Sorry Parsy, the rest of us would rather sit around and listen to brilliant minds like yours who apparently DO "read up" on this stuff, because no one who DOES "read up" on this stuff disagrees with you, right?
Apparently not. OK, I know I come off like a pedantic *sshole sometimes and for that, I am sorry. I try not to be, but probably somewhere deep inside, that’s maybe what I really am. But all that aside, (notice the slick segueway), there really aren’t too many people out there who are writing on the meltdown that are blaming the CRA.
The ones that do, are kinda blurry. They talk about the CRA, and then they run off and kinda forget to give you any real numbers. So here you are, the CRA gets dissed, we had some bad loans, and KABLOOEY!, the conclusion is the CRA caused it. The OVERWHELMING part of the bad loans are not even by CRA entities. Even Darrell Issa admits as much.
The very most that can be pegged to the CRA was the lower-documentation loans. But these weren’t a problem with the poor folks. It became a problem when the middle class and uppers got involved.
Something else that I have been preaching about is how the higher fuel prices helped sink the economy and how speculation was behind that. I am glad to see that Buffet’s partner says it too.
And the importance is, that with Obama now climbing into bed with Wall Street, it would sure be nice if the GOP could quit telling itself little happy fairy tales long enough to get its doo doo in one sock. I mean this meltdown is kinda hard to miss, and darned if the GOP ain’t missing it.
parsy, who is busy re-shining his halo