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I guess it's fair to say both the left and the right are to blame for this financial crisis, even though the roots belong to Jimmy Carter, aka Obama I, with the Community Reinvestment Act of 1977.
The Community Reinvestment Act (or CRA, Pub.L. 95-128, title VIII, 91 Stat. 1147, 12 U.S.C. § 2901 et seq.) is a United States federal law designed to encourage commercial banks and savings associations to meet the needs of borrowers in all segments of their communities, including low- and moderate-income neighborhoods. The Act requires the appropriate federal financial supervisory agencies to encourage regulated financial institutions to meet the credit needs of the local communities in which they are chartered, consistent with safe and sound operation. (See full text of Act and current regulations. The Act was intended to expand access to credit and reduce discriminatory credit practices – such as targeting only wealthier neighborhoods with their services, a practice known as "redlining." en.wikipedia.org...
Originally posted by Alxandro
I'm saying both the left and the right are to blame, yet you are saying the left are exempt from criticism.
How can you both claim the left did not play a part in this?
Of course there is plenty of blame to go around but it wasn't the anti-discrimination act.
McCain had to run at this present time because of his age. He probably figured that at is better not to die wondering what he could have accomplishment had he made one last run for the presidency. If he could have McCain could have considered the smart option which would have been to let 08 pass by.
It bothers me to see that my earliest predications have come to pass. I have no doubts at all that we can recover from the economic failures that are coming. It's not going to be good for us to have one political party controlling most of our Federal, State, and Local functions. And yes, before you ask, I will be starting a new thread on this important topic.
Originally posted by donwhite
Do you think those who mucked it up can fix it?
The short answer is "no." The real fix here is to let the big boys fail and then step in to pick up the pieces. A lot of innocent bystanders are going to get hurt, but maybe ... just maybe ... through the courts of law and public opinion, the tax payer can vote, litigate, and ostracize to punish and reform.
Let's be clear. Republicans are looting the treasury to avoid taking responsibility now. In 2009, the Democrats will be sorely tempted to do much the same thing.
It's likely that a President Obama will resort to nationalization on a grand scale, because he can't get the financing he'd need to keep up the pretense of "doing something."
Let's be clear. This very historical event isn't something you fix. It's something you may or may not be able to...survive. Most voters know this. they feel it in their bones, and in their check book. They will vote Republicans out of office to punish them.
They will choose Democrats became third party options are not yet viable. If and when the Democrats fail, during the worst of a potential Depression, third parties may have their shot.