Video describes major contributor to housing bubble, provides the wrong solution
Posted on September 27th, 2008 by bile Tags: Barack Obama, Bill Clinton, Community Reinvestment Act, economics, Fannie Mae, Freddie Mac, housing bubble, interest rate, John McCain, Ron Paul, Sarah PalinMcCain may have sponsored that bill but it’s not like he understood exactly why or what the result would ultimately be. Ron Paul had been trying to change the CRA and was explaining what would occur if it didn’t change.
Even though this is a fairly infamous bill and was one of the Clinton administration’s pride and joys most people I speak with have never heard of it or understand what it did. That combined with low interest rates, devaluation of the dollar, Fannie / Freddie mess, etc. set up for the perfect storm.
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September 29th, 2008 at 9:43 am
[...] to distance themselves from the CRA as much as possible or spin it to look like it wasn’t a major contributor to the housing bubble. They are also looking to divert attention from the fact Fannie Mae was a [...]