is there any thing this administration doesn't do for illegals? No wonder we have a border crisis and there is so much incentive to illegally immigrate here

Giving loans to illegal immigrants is a clear and easy way to put financial institutions at risk

No, they informed banks that "while the Equal Credit Opportunity Act allows a creditor to consider an applicant’s immigration status when necessary to ascertain the creditor’s rights regarding repayment, creditors should be aware that unnecessary or overbroad reliance on immigration status, including when that reliance is based on bias, may run afoul of the law."

https://www.consumerfinance.gov/about-u ... pplicants/

The "logic of the move here" is to ensure that banks follow the law and give credit to applicants who have the ability to pay back the loan, regardless of their perceived immigration status as well as to help protect banks from creating blanket policies that put them in violation of a person's civil rights., opening them up to civil litigation and fines.

Here is the full joint statement made by the Justice Department and the Consumer Financial Protection Bureau:

https://files.consumerfinance.gov/f/doc ... A2oRDf.pdf

Thanks for posting.

I was going to explain in my own words and would have done an inferior job explaining than those posts did.

[twocoach]

So the biden administration threatened banks not to deny illegal immigrants loans based on their illegal status.

What's the logic in this move?

Is there any thing this administration doesn't do for illegals? No wonder we have a border crisis and there is so much incentive to illegally immigrate here

Giving loans to illegal immigrants is a clear and easy way to put financial institutions at risk

No, they informed banks that "while the Equal Credit Opportunity Act allows a creditor to consider an applicant’s immigration status when necessary to ascertain the creditor’s rights regarding repayment, creditors should be aware that unnecessary or overbroad reliance on immigration status, including when that reliance is based on bias, may run afoul of the law."

https://www.consumerfinance.gov/about-u ... pplicants/

The "logic of the move here" is to ensure that banks follow the law and give credit to applicants who have the ability to pay back the loan, regardless of their perceived immigration status as well as to help protect banks from creating blanket policies that put them in violation of a person's civil rights., opening them up to civil litigation and fines.

Here is the full joint statement made by the Justice Department and the Consumer Financial Protection Bureau:

https://files.consumerfinance.gov/f/doc ... A2oRDf.pdf

Thanks for correcting Randi's false, ignorant post. If he had any self-respect, any sense of shame, he'd be more careful about what he posts.

But he doesn't,
So he won't.

He just passes whatever 2-line inaccurate statement he reads in one location over to here. Some people are intellectually curious and when they hear something that sounds off or unfamiliar to them say, "I wonder if this is true, I should check" or "I wonder what this involves, I want to learn more about it" and others are intellectually stagnant and just assume that whatever they read that fits their belief system is true and whatever they read that does not fit their belief system is not true.

[twocoach]

So the biden administration threatened banks not to deny illegal immigrants loans based on their illegal status.

What's the logic in this move?

Is there any thing this administration doesn't do for illegals? No wonder we have a border crisis and there is so much incentive to illegally immigrate here

Giving loans to illegal immigrants is a clear and easy way to put financial institutions at risk

No, they informed banks that "while the Equal Credit Opportunity Act allows a creditor to consider an applicant’s immigration status when necessary to ascertain the creditor’s rights regarding repayment, creditors should be aware that unnecessary or overbroad reliance on immigration status, including when that reliance is based on bias, may run afoul of the law."

https://www.consumerfinance.gov/about-u ... pplicants/

The "logic of the move here" is to ensure that banks follow the law and give credit to applicants who have the ability to pay back the loan, regardless of their perceived immigration status as well as to help protect banks from creating blanket policies that put them in violation of a person's civil rights., opening them up to civil litigation and fines.

Here is the full joint statement made by the Justice Department and the Consumer Financial Protection Bureau:

https://files.consumerfinance.gov/f/doc ... A2oRDf.pdf

Thanks for posting.

I was going to explain in my own words and would have done an inferior job explaining than those posts did.

I just finished my annual "Fair Practices in Lending" training for work so it was fresh in my mind. This reminder from the CFPB was part of that training. Unfortunately, I also had to do my annual ALICE training to better prepare myself for a shooter in my building. That this is now a normal training program that workers have to have is a sign of the ignorant times we now live in but that's for another thread.

[zsn]

So the biden administration threatened banks not to deny illegal immigrants loans based on their illegal status.

What's the logic in this move?

Is there any thing this administration doesn't do for illegals? No wonder we have a border crisis and there is so much incentive to illegally immigrate here

Giving loans to illegal immigrants is a clear and easy way to put financial institutions at risk

Since being an “illegal immigrant**” Is such a great benefit in your mind shouldn’t you give up your citizenship and be better off??

** Use of this term is immediate evidence that the person using this term is a demagogue and has no idea about immigration/employment status or the law. As I’ve explained before, there are three levels to an individual’s immigration/employment status for those not born in the US. Entry, presence and employment authorization. A foreign tourist can enter legally, stay legally and accept unauthorized employment. Is that person an “illegal immigrant”?

[jfish26]

No, they informed banks that "while the Equal Credit Opportunity Act allows a creditor to consider an applicant’s immigration status when necessary to ascertain the creditor’s rights regarding repayment, creditors should be aware that unnecessary or overbroad reliance on immigration status, including when that reliance is based on bias, may run afoul of the law."

https://www.consumerfinance.gov/about-u ... pplicants/

The "logic of the move here" is to ensure that banks follow the law and give credit to applicants who have the ability to pay back the loan, regardless of their perceived immigration status as well as to help protect banks from creating blanket policies that put them in violation of a person's civil rights., opening them up to civil litigation and fines.

Here is the full joint statement made by the Justice Department and the Consumer Financial Protection Bureau:

https://files.consumerfinance.gov/f/doc ... A2oRDf.pdf

Thanks for correcting Randi's false, ignorant post. If he had any self-respect, any sense of shame, he'd be more careful about what he posts.

But he doesn't,
So he won't.

He just passes whatever 2-line inaccurate statement he reads in one location over to here. Some people are intellectually curious and when they hear something that sounds off or unfamiliar to them say, "I wonder if this is true, I should check" or "I wonder what this involves, I want to learn more about it" and others are intellectually stagnant and just assume that whatever they read that fits their belief system is true and whatever they read that does not fit their belief system is not true.

I think the problem is more fundamental than that. It's not that some people want their priors confirmed in connection with understanding things. It's that some people have no interest in issues except in service of their priors.

In this way, consumer lending is middle school sports is race-based admissions is tax policy is ... on and on. The issues themselves - not just any particular approach to them - exist to serve the worldview. The issues ONLY exist as a vehicle for the worldview.

[MICHHAWK]

if it means more votes for the "anything goes" party. then/than yes. uncle will write loans to people that are in this country illegally. if not, then/than he won't.

it's all about the votes for the "anything goes" party.

[Shirley]

Interesting jfish, never thought of it that way before.

[DeletedUser]

Banks make loans to foreigners all the time.

This is one of those headlines meant to trigger the reader...and the target audience is a reader who only reads the headlines.