Word: cra
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Dates: during 1980-1989
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...behind a banner proclaiming JESUS LOVES DEMOCRACY. Government employees brandished a MINISTRY OF FOREIGN AFFAIRS sign, while retired military men proudly unfurled a banner reading ASSOCIATION OF FORMER COMMANDERS AND OLD COMRADES. From self-identified housewives to state factory workers and students, all were there to demand "Dee-mah-cra...
...Many of its handsomely scaled old masonry buildings were renovated: derelict art moderne office buildings became cool art moderne apartment buildings, and the art deco stock exchange was reborn as an art deco disco. There were more than two dozen major restorations in all -- including what had been the CRA's office building. The CRA, as it happened, had helped foster this revival. So in 1980 back came the urban-planning bureaucrats to their original building, back this time as historic preservationists, back to the very downtown district they had abandoned a generation earlier...
...about $1 billion. The law said that 1.5% of the construction costs of new buildings had to be spent on fine-arts embellishments. Such a percentage of a billion might build a whole museum -- just. (In the end the cost of the new museum was $23 million.) So the CRA made the construction of a free museum incumbent on any developer who submitted a proposal. The city of Los Angeles gave the land, and the developer the building; total operating responsibility was reserved to MOCA. After 1983, while the Bunker Hill site was in construction, MOCA began its operations...
...short, we have entered the cra of non-material materialism. What's for sale is not the action, but the reaction: not the goods, but the good felling: not the product, but what it produces in you. Insofar as there is something for sale, it doesn't matter how much it costs or whether it's better than others of its kind. In fact, it the product doesn't even have to be shown in the advertisement. All that matters is the mood, the intangible, the emotion...
...referendum also proposes that the city strengthen the Community Reinvestment Act (CRA), a 1977 measure encouraging banks to put funds back into the community by financing loans, by boycotting banks that do not comply with CRA. "The CRA has had a positive effect by encouraging banks to reinvest," says Michael Rosenberg, housing director for the city's Community Development Department. But he explains that some buildings just do not meet bank criteria for loans. "The CRA doesn't change these criteria, and the city can't force the banks to do anything...