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

To: Kenneth E. Phillipps who wrote (76365)12/15/2009 9:53:59 AM
From: JakeStraw3 Recommendations  Read Replies (1) | Respond to of 224729
 
Then to top it off and set the whole deal in motion - which led to our current financial crisis - Clinton reformed the Community Reinvestment Act (CRA) to makes risky loans more widely available without any thought to the consequences. After that Clinton, et al saw to it that Fannie & Freddie increase their purchases of these hazardous mortgages and package them for sale.



To: Kenneth E. Phillipps who wrote (76365)12/15/2009 10:33:12 AM
From: JakeStraw3 Recommendations  Read Replies (1) | Respond to of 224729
 
The White House thinks it can jawbone banks into lending to people they don't want to lend to. We've been down this road before, and it led all the way to the 2007 financial meltdown.

But should banks be lending just because a politician tells them to? We tried this before. Indeed, it's the very source of the financial and economic calamity of the past two years.
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