[lbo-talk] [Pen-l] Community Reinvestment Act at fault -- NOT

[Mark Bennett]

Isn't singling out the CRA and its mid-90s amendment just another example of
selective right-wing demonization?  One might just as easily point to the
Garn-St. Germain Act of 1982 which deregulated - and annihilated - the S&Ls
and further integrated local real estate financing into the global captial
markets.  Or to the 1968 Congressional legislation that split the FNMA into
two entities, and created the GNMA which did much to ramp up the secondary
mortgage market, along with the creation of the FHLMC in 1970.  Or for that
matter, the creation of the FHLB in 1932 or the FHA in 1934.  The nauseating
line being spewed by right-wing scum on their websites and through their
medida organs is the rawest, racist bile and represents a new low, even the
proponents of such nonsense. Although . . . .  I have to admint that the
thought that while no one was paying any attention the wretched of the Earth
managed to pull the plug on the Empire of Capital, if only temporarily, is
as heartwarming and hopeful as any I've had since the end of the Vietnam
War.  Unfortunately, it's not true.


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