The Cry Wolf Quote Bank chronicles the false predictions and hyperbole by opponents of these laws and protections. While the issues and specific policies change over time, the rhetoric and themes remained the same. You can search the Quote Bank for what opponents said to prevent these laws from passing. Using the drop down menus on the right their statements by issue, by specific law, by who said it and by the core themes they evoke. Elsewhere on the site, you can find articles, studies, and other material that debunks their claims.
The Community Reinvestment Act should be repealed--not reformed or restricted but repealed! For no conceivable set of regulations on a bank is consistent with the objective of the Act to meet ‘the credit needs of its entire community, including low and moderate-income neighborhoods, consistent with safe and sound operation of such institution.’ The Community Reinvestment Act was the wrong solution to a genuine problem, for the most part created by other government regulations. Until recently, federal restrictions on interstate banking and state restrictions on intrastate branching severely restricted bank competition in local markets and the potential for geographic diversity of loan portfolios. These restrictions have been substantially reduced, promising a more competitive banking system that is more responsive to the interests of both depositors and borrowers and less vulnerable to adverse economic conditions in specific regions...Don't try to fix the Community Reinvestment Act. It can't be done. Repeal it.
When it comes to FDA regulation, one encounters claims…that are virtually identical to the claims now recognized as discredited in relation to socialist central planning of the whole economy.
Kessler has overseen an unprecedented expansion of regulatory interference and meddling by the agency…zealotry seems a weak term for the intrusive and deadly bureaucracy of Kessler’s FDA.
Mr. Gingrich recently denounced the FDA as a 'Stalinistic' agency. While Mr. Gingrich's comment may be hyperbolic, there are some interesting parallels between Dr. Kessler's responses to the FDA's problems and Josef Stalin's response to the problems of the Soviet planned economy…. Dr. Kessler, like Stalin, instead of fixing the obvious problems, has issued one denunciation after another of those who opposed or disagreed with him…. Stalin sought to solve the problems of defects and crashes among advanced Soviet Air Force fighter planes by executing some of the aircraft engineers; Dr. Kessler has responded to the occasional problems of new medical devices with a de facto regulatory pogrom that is exiling the industry.
Why should we be singled out more than any other product? It's totally unfair. This industry more than pays its share of taxes and understands its obligation to do that, but these special taxes are another matter.
This could be $10,000 a year on my bottom line. This is not the way to do it: Every time we need something done raise taxes. I couldn't run my business this way.
Obviously for us as an industry, it causes undue harm.
This is a huge, huge loophole. If they could raise one (food tax), they could raise another one.
There is no evidence of significant discrimination in mortgage lending.
The problem with the Community Reinvestment Act is not its goals but its vagueness and ambiguity that have led to a nightmare of documentation, paperwork and formalized process that diverts bankers' time and bank resources from being utilized to serve our communities… we need to build a system of supervision and enforcement that encourages creativity and substance in community reinvestment lending.
