“that Obama is trying to pawn this entire crisis off on Wall Street when Congress created the whole mess by forcing banks to give loans to people who were bad risks”
I’m waiting for (1)a citation of either the 1977 or 1995 amended-version that forces banks to give out loans, and (2) the reason these loans incontrovertibly led to credit-default-swaps, mortgage-back-securities, and the like.
Does this author want to ultimately exonerate the banking system for taking these risks due to the CRA? Weren’t these banks backed by the government if the loanees defaulted? Even if a bank was forced to give out loans, why would companies like Fannie and Freddie and later higher institutions take in these bad loans.
I first blamed the CRA, but really, it is one big red herring unless there’s a connection to the forcing of loans and the latter actions by banks.
Other than that a great article that pinpoints Obama’s ease of guise. He’s not as slippery as Clinton, but, damn, he’s trying!
