ajhil Wrote:
Oct 10, 2012 5:08 AM
Sorry, Mr. G., your "explanation" of the financial meltdown is an absurd attempt by the right wing to exculpate Bush and Congressional Republicans, who really did bring the nation's economy to the brink of disaster. The explanation for how this happened is not at all controversial. The federal government did not encourage subprime lending to homebuyers. 1977's Community Reinvestment Act forbade the practice of redlining", by which banks had denied loans to otherwise qualified borrowers, merely because of where they lived. The Act actually required banks to adhere to good banking practices in making the loans. All of this took place nearly thirty years before the economy collapsed. Why the delay? Bottom line: the feds encouraging home loans