The CRA argument has been studied extensively and doesn’t hold up. The Fed, FDIC, and the Financial Crisis Inquiry Commission all found that CRA-regulated banks were less likely to make high-risk loans than non-bank lenders operating completely outside CRA oversight. Countrywide, Ameriquest, and...
You’re right that Fannie expanded into riskier securities and that Obama received significant contributions — those are fair points but is nowhere close to plausible to assign him blame for the crash.
private lenders manufactured the fraudulent loans before Fannie ever touched them; Fannie was...
You’re trying to assign him blame for something that happened to the economy before he was president and then not give him credit for the economy while he was president?! Are you serious?
The CRA was a 1977 Carter-era law — not Clinton’s — and more importantly, the worst subprime loans were made by non-bank lenders like Countrywide who weren’t even subject to it. The Fed and FDIC both studied this and found no meaningful CRA connection to the crisis. The credit collapse was...
I get annoyed when lazy unverified posts get treated as fact.
I’ll address the article Lisa558 posted in your referenced comment plus the bigger picture.
The 2008 financial crisis wasn’t a Democratic failure — it was a 25-year bipartisan accumulation of deregulation, political protection, and...
I remember republicans running the show for 8 years prior to the crash. If you’re going to blame Obama that’s absurd. If you’re going to blame Clinton👏 that’s
indo t give any one president or politician credit for moving the market unless they make decisions that directly impact it. The market...