aei.org - 12/16/2008
—
Download file Click here to view this Outlook as an Adobe Acrobat PDF. November 2008 Although the media are full of talk that we face a "crisis of capitalism," the underlying cause of the financial meltdown is something much more mundane and practical--the housing, tax, and bank ...
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Community Reinvestment Act Makes Bankers Stupid, According to AEI Research
The Baseline Scenario —
... One might have hoped that one collateral benefit of the end of the election season would be the end of the attempt to pin the financial crisis on the Community Reinvestment Act, a 1970s law designed to prohibit redlining (the widespread practice of not lending money to people in poor neighborhoods). Unfortunately, Peter Wallison at the American Enterprise Institute (thanks to one of our commeters for pointing this out) has proven that some people will never give up in their fight to prove that the real source of society’s ills is government attempts to help ...
One More Time: It Wasn't the CRA
Economist's View —
... : One might have hoped that one collateral benefit of the end
of the election season would be the end of the attempt to pin the financial
crisis on the Community Reinvestment Act, a 1970s law designed to prohibit
redlining (the widespread practice of not lending money to people in poor
neighborhoods). Unfortunately,
Peter Wallison at the American Enterprise Institute ... has
proven that some people will never give up in their fight to prove that the real
source of society’s ills is government attempts to help poor people. Regular
readers hopefully realize ...
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