Yes, of course it was Bush's fault you moron. Why are you such an idiot? Why do you post such ignorant and foolish garbage? Don't you read for yourself?<quoted text>
If a friend asked to borrow $100 you would probably let him, but what if that friend has borrowed money from you before, multiple time, and has never paid you back? would you still loan him the money? NO But did the dems FORCE banks to continue loaning money? YES
Bush's fault--yeah right!
"Community Reinvestment Act had nothing to do with subprime crisis
The Community Reinvestment Act, passed in 1977, requires banks to lend in the low-income neighborhoods where they take deposits. Just the idea that a lending crisis created from 2004 to 2007 was caused by a 1977 law is silly. But itís even more ridiculous when you consider that most subprime loans were made by firms that arenít subject to the CRA.
... The CRA was at its strongest in the 1990s, under the Clinton administration, a period when subprime loans performed quite well. It was only after the Bush administration cut back on CRA enforcement that problems arose, a timing issue which should stop those blaming the law dead in their tracks.
...Better targets for blame in government circles might be the 2000 law which ensured that credit default swaps would remain unregulated, the SECís puzzling 2004 decision to allow the largest brokerage firms to borrow upwards of 30 times their capital and that same agencyís failure to oversee those brokerage firms in subsequent years as many gorged on subprime debt."