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Yeah, it's common revisionist history to use the
Posted on: August 5, 2016 at 14:50:48 CT
SparkyStalcup MU
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Community Reinvestment Act (which was actually enacted under Carter, not Clinton) as a reason for the subprime crisis, despite the fact that the CRA was over 30 years old by 2008.
It was the weakening of regulations, especially in 2005 and 2007, that provided the impetus for the crash. If those lenders were regulated like state-chartered nonmember (FDIC is primary regulator for these banks), the crisis would not nearly have been this bad. Yes, Clinton certainly deserves some of the blame for going along with the repeal of Glass-Steagall. But the massive dereg and bad behavior took place when GWB was in office.
It was the weakening of regulations, especially in 2005 and 2007, that provided the impetus for the crash. If those lenders were regulated like state-chartered nonmember (FDIC is primary regulator for these banks), the crisis would not nearly have been this bad. Yes, Clinton certainly deserves some of the blame for going along with the repeal of Glass-Steagall. But the massive dereg and bad behavior took place when GWB was in office.
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Yeah, it's common revisionist history to use the - SparkyStalcup MU - 8/5 14:50:48