By Peter Schweizer
In Architects of spoil, manhattan occasions bestselling writer and conservative historian Peter Schweizer argues that the industrial challenge used to be as a result of liberals who used the ability of presidency to create a subprime loan bubble that has ravaged the worldwide financial system. Rebutting fees that the monetary cave in used to be as a result of conservative deregulatory zeal, Schweizer, the writer of Do as I Say (Not as I Do): Profiles in Liberal Hypocrisy, exhibits that it used to be really the results of “do-good capitalism.”
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Additional resources for Architects of Ruin: How Big Government Liberals Wrecked the Global Economy--and How They Will Do It Again If No One Stops Them
In 1976, Cincotta began pushing for something she called the Community Reinvestment Act (CRA). Again, the idea sounded simple enough: declare that banks have “an affirmative obligation” to lend to people in their own neighborhoods, and make their record of doing so part of the approval process for mergers, acquisitions, or expansion. In short, make it the law that banks needed to lend in areas they had traditionally avoided out of fear that they were poor credit risks. Cincotta instantly drew support from liberal Democrats in Congress.
The banks and savings and loans have the funds…. ” Putting it that way made it sound like a partnership, but it was more like an offer they couldn’t refuse. 29 Proxmire and his allies, who included prominent liberal senators Ted Kennedy, Tip O’Neill, and Frank Church, decided to adopt the path of least resistance and used legislative tactics to avoid congressional debate on the details of the bill. As a result, the CRA, which would have a profound effect on the American economy, was debated in only one chamber (the Senate), and very few legislators were present.
Such appears to be the case with the redlining studies. These studies were commissioned in order to provide an objective foundation for allegations of racial discrimination in the banking industry. But there’s a problem with the redlining studies: they ignore the important detail of credit histories. None of the studies that have received media attention on this issue dealt with the complexities of loans and why they might have been denied: credit history, outstanding debt, net worth, savings, market value of the home, etc.
Architects of Ruin: How Big Government Liberals Wrecked the Global Economy--and How They Will Do It Again If No One Stops Them by Peter Schweizer