Wednesday, November 9, 2011

Yes, it is Wall Street’s fault Bloomberg joins Republicans in claiming Congress "forced" banks to give bad loans. Don't buy the propaganda By Gene Lyons / Salon

Wednesday, Nov 9, 2011 5:00 PM 22:30:15 PST

Yes, it is Wall Street’s fault

Bloomberg joins Republicans in claiming Congress "forced" banks to give bad loans. Don't buy the propaganda

occupy wall street lyons
So here’s my question: If the Community Reinvestment Act of 1977 effectively caused the Wall Street meltdown of 2007 by forcing banks to make bad home loans to improvident poor people (and we all know exactly who I mean), how come it took 30 years for the housing bubble to burst?
Next question: If fuzzy-thinking Democratic do-gooders enacted such laws in defiance of common sense and sound economics, why didn’t Republican Presidents Reagan, Bush I or Bush II do something? Was Rep. Barney Frank, D-Mass., secretly running the country?
Arkansas Democrat-Gazette columnist Gene Lyons is a National Magazine Award winner and co-author of "The Hunting of the President" (St. Martin's Press, 2000). You can e-mail Lyons at eugenelyons2@yahoo.com. More Gene Lyons

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