Has anyone looked into the Community Reinvestment Act? This piece of legislation, promoted by democrats, required banks to give loans to people who would not ordinarily be able to qualify. It was a huge contributing factor in our current financial mess.
Thought this cartoon summed it up well.Big Government Strikes Again
Let's pray every day for this election.....
7 comments:
No, but I'm not surprised.
Yes, we pray for this election and everything else.
From what I've actually seen how things like that are administered from the government (how programs work) and from the statistics of foreclosures, it isn't the root cause at all, but yes, I have heard of it.
Hmmm, interesting.
Oh, goodness. That does sum it up. I do pray people will really look at facts and educate themselves.
I posted about the effects of the CRA a week or so ago. You might find it helpful.
http://maryellenb.typepad.com/tales_from_the_bonny_blue/2008/09/timeline-to-dis.html
Mimi, I guess there are a lot of factors contributing but this act was certainly one of them.
Mary Ellen, I just read your link and thought it a great post. I may write about this again and link to your post if that's OK. You really explained it well. I tried to email you but I don't see an email button on your blog. I like your blog, btw, and I'll be back. Thanks for visiting mine.
Wow, This puts things in perspective.
Thanks for sharing this comic.
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