Posted on 03/01/2009 2:42:52 PM PST by bloodmeridian
Thomas Sowell tells a fascinating tale on today’s unfurling economic disaster. He digs deep and finds the roots starting way back in the era of the last gloom and doom and malaise administration, the Carter White House:
"The Community Reinvestment Act of 1977 directed federal regulatory agencies to 'encourage' banks and other lending institutions "to help meet the credit needs of the local communities in which they are chartered consistent with the safe and sound operation of such institutions.'
"That sounds pretty innocent and, in fact, it had little effect for more than a decade. However, its premise was that bureaucrats and politicians know where loans should go, better than people who are in the business of making loans."
(Excerpt) Read more at feedyouradhd.blogspot.com ...
Almost simple enough for a ‘Liberal’ to understand...
Zombies? Oh, no. Time to get more ammo.
Just finished “World War Z”. Great read.
“We have met the enemy and he are us.”
Pogo
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