RandomPoster
Platinum Member
- May 22, 2017
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Banks make their money by lending money, charging a legal amount interest, and getting paid back. They like to lend money. However, they do not like to lend money to people who look like a bad investment on paper. It's nothing personal. We need to repeal Jimmy Carter's Community Reinvestment Act. Let the banks run their business as a business and stop forcing them to give out subprime loans. That is what created the housing bubble, which finally burst and caused a meltdown. Too many people were taking out loans they shouldn't be taking out and that should not be offered to them. This caused a bubble in housing prices, which spawned more housing market activity and caused it all to swell until it finally burst. Carter, Clinton, and even Bush were guilty. Deregulate the banks and let them worry about the bottom line instead of forcing them to follow a bad business model for socio-political reasons. We will all benefit from it. Fanny Mae and Freddie Mac should be repealed as well.