Mythbusting the Far-Right

Posted on 02/21/2009 at 3:36 pm by Bob Cesca

Note to Rick Santelli and his fellow myth makers. The Community Reinvestment Act (CRA) had nothing to do with the mortgage crisis. How do we know this? A liberal welfare queen named Ben Bernanke said so:

Our own experience with CRA over more than 30 years and recent analysis of available data, including data on subprime loan performance, runs counter to the charge that CRA was at the root of, or otherwise contributed in any substantive way to, the current mortgage difficulties.

Sorry, Rick.

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  • http://www.broadwaycarl.blogspot.com Broadway Carl

    So. Fucking. Sweet.

  • http://www.osborneink.com Matt Osborne

    But but but it HAS to be the fault of “THOSE” people… It can’t be the fault of rich white guys giving away free credit, no! That would invalidate our free-market theology…

  • Charles Hanes

    The CRA had everything to do with the Mortgage crisis. It literally created the sub prime mortgage market, by offering loans to people who otherwise would not be able to afford homes without assistance. Hence you had Freddie Mac and Fannie Mae. Watch this video from a Fox news report for clarity. You will find it very informative.http://americaswatchtower.com/2009/02/17/video-timeline-showing-president-bush-warning-barney-frank-about-the-impending-financial-crisis-in-2001/

  • ceu

    send the link to Ben Bernanke. He’s the one who made the statement.And, yeah, right. Bush knew in 2001 that there was an impending financial crisis. And then proceeded to eviscerate the economy with a ill-conceived, ill-managed invasion & occupation of a sovereign country to….what? Stave off the coming financial crisis? Helped out the country real good there.

  • http://www.broadwaycarl.blogspot.com Broadway Carl

    Watch this video from a Fox news report for clarity.

    …Seriously? Wait let me read that again… yes, it says “a Fox news report for CLARITY!”AHAAHAHAHAHAAHAAHAHAAA!!!!!

  • George Ballard

    I watched the video. I just don’t understand why Barney Frank was saying everything was OK with Freddie Mac and Fannie Mae. I need some help with that one. Thanks.

  • D. C.

    Barney Frank made a mistake. He failed to see the problem coming years ago. Does that make you happy now that someone has said it?I realize that part of the GOP talking points is blame the entire financial crisis on Barney Frank, as if a single congressman from the minority party at the time could have created this mess all by himself. And of course, blaming him as the added bonus of letting conservative bloggers attack him for being “teh gay”.Seriously, congratulations, you managed to demonstrate that the former president of the United States of America was aware way back in the first year of his administration that there was a growing problem at Fannie and Freddie and he did, well, NOTHING about it. He proposed no new rules, issued no new executive orders, offered no new legislation to correct the problem when something could have been done to stave off the problems at Fannie and Freddie.Can somebody explain that to me?

  • Ron Thomas

    I could say that mistakes were made, probably on many different fronts, but I just think the important thing now is to make sure we get back on the right track, cause right now it really sucks, and its sucks for everybody across the board. We’re in this downward spiral that keeps deepening. I just want the right solution, one that works, and works as quickly as possible. I’m sure we all do.

  • Ron Thomas

    I could say that mistakes were made, probably on many different fronts, but I just think the important thing now is to make sure we get back on the right track, cause right now it really sucks, and its sucks for everybody across the board. We’re in this downward spiral that keeps deepening. I just want the right solution, one that works, and works as quickly as possible. I’m sure we all do.