To PoliticalChic;
It is you, sir, who need your optical prescription checked. The CRA encouraged banks and other institutions to lend to poor people, notice I said encouraged, not forced. The banks, taking advantage of Reaganomics and deregulation, then made hugely unwise mortgage loans, abandoning all rules of prudent banking in the name of profit largely because they could pass those mortgages along and get their profits immediately. The banks made a bundle because nobody regulated those loans, mortgages were bundled and passed on up the line, and the banks and investment houses reaped huge profits. Alan Greenspan lately lamented that nobody knew how many of those unwise mortgages were passed on up the line, because the creed of the day was deregulation -- Reaganomics. We still don't know how many bad mortgages are out there.
That, sir, is why we are in a global meltdown. Not because of the CRA. Not because of ACORN. We are in lethal financial trouble because the bankers, those Republican, deregulated bankers, saw a windfall in making unwise loans because they could ship those mortgages out as fast as they got them.
Once again the Republicans are trying to smear a good organization, ACORN, and blame the poor people who merely wanted to own their own homes. The blame should go to the bankers and the large investment houses that saw a windfall under deregulation and gathered as much profits as they could, damn the consequences. Take responsibility for the economic problems caused by greed and by Republican policies. You sir have much to learn.
It is you, sir, who need your optical prescription checked. The CRA encouraged banks and other institutions to lend to poor people, notice I said encouraged, not forced. The banks, taking advantage of Reaganomics and deregulation, then made hugely unwise mortgage loans, abandoning all rules of prudent banking in the name of profit largely because they could pass those mortgages along and get their profits immediately. The banks made a bundle because nobody regulated those loans, mortgages were bundled and passed on up the line, and the banks and investment houses reaped huge profits. Alan Greenspan lately lamented that nobody knew how many of those unwise mortgages were passed on up the line, because the creed of the day was deregulation -- Reaganomics. We still don't know how many bad mortgages are out there.
That, sir, is why we are in a global meltdown. Not because of the CRA. Not because of ACORN. We are in lethal financial trouble because the bankers, those Republican, deregulated bankers, saw a windfall in making unwise loans because they could ship those mortgages out as fast as they got them.
Once again the Republicans are trying to smear a good organization, ACORN, and blame the poor people who merely wanted to own their own homes. The blame should go to the bankers and the large investment houses that saw a windfall under deregulation and gathered as much profits as they could, damn the consequences. Take responsibility for the economic problems caused by greed and by Republican policies. You sir have much to learn.
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