Obama Picks Net Neutrality Backer As FCC Chief

Ripit writes "President Obama on Tuesday nominated Julius Genachowski as the nation's top telecommunications regulator, picking a campaign adviser who has divided his career between Washington, D.C., political jobs and working as an Internet executive. Genachowski is likely to continue the Democratic push for more Net neutrality regulations, which are opposed by some conservatives and telecommunications providers. He was a top Obama technology adviser and aided in crafting a technology platform that supported Net neutrality rules."

Comments

Re:Just like arsenic keeps you healthy

[Joe the Lesser]

Subprime loans were not forced or mandated by regulations. They were sought after by the banking institutions who lobbied for them.

Re:Just like arsenic keeps you healthy

[dkleinsc]

First off, your source is not appropriate for a serious argument. It's an op/ed by a columnist with accusations of plagiarism to his name, not a news article.

The loans that caused the vast majority of the current mess were issued by mortgage brokers (firms like Countrywide Financial, Ameriquest Mortgage, and Ditech), not banks. Brokers are not held to the CRA standards. The idea that the CRA caused this mess has been debunked repeatedly by every study done on the subject. If you want some real sources on this, I'd suggest studies put out by a university, the Federal Reserve, or the US Treasury Department.

Some real reasons behind the arguments about the CRA:
1. Banks have hated the CRA for a long time. They were trying to dodge it or get rid of it back in the 1990's as well.
2. Conservatives oppose most government regulation on principle.
3. By blaming the CRA, it absolved the bankers of any role in creating the problem.
4. It creates an image of a foreclosed subprime homes is owned by a black person in a bad urban neighborhood. In reality, the areas with the most subprime loans are in suburbs near LA, San Diego, Denver, and Miami. In short, racism.