4 ms·

How The U.S. Government Engineered The Current Economic Crisis

9 points by axiom 18y ago

jonallanharper 18y ago
Slightly related article regarding the "Community Reinvestment Act": http://www.americanthinker.com/2008/09/the_financial_mess_how_we_got.html http://www.americanthinker.com/2008/09/the_financial_mess_ho...
- evgen 18y ago
  And some rebuttals to such claims: http://www.prospect.org/cs/articles?article=did_liberals_cause_the_subprime_crisis http://www.prospect.org/cs/articles?article=did_liberals_cau... http://www.newamerica.net/blog/asset-building/2008/no-larry-cra-didn-t-cause-sub-prime-mess-3210 http://www.newamerica.net/blog/asset-building/2008/no-larry-...
quasimojo 18y ago
greenspan that is where it all starts artificially low interest rates feel good in the beginning, its like everyone has free money the pain can never be avoided the austrian economists have written about the dangers of expanding the economy through credit creation for nearly a century
- biohacker42 18y ago
  Agree, however Greenspan albeit the chairman of the Fed, wasn't alone. Everybody likes to print money.
heller 18y ago
It always amazes me to see how, no matter what the crisis is, conservatives will find some way to blame the poor. Ah, let's see: just five minutes of research turns up this: http://www.ourfuture.org/blog-entry/mythbusting-rights-subprime-excuses http://www.ourfuture.org/blog-entry/mythbusting-rights-subpr... and http://economistsview.typepad.com/economistsview/2008/04/did-liberals-ca.html http://economistsview.typepad.com/economistsview/2008/04/did... and http://www.prospect.org/csnc/blogs/ezraklein_archive?month=04&year=2008&base_name=liberals_and_the_shtpile http://www.prospect.org/csnc/blogs/ezraklein_archive?month=0... . Unlike Arrington's ridiculously stupid and uninformed ranting these articles have real numbers that show that at best just 20% of the all those "bad loans" out there originated outside of CRA-regulated banks. At this point most economists have conceded that the CRA had little, if any, contribution to the current crisis but this won't stop conservatives and their faithful wingnuts from lying and trying to blame everything on a 30 year old law.

9 points by axiom 18y ago

Slightly related article regarding the "Community Reinvestment Act": http://www.americanthinker.com/2008/09/the_financial_mess_how_we_got.html http://www.americanthinker.com/2008/09/the_financial_mess_ho...

evgen 18y ago
And some rebuttals to such claims: http://www.prospect.org/cs/articles?article=did_liberals_cause_the_subprime_crisis http://www.prospect.org/cs/articles?article=did_liberals_cau... http://www.newamerica.net/blog/asset-building/2008/no-larry-cra-didn-t-cause-sub-prime-mess-3210 http://www.newamerica.net/blog/asset-building/2008/no-larry-...

quasimojo 18y ago

greenspan that is where it all starts artificially low interest rates feel good in the beginning, its like everyone has free money the pain can never be avoided the austrian economists have written about the dangers of expanding the economy through credit creation for nearly a century

biohacker42 18y ago
Agree, however Greenspan albeit the chairman of the Fed, wasn't alone. Everybody likes to print money.

heller 18y ago

It always amazes me to see how, no matter what the crisis is, conservatives will find some way to blame the poor. Ah, let's see: just five minutes of research turns up this: http://www.ourfuture.org/blog-entry/mythbusting-rights-subprime-excuses http://www.ourfuture.org/blog-entry/mythbusting-rights-subpr... and http://economistsview.typepad.com/economistsview/2008/04/did-liberals-ca.html http://economistsview.typepad.com/economistsview/2008/04/did... and http://www.prospect.org/csnc/blogs/ezraklein_archive?month=04&year=2008&base_name=liberals_and_the_shtpile http://www.prospect.org/csnc/blogs/ezraklein_archive?month=0... . Unlike Arrington's ridiculously stupid and uninformed ranting these articles have real numbers that show that at best just 20% of the all those "bad loans" out there originated outside of CRA-regulated banks. At this point most economists have conceded that the CRA had little, if any, contribution to the current crisis but this won't stop conservatives and their faithful wingnuts from lying and trying to blame everything on a 30 year old law.