3:47 pm November 15, 2011, by Jay
Conservatives continue to try to blame the housing collapse and Wall Street’s subsequent crisis on governmental regulations such as the Community Reinvestment Act. But as I’ve pointed out in the past, there are a lot of flaws in that argument, among them this:
How did the CRA affect lending policies in Belgium or Ireland? How did that devious Barney Frank somehow finagle Fannie Mae into also destroying the housing market in Spain and the UK?
Or was this global phenomenon driven by something global in nature, such as international banking and financial institutions that went on a wild lending spree in search ever higher profits and fees, until it all became unsustainable?
You tell me.
– Jay Bookman
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