Martrae wrote:I never said this was the fault of poor people. In fact I posted several very good articles and videos about it all.
Did you not even read the NYPOST article you linked to as evidence that the poor caused this collapse?
"In other words, community organizers help to undermine the US economy by pushing the banking system into a sinkhole of bad loans. And Obama has spent years training and funding the organizers who do it.
THE seeds of today's financial meltdown lie in the Commu nity Reinvestment Act - a law passed in 1977 and made riskier by unwise amendments and regulatory rulings in later decades.
CRA was meant to encourage banks to make loans to high-risk borrowers, often minorities living in unstable neighborhoods. That has provided an opening to radical groups like ACORN (the Association of Community Organizations for Reform Now) to abuse the law by forcing banks to make hundreds of millions of dollars in "subprime" loans to often uncreditworthy poor and minority customers."
The community reinvestment act in 1977 forced companies to OFFER credit to low income and minorities. If you don't fucking qualify, you don't qualify. It never forced anyone to make bad investments. You can blame that pretty squarely on McCain's boys Bramm-Leach-Bliley. They are the ones that had the laws repealed allowing banks to sell mortgages as investments causing this whole fucking collapse. Now banks want CASH from the taxpayers because they have no idea how much their "investments" in mortgages are actually worth because so many of them are in default.
