Fed study exonerates the Fed
Posted on December 6th, 2008 by bile Tags: bankruptcy, Community Reinvestment Act, CRA, economic crisis, Federal Reserve System, General Motors, Randy KrosznerI am surprised to learn that the Fed has apparently conducted a study of the Community Reinvestment Act, which the Fed has been enforcing for 31 years, and concluded that it had almost nothing to do with the sub-prime crisis. (The CRA was created to force banks to make bad loans to uncreditwortht borrowers, delicately called “sub-prime” borrowers). The study (not yet published) was recently praised by Fed Governor Randy Kroszner, a product of the Kochtopusian empire.
What’s next — a General Motors “study” that says GM management had nothing to do with the current state of bankruptcy of the company?
Why do they even bother with such studies? They really aren’t accountable to anyone anyway.
