Thursday, September 15, 2016

The 2008 Financial Crisis (Sub-prime boom goes bust) - the Politics

A summary of the Republican position on the 2008 Sub-prime crisis:
It's important to remember that Republicans don't think the financial crisis was a case of bankers blowing up the global economy because that was what maximized their year-end bonuses, but rather the government pushing bankers to blow up the global economy out of a misguided attempt to help poor people buy homes. Never mind that it was Wall Street banks, and not Fannie Mae or Freddie Mac, that were behind the subprime boom. Or that even a conservative former Federal Reserve official says there's no evidence that the Community Reinvestment Act, which outlaws redlining, "contributed in any substantive way" to the housing bubble's bad lending.
Just a short entry on an interesting observation on the GOP's perspective.

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