Neubarth
At the Ballpark July 30th
TOUCHE'LOL.
Seriously? You don't believe your own eyes?
Who would you accept as a "Housing expert" Paul Krugman? Jamie Gorelick? Franklin Raines? Robert Rubin?
LOL.
The only people whom I hear make this argument are ideologues who have a vested interest in explaining away why their ideology failed. No one else I know makes this argument. But if you find someone else who can prove your case - and no one has so far - please feel free to post it. I am more than interested in reading this evidence.
The evidence is in this thread.
http://www.usmessageboard.com/economy/70006-cra-not-to-blame-for-housing-debacle.html
It is a pretty simple argument, really. If you believe always and everywhere in the efficacy of the market, then the CRA should have caused the biggest increase in home prices in poor areas. But that did not happen. The biggest home prices were in places that have historically had housing bubbles - Arizona, California, Florida, etc., not in poor minority areas.
The other massive fact that seems to escape the ideologues is that the housing bubble was worldwide, with some places even worse than America. Please tell me how the CRA caused housing bubbles in Canada, Ireland, the UK, Spain, Portugal, Italy, South Africa, Singapore, China, Australia, etc.
excellent points toro!
Toro is a genius about 90 percent of the time. The other ten percent of the time, he is dumber than shit. I gotta admit, though, that his percentage of being right is better than mine. As I told my kids as they grew up, we all are wrong once in a while. Such is life.