Thursday, October 02, 2008

How The Community Reinvestment Act Hosed Us Over

Originally posted at my blog, Buckeye Thoughts.

I write this just so people will know the truth. I could care less about who wins the election in November. You all know I'll be voting for Baldwin. So, here it is:

Watch that video, quickly! It has already been taken down once by YouTube. I don't share the views at the end that McCain will be the "candidate of change" here. Yes, it's true he did try to stop this from happening in '03 but that's a moot point. How is this relevant? Well, considering what the Senate is trying to do (after the House shot it down, wisely listening to their constituencies) and how both Presidential candidates are for this make it quite relevant. I'm just sick of hearing all my professors spouting lies about how the free market alone caused this. If we walk down this path, there will be no turning back!

Spain taught me a multitude of lessons that are, in my opinion, impossible to be learned through any other way than experience. One of them is, while we think we have it bad in this country on occasion, we don't. We are so much more blessed than any other nation in the entire world!

Don't let Congress or the President force this on us! If the Senate passes it, call your Representatives in the House and tell them NO! Feinstein supposedly was reported on Lou Dobbs Tonight as having received 85,000 calls urging her to vote against this. As they say, Let's get to work!


  1. Thanks, Matt. America is in the firing line right now, especially young Americans like you and given the size of the bailout provisions, the while thing has gone belly up. Interesting times ahead.

  2. I thought the Community Reinvestment Act was a bipartite initiative. You know, what we call in Europe the "third way" [LOL]. This crisis is now being broadly blamed on the financial institutions but its politics like this which demonstrates the PPI birthplace of this abomination.

  3. Wow! It really puts a different spin on Obama- who I was all for.
    Why has this Utube been removed from Utube?
    Personally I think they are all the same and in any event, I don't think one man can stop this crisis now.
    Thanks for the vid though- I really enjoyed this.

  4. It's a well known Universal Law that anything with "Community" in its title is crap.

  5. They took it off due to copyright violations with regards to the music. Even though, that is a legitimate claim, without going into too much detail, I think someone from the Obama camp or someone else sympathetic to bailout pulled it off, using a technicality.

  6. C'mon! Are these people seriously expecting us to believe the US government forced hard-nosed banks to issue bad loans? Most of the sub-prime stuff wasn't even covered by the CRA anyway.

  7. The popular perception seems to be that he did. I'd love to know the whole story.


Your thoughts on this?