

How The U.S. Government Engineered The Current Economic Crisis - axiom
http://www.techcrunch.com/2008/09/26/the-us-government-engineered-the-current-economic-crisis/

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heller
It always amazes me to see how, no matter what the crisis is, conservatives
will find some way to blame the poor. Ah, let's see: just five minutes of
research turns up this: [http://www.ourfuture.org/blog-entry/mythbusting-
rights-subpr...](http://www.ourfuture.org/blog-entry/mythbusting-rights-
subprime-excuses) and
[http://economistsview.typepad.com/economistsview/2008/04/did...](http://economistsview.typepad.com/economistsview/2008/04/did-
liberals-ca.html) and
[http://www.prospect.org/csnc/blogs/ezraklein_archive?month=0...](http://www.prospect.org/csnc/blogs/ezraklein_archive?month=04&year=2008&base_name=liberals_and_the_shtpile)
. Unlike Arrington's ridiculously stupid and uninformed ranting these articles
have real numbers that show that at best just 20% of the all those "bad loans"
out there originated outside of CRA-regulated banks. At this point most
economists have conceded that the CRA had little, if any, contribution to the
current crisis but this won't stop conservatives and their faithful wingnuts
from lying and trying to blame everything on a 30 year old law.

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jonallanharper
Slightly related article regarding the "Community Reinvestment Act":
[http://www.americanthinker.com/2008/09/the_financial_mess_ho...](http://www.americanthinker.com/2008/09/the_financial_mess_how_we_got.html)

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evgen
And some rebuttals to such claims:

[http://www.prospect.org/cs/articles?article=did_liberals_cau...](http://www.prospect.org/cs/articles?article=did_liberals_cause_the_subprime_crisis)

[http://www.newamerica.net/blog/asset-building/2008/no-
larry-...](http://www.newamerica.net/blog/asset-building/2008/no-larry-cra-
didn-t-cause-sub-prime-mess-3210)

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quasimojo
greenspan

that is where it all starts

artificially low interest rates feel good in the beginning, its like everyone
has free money

the pain can never be avoided

the austrian economists have written about the dangers of expanding the
economy through credit creation for nearly a century

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biohacker42
Agree, however Greenspan albeit the chairman of the Fed, wasn't alone.
Everybody likes to print money.

