Mercury Rising 鳯女

Politics, life, and other things that matter

Dr. Republican, Piled Higher and Deeper

Posted by Charles II on September 19, 2008

The McCain strategy is now apparent: flood the world with so much bulls–t that no one can see their way to walk to the voting booth.

The boots that AKMuckraker uses to wade through Palin's lies over at Mudflats
The boots that AKMuckraker uses to wade through Palin’s lies over at Mudflats

The latest wingnut meme, called out by Barry Ritholtz and Hale Stewart is that the Community Reinvestment Act (CRA) caused the mortgage crisis. The heart of this stupidity is Thomas Sowell’s claim that CRA forces banks to lend to unqualified minority borrowers.

This is so completely stupid that it almost leaves one speechless. Here are the points that Robert Gordon at TAP raised months ago:
1. CRA has been around since 1977 without any problems. Mid-1990s changes in the law caused a flurry of CRA activity, but that died out by 2001.
2. CRA doesn’t force banks to lend to anyone. It requires them to lend from neighborhoods in which they accept deposits.
3. Most subprime loans were not originated at banks.
4. Also, Fannie and Freddie’s problems were actually caused by Alt-A, not subprime loans.

I keep telling AKMuckraker that she needs taller boots to handle the McCain-Palin Republican Party.

Maybe boots that lace up to the ears would be tall enough.

2 Responses to “Dr. Republican, Piled Higher and Deeper”

  1. jo6pac said

    I’ve ordered my wading gear
    Sad Day

  2. […] in the Republican bow is to blame affordable housing, especially the Community Reinvestment Act. We have already disposed of that particular […]

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