This is exactly what I said, yesterday. The cause of this mortgage crunch can be traced to the community activism groups, like ACORN (probably the largest). This all started as a type of affirmative action in the mortgage market.
Politicians on both sides were jumping through hoops to to please these people, for fear of being called racists. Congress passed laws to force banks to offer mortgages to unqualified, low income home purchasers, in order to get permission to expand. Then when the loan market seemed to slow down, they passed another law to allow the expansion of the credit market into the insurance industry and facilitate bank mergers and buy outs.
Bush was at fault for expanding these housing loans even further under the banner of “compassionate conservatism”.
This gov’t involvement in banking and insurance is not even socialism. It is fascism, pure and simple. It is government
interference and regulation in private industry,to the benefit of politicians and favored businessmen (Franklin Raynes comes to mind).
How can this be? Yesterday Pelosi was saying it’s Bush’s fault. This article can’t be true. (/sarc)