IBD: Carter More to Blame for Financial Crisis Than Bush or McCain

Discussion in 'Congress' started by Shadow, Sep 21, 2008.

  1. Shadow
    Offline

    Shadow BANNED

    Joined:
    Aug 16, 2008
    Messages:
    5,282
    Thanks Received:
    925
    Trophy Points:
    0
    Location:
    Land Of Enchantment
    Ratings:
    +926
    Snip:

    Much as Bush-hating media members conveniently ignore historical events that led to the invasion of Iraq in March 2003, their current finger-pointing at the White House, John McCain, and all Republican politicians for the collapse of the financial services industry lacks any honest assessment of decades-old legislation that laid the groundwork for today's problems.

    In particular, 1977's Community Reinvestment Act which required banks and savings institutions to make loans to the lower-income areas in the communities they served.

    Snip:

    To hear today's Democrats, you'd think all this started in the last couple years. But the crisis began much earlier. The Carter-era Community Reinvestment Act forced banks to lend to uncreditworthy borrowers, mostly in minority areas.
    Age-old standards of banking prudence got thrown out the window. In their place came harsh new regulations requiring banks not only to lend to uncreditworthy borrowers, but to do so on the basis of race.

    These well-intended rules were supercharged in the early 1990s by President Clinton. Despite warnings from GOP members of Congress in 1992, Clinton pushed extensive changes to the rules requiring lenders to make questionable loans. [...]
    Failure to comply meant your bank might not be allowed to expand lending, add new branches or merge with other companies. Banks were given a so-called "CRA rating" that graded how diverse their lending portfolio was. [...]

    IBD: Carter More to Blame for Financial Crisis Than Bush or McCain | NewsBusters.org
     
    • Thank You! Thank You! x 1
  2. AllieBaba
    Offline

    AllieBaba BANNED

    Joined:
    Oct 2, 2007
    Messages:
    33,778
    Thanks Received:
    3,648
    Trophy Points:
    0
    Ratings:
    +3,650
    it's too much for their tiny pea brains to absorb all in one sitting.
     
  3. Haro
    Offline

    Haro Member

    Joined:
    Sep 9, 2008
    Messages:
    310
    Thanks Received:
    11
    Trophy Points:
    16
    Ratings:
    +11
    Granted, the CRA did start the process that led to this financial crisis. However it only set the stage and things could have been done after its enactment to prevent the current recession..
     
  4. dilloduck
    Offline

    dilloduck Diamond Member

    Joined:
    May 8, 2004
    Messages:
    53,240
    Thanks Received:
    5,552
    Trophy Points:
    1,850
    Location:
    Austin, TX
    Ratings:
    +6,403
    Affrimative action lending------great. Can we just go ahead and call it buying votes ?
     
    • Thank You! Thank You! x 1
  5. Haro
    Offline

    Haro Member

    Joined:
    Sep 9, 2008
    Messages:
    310
    Thanks Received:
    11
    Trophy Points:
    16
    Ratings:
    +11
    Why does that seem to have nothing to do with the thread?
     
  6. dilloduck
    Offline

    dilloduck Diamond Member

    Joined:
    May 8, 2004
    Messages:
    53,240
    Thanks Received:
    5,552
    Trophy Points:
    1,850
    Location:
    Austin, TX
    Ratings:
    +6,403
    you can't read ?
     
  7. Haro
    Offline

    Haro Member

    Joined:
    Sep 9, 2008
    Messages:
    310
    Thanks Received:
    11
    Trophy Points:
    16
    Ratings:
    +11
    What are you referring to when you said your first post?
     
  8. Red Dawn
    Offline

    Red Dawn Senior Member

    Joined:
    Jul 19, 2008
    Messages:
    3,224
    Thanks Received:
    456
    Trophy Points:
    48
    Location:
    Liberal Socialist Paradise
    Ratings:
    +456
    newsbusters.org/blogspot/neil_shepard.opinion_piece.


    LOL
     
  9. Haro
    Offline

    Haro Member

    Joined:
    Sep 9, 2008
    Messages:
    310
    Thanks Received:
    11
    Trophy Points:
    16
    Ratings:
    +11
    Does nnyone find it funny that people still think the media is against the Republicans?
     
  10. dilloduck
    Offline

    dilloduck Diamond Member

    Joined:
    May 8, 2004
    Messages:
    53,240
    Thanks Received:
    5,552
    Trophy Points:
    1,850
    Location:
    Austin, TX
    Ratings:
    +6,403
    Affrimative action lending practices. Are you claiming that there were none ?

    What do you think "high risk" really means ?
     

Share This Page