Posted by Alan on 9/30/2008, 3:28 pm, in reply to "And even before that ..."
The high inflation of the 70s when banks were losing money on loans they made in the 50s and 60s when inflation was a lot lower. In times of high inflation, borrowers win and lenders lose.
--Previous Message--
: ... 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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