Posted on 11/28/2008 5:45:34 PM PST by Kaslin
Regulation: The Community Reinvestment Act is to blame for the financial crisis, but it so powerfully serves Democrats' interests that they'll do anything to protect it — including revising history.
The CRA should be abolished, along with the government-sponsored enterprises that fueled the secondary market for subprimes — under pressure from Clinton, who ordered HUD to set quotas for "affirmative action" lending at Fannie Mae and Freddie Mac.
But powerful Democrats in Washington want to protect the act — along with Fannie and Freddie — and spin the subprime scandal as the result of too little regulation, not too much.
"Repealing or weakening the CRA would be a mistake," warns Senate Banking Committee Chairman Chris Dodd, D-Conn., who argues that the CRA should be strengthened.
(Excerpt) Read more at ibdeditorials.com ...
One of my favorite writers was correct...government failure is “underfunded”. Thanks P.J.
So .. the goal is to make America a 3rd world country .. where more and more people are totally dependant upon the govt for their substance.
While the Dodd’s of the world reap the lavish rewards ..??
America is in real trouble .. and the next 4 years are going to be really troublesome.
Central planners are destructive of all morals because they undermine one of the foundations of all morals: the sense of and the respect for truth - F.A. Hayek
A pity most Americans are so damned ignorant.
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Aaaaamen, aaaamen, aaaaamen, AMEN, AMEN!
And more of a pity that we have made it possible for people to glory in their WILLFUL ignorance and still live well! I never expected to see a time when so many could know so little about so much and be so proud of their ignorance. We all will now learn the lesson so studiously avoided for so long, freedom and ignorance are incompatible.
good one!
How much trouble and how should I prepare?
ping
Too late...we at least had some leverage to do this BEFORE the bailout, but since that coward Bush and his nutless allies in congress folded, there is nothing that can be done now. If anything, the CRA will be expanded.
Hide your money!
Done, thanks.
It’s the same trick as telling some students that they are worthy of entrance into a high powered university when they actually should go to a less intensive college. They could get a degree at the less intensive school, but they end up flunking out of the high powered school instead. No degree, no nothing, except bitterness at society. A ready made Democrat.How the heck are we going to get these people to understand that liberals are not their friends?
Read post 10. Did the Republicans control either house of Congress in 1977?
After 40 years of public school indoctrination, that may no longer be possible.
And .. if you own any .. better hide your guns too.
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