Quote:
Originally Posted by cykoe6
This crisis has nothing to do with deregulation and everything to do with Chris Dodd and Barney Frank forcing lenders to make bad loans or face lawsuits for racial discrimination and then allowing Freddie and Fanny to buy the bad loans at the same time fighting any efforts to place lending limits on Fannie or Freddie.
I challenge you to explain what deregulation has to do with any of this.
Even if you were right what does that have to do with Obama's insane deficit spending spree? Mistakes made in the past do not justify bad polices toady.
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The forced loans weren't the problem. Only 1 of the top 25 subprime lenders in this country were under the CRA umbrella. The subprime problems came from financial companies that weren't treated as banks and thus not forced to lend to anyone. The CRA thing was just a debunked talking point put out to blame the mess on poor blacks. It's laughed at by just about every economist and financial analyst.