Monday, May 18, 2015


From Business Week:

Community Reinvestment Act had nothing to do with subprime crisis 

Fresh off the false and politicized attack on Fannie Mae and Freddie Mac, today we’re hearing the know-nothings blame the subprime crisis on the Community Reinvestment Act — a 30-year-old law that was actually weakened by the Bush administration just as the worst lending wave began. This is even more ridiculous than blaming Freddie and Fannie.

More here.

After yesterday's post about right-wing delusions, I thought of another one worth mentioning: The Community Reinvestment Act, measured in tens of millions, couldn't POSSIBLY have caused a banking crisis measured in trillions. Indeed, it's just insulting to offer this really feeble explanation, one which is just awful on the math, but who cares when you're wallowing in self-delusion? Find something, anything, that lets your lips keep flapping so as to preserve your fantasy world.

These are conservatives today. They're fucking dangerous to us all, even themselves. This shit is bad.