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Politics : Liberalism: Do You Agree We've Had Enough of It? -- Ignore unavailable to you. Want to Upgrade?

To: lorne who wrote (55555)	11/16/2008 12:23:41 PM
From: Neeka	1 Recommendation Respond to of 224648

They had to attach it to everything, which ensured that banks would fail. Democrats can try to shift blame all they want, but it is clear as a bell, the CRA and all of the baggage attached.......destroyed banks, and our economy. Community Reinvestment Act

To: lorne who wrote (55555)	11/17/2008 10:46:56 PM
From: RMF	Read Replies (3) \| Respond to of 224648

lorne, I agree with a lot that you say. I just think the main problem was letting this GIGANTIC "iceberg" of credit derivatives (credit default swaps) lie hidden without any type of regulation. We're talking $60 TRILLION of debt paper that had essentially NO rules. Here's a much better article on Gramm and his wife Wendy and their distaste for regulation. I wonder how much Gramm's income went up after he went to work for UBS? nytimes.com