For the most part, I’ve enjoyed the articles of Mary Owens — a financial services person and the latest chairperson of the Nevada County Economic Resource Council — in The Union about economic matters. I’ve never met Mary, but she did reach out for me to connect with her on LinkedIn.
Mary’s analysis is more sophisticated than the normal pabulum, unintelligible screeds and podunk reporting that the newspaper typically dishes up to its subscribers.
But I had to scratch my head at Mary’s column in The Union this week. She wrote: “The Dodd Frank bill dramatically limited how small and regional banks can lend money. This limitation hit local and regional real estate developers unusually hard. But that was not the only impact on real estate developers. Dodd Frank also dramatically increased the qualification standards for home loans. Without question, the lending standards that were allowed to exist for the five years prior to the housing bubble had to be improved. But Dodd Frank went too far.”
But nowhere in her article did Mary mention the lending practices of small and regional banks that led to Dodd Frank, including the ones in our region. Hello???!!!
We don’t do a good job of looking in the mirror and holding ourselves accountable for the outcome. That’s unfortunate because it keeps us from coming up with meaningful solutions.