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Senator Kyl Sees Higher Revenues Without a Tax Hike

metallic Wrote: Nov 14, 2012 10:47 PM
5 of 11 Racist Lies Republicans Tell to Avoid Blaming Wall Street for the Financial Crisis. If the government had just set the lenders free to do their thing, the market would have prevented this. It's just another example of how government oversight always leads to market failure.
metallic Wrote: Nov 14, 2012 10:48 PM
Wrong again, buckaroo. As explained just above, up to four-fifths of these loans were issued by financial institutions that operated with no federal regulatory oversight. In fact, in 2006, only one of the top 25 subprime lenders was a CRA institution. A few others were mortgage/finance company affiliates of CRA-covered lenders; but even these were separate businesses that didn't operate under CRA rules (including Countrywide, CitiMortgage, and Wells Fargo Home Mortgage). Likewise: the vast majority of the top 20 issuers of risky interest-only and option ARM loans were not CRA-affiliated lenders.

The CRA example proves that government oversight not only works; it's essential to maintain safe and sane capital markets.

A federal budget deal to avoid the fiscal cliff can be achieved without

raising tax rates, Senate Minority Whip Jon Kyl said Friday on the Kudlow

Report.

“Tax revenues can be generated by two ways other than raising tax rates,” he said. “One is to eliminate some of the deductions, credits, exemptions, special provisions in the code that end up producing more revenue but without affecting the rates. And the other is through economic growth.”

The senator from Arizona said he thought it likely a deal could be struck to avoid the so-called “fiscal cliff,” a deadline...

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