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Cuneiformist
The Imperfectionist
USA
4955 Posts |
 Posted - 06/07/2007 : 17:54:32 [Permalink]
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Originally posted by JEROME DA GNOME
Cune said " AND, the people who work for the Federal Reserve breath oxygen! So the real predator is the very cardiovascular system that keeps us alive. The irony!"
I know you can put more thought than that into a post. Come on, you generally at least have a counter argument.
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That's because your comment didn't make sense |
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JEROME DA GNOME
BANNED
2418 Posts |
Posted - 06/07/2007 : 18:01:24 [Permalink]
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Cune, the 1913 law sets the standards for developing Real Estate loans, as such those "amendments" are of this law. In fact they are presented as part of this law.
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What a man believes upon grossly insufficient evidence is an index into his desires -- desires of which he himself is often unconscious. If a man is offered a fact which goes against his instincts, he will scrutinize it closely, and unless the evidence is overwhelming, he will refuse to believe it. If, on the other hand, he is offered something which affords a reason for acting in accordance to his instincts, he will accept it even on the slightest evidence. The origin of myths is explained in this way. - Bertrand Russell |
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Cuneiformist
The Imperfectionist
USA
4955 Posts |
Posted - 06/07/2007 : 18:28:02 [Permalink]
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Originally posted by JEROME DA GNOME
Cune, the 1913 law sets the standards for developing Real Estate loans, as such those "amendments" are of this law. In fact they are presented as part of this law.
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So what's your point? |
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JEROME DA GNOME
BANNED
2418 Posts |
Posted - 06/07/2007 : 19:37:16 [Permalink]
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Originally posted by Cuneiformist
Originally posted by JEROME DA GNOME
Originally posted by Dave W.
Originally posted by Cuneiformist
Originally posted by JEROME DA GNOME
... or the current situation with the foreclosures. Did the regulations help or cause these situations? |
It seems like the current housing woes are caused by increased subprime and predatory lending. I have no idea what the regulatory rules are for that. |
I'd be surprised to find out that predatory lending regulations were a part of the Federal Reserse Act of 1913. And they don't seem to be.
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Thanks for the link.
SECTION 24—Real Estate Loans
(a) Any national banking association may make, arrange, purchase or sell loans or extensions of credit secured by liens on interests in real estate, subject to such terms, conditions, and limitations as may be prescribed by the Comptroller of the Currency by order, rule, or regulation.
Seems that the regulations are part of the 1913 act |
Talk about selective quoting! The end of the passage notes:| [12 USC 371. As amended by acts of Aug. 14, 1946 (60 Stat. 1072); May 25, 1948 (62 Stat. 265); Oct. 25, 1949 (63 Stat. 906); April 20, 1950 (64 Stat. 80); Sept. 1, 1951 (65 Stat. 303, 312); Aug. 15, 1953 (67 Stat. 614); July 22, 1954 (68 Stat. 525); Aug. 17, 1954 (68 Stat. 735); Aug. 11, 1955 (69 Stat. 633, 634); July 18, 1958 (72 Stat. 396); Sept. 9, 1959 (73 Stat. 489); June 30, 1961 (75 Stat. 188, 191); Sept. 28, 1962 (76 Stat. 662, 663); June 30, 1964 (78 Stat. 233); Sept. 2, 1964 (78 Stat. 807); Aug. 10, 1965 (79 Stat. 465, 509); Nov. 3, 1966 (80 Stat. 1277); May 25, 1967 (81 Stat. 28); Aug. 1, 1968 (82 Stat. 518, 609); July 24, 1970 (84 Stat. 462); Dec. 31, 1970 (84 Stat. 1803); Aug. 22, 1974 (88 Stat. 716, 725); and Oct. 15, 1982 (96 Stat. 1510).] |
Given that you have no idea what these amendments say, you actually can't speak at all to the level or regulation.
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My point is that when you asserted that the 1913 law had little or nothing to do with the current problems in the banking industry you were 100% wrong.
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What a man believes upon grossly insufficient evidence is an index into his desires -- desires of which he himself is often unconscious. If a man is offered a fact which goes against his instincts, he will scrutinize it closely, and unless the evidence is overwhelming, he will refuse to believe it. If, on the other hand, he is offered something which affords a reason for acting in accordance to his instincts, he will accept it even on the slightest evidence. The origin of myths is explained in this way. - Bertrand Russell |
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Cuneiformist
The Imperfectionist
USA
4955 Posts |
Posted - 06/07/2007 : 20:25:23 [Permalink]
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| I seriously doubt that. Ice cream sells better in the summer. There are more murders in the summer. Ergo ice cream causes murders. That's the logic of your argument. It's stupid and based on nothing but a desire to demonstrate some grand conspiracy, and nothing more. |
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JEROME DA GNOME
BANNED
2418 Posts |
Posted - 06/07/2007 : 20:43:49 [Permalink]
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Originally posted by Cuneiformist
I seriously doubt that. Ice cream sells better in the summer. There are more murders in the summer. Ergo ice cream causes murders. That's the logic of your argument. It's stupid and based on nothing but a desire to demonstrate some grand conspiracy, and nothing more.
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The 1913 law cites the authority to manage mortgage law.
You denied this. Your analogy has no bearing.
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What a man believes upon grossly insufficient evidence is an index into his desires -- desires of which he himself is often unconscious. If a man is offered a fact which goes against his instincts, he will scrutinize it closely, and unless the evidence is overwhelming, he will refuse to believe it. If, on the other hand, he is offered something which affords a reason for acting in accordance to his instincts, he will accept it even on the slightest evidence. The origin of myths is explained in this way. - Bertrand Russell |
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Dave W.
Info Junkie
USA
26022 Posts |
Posted - 06/07/2007 : 21:36:29 [Permalink]
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Originally posted by JEROME DA GNOME
SECTION 24—Real Estate Loans
(a) Any national banking association may make, arrange, purchase or sell loans or extensions of credit secured by liens on interests in real estate, subject to such terms, conditions, and limitations as may be prescribed by the Comptroller of the Currency by order, rule, or regulation.
Seems that the regulations are part of the 1913 act |
No, you quoted it yourself. The 1913 Act gives the power to regulate real estate loans to the Comptroller of the Currency. The 1913 Act itself includes no regulations regarding real estate loans. Not a single one. The CotC was given the power to create all of them. |
- Dave W. (Private Msg, EMail)
Evidently, I rock!
Why not question something for a change?
Visit Dave's Psoriasis Info, too. |
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marfknox
SFN Die Hard
USA
3739 Posts |
Posted - 06/08/2007 : 03:48:55 [Permalink]
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Dude wrote: | Please don't associate this imbecile with libertarianism. |
Just because some is also a conspiracy theorist and totally lacking in both common sense and critical thinking skills, doesn't mean they can't be a libertarian. I've been chatting with Jerome a while now, and libertarianism certainly describes his political ideology better than anything else.
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"Too much certainty and clarity could lead to cruel intolerance" -Karen Armstrong
Check out my art store: http://www.marfknox.etsy.com
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marfknox
SFN Die Hard
USA
3739 Posts |
Posted - 06/08/2007 : 03:52:14 [Permalink]
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Jerome wrote: Money is created by borrowing. Banks need to loan money which in turn creates money deposited in another member bank. The federal reserve banking system loans money to member banks; ever wonder where that money comes from?
The federal reserve system is the predator. |
Yet another baffling leap of logic.
Are you here to say anything of any substance, or just here to annoy us? Seriously, could you please put forth an argument that is logical and backed up by evidence? |
"Too much certainty and clarity could lead to cruel intolerance" -Karen Armstrong
Check out my art store: http://www.marfknox.etsy.com
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| Edited by - marfknox on 06/08/2007 03:52:36 |
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Cuneiformist
The Imperfectionist
USA
4955 Posts |
Posted - 06/08/2007 : 05:02:27 [Permalink]
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Originally posted by JEROME DA GNOME
Originally posted by Cuneiformist
I seriously doubt that. Ice cream sells better in the summer. There are more murders in the summer. Ergo ice cream causes murders. That's the logic of your argument. It's stupid and based on nothing but a desire to demonstrate some grand conspiracy, and nothing more.
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The 1913 law cites the authority to manage mortgage law.
You denied this. Your analogy has no bearing. |
Actually, that was Dave (who has demonstrated that he was correct in this post. I was simply noting that with all the amendments, you have not idea what is or isn't regulated.
My analogy was regarding this odd argument, where you seem to be arguing that the act of lending itself is predatory. It's unclear why it took almost 100 years for this to become a problem, though... |
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JEROME DA GNOME
BANNED
2418 Posts |
Posted - 06/08/2007 : 07:39:00 [Permalink]
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Cune, it was been a problem since its inception.
How much inflation has occurred since the inception?
How much inflation outside of war time was there before?
Did the reserves restriction of money supply help or hurt during the "great depression"?
Who got the gold that was confiscated from citizens in 1933?
The answers to these question show beyond doubt that the federal reserve has been a problem for a long time.
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What a man believes upon grossly insufficient evidence is an index into his desires -- desires of which he himself is often unconscious. If a man is offered a fact which goes against his instincts, he will scrutinize it closely, and unless the evidence is overwhelming, he will refuse to believe it. If, on the other hand, he is offered something which affords a reason for acting in accordance to his instincts, he will accept it even on the slightest evidence. The origin of myths is explained in this way. - Bertrand Russell |
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JEROME DA GNOME
BANNED
2418 Posts |
Posted - 06/08/2007 : 07:43:28 [Permalink]
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Originally posted by marfknox
Jerome wrote: Money is created by borrowing. Banks need to loan money which in turn creates money deposited in another member bank. The federal reserve banking system loans money to member banks; ever wonder where that money comes from?
The federal reserve system is the predator. |
Yet another baffling leap of logic.
Are you here to say anything of any substance, or just here to annoy us? Seriously, could you please put forth an argument that is logical and backed up by evidence?
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Money is created by loaning money. To be in debt is to be is service to another. If the fedreal reserve creates a system of debt, it creates a system of servitude.
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What a man believes upon grossly insufficient evidence is an index into his desires -- desires of which he himself is often unconscious. If a man is offered a fact which goes against his instincts, he will scrutinize it closely, and unless the evidence is overwhelming, he will refuse to believe it. If, on the other hand, he is offered something which affords a reason for acting in accordance to his instincts, he will accept it even on the slightest evidence. The origin of myths is explained in this way. - Bertrand Russell |
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marfknox
SFN Die Hard
USA
3739 Posts |
Posted - 06/08/2007 : 08:36:45 [Permalink]
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| The answers to these question show beyond doubt that the federal reserve has been a problem for a long time. |
If that is so, then why haven't you given the answers? You don't ever give any evidence or facts that are reliable, citing the sources for your information. Instead you only give us your interpretations to supposed facts that you only allude to, and then expect us to do the hours of research just to find out what you are talking about.
Not exactly the most persuasive way to argue, and honestly, it makes you look like you don't really know what you are talking about. Come back when you have some actual data and sources. |
"Too much certainty and clarity could lead to cruel intolerance" -Karen Armstrong
Check out my art store: http://www.marfknox.etsy.com
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furshur
SFN Regular
USA
1536 Posts |
Posted - 06/08/2007 : 09:51:17 [Permalink]
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| Money is created by loaning money. To be in debt is to be is service to another. If the fedreal reserve creates a system of debt, it creates a system of servitude. |
I'll bet you don't actually believe half of what you write, you just enjoy inane arguments.
There is nothing wrong with being in debt. Without the ability to borrow money very few people would be able to buy a house.
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If I knew then what I know now then I would know more now than I know. |
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Cuneiformist
The Imperfectionist
USA
4955 Posts |
Posted - 06/08/2007 : 10:05:59 [Permalink]
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Originally posted by JEROME DA GNOME
Cune, it was been a problem since its inception.
How much inflation has occurred since the inception?
How much inflation outside of war time was there before?
Did the reserves restriction of money supply help or hurt during the "great depression"?
Who got the gold that was confiscated from citizens in 1933?
The answers to these question show beyond doubt that the federal reserve has been a problem for a long time. |
I'm not a trained economist, but your arguments again sound like surrious relationship. You ask rhetorical questions, but far mor convincing would be to put forward an actual argument backed up with hard data and clear reasoning. |
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Federal Reserve Act in 1913
