Posted by Tom L. on 9/30/2008, 2:16 pm, in reply to "From what I understand.."
... Republicans as early as 2000 and before had been asking to do something about it. It all goes back to the 1977 Community Reinvestment Act that basically forced banks and lenders to make loans to people who could not pay then back. The CRA was expanded during the 90's to include higher risk loans as well.
Despite the threat of prosecution from then Attorney General Janet Reno, the banks could have said "No" and the Congressional Republicans could have backed the banks up. But they didn't and the Republicans wouldn't.
There is definitely plenty of blame to go around.
I just don't want to see the American taxpayer held responsible for someone else's irresponsibility.
Tom L.
Class of '84
--Previous Message--
: And don't get me wrong, I am NO Bush fan, but
: Bush had been asking Congress to do
: something about this for a while, and they
: did nothing.
:
: --Previous Message--
: I can't stand Pelosi OR Bush. And a lot of
: the blame for the current mess goes back to
: the Clinton years, though the blame falls on
: both Republicans and Democrats. Anyone who
: thinks ANY politician (on either side of the
: fence) is truly concerned about his/her
: welfare is fooling him/herself.
:
: I'm just going to vote for the one I think
: will screw me less.
:
: JR
:
:
:
:
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