The 1989 Legislative changes to the act , that you're asking about, insured that "minorities" would be given loans based on their skin color and not their credit rating. When we go giving loans to people that do not intend on paying such a loan off in full and maintaining their "Balance Due" payments, then of course we're inviting big trouble. So the answer is a resounding YES the Community Reinvestment Act ( As of 1989 ) totally lead to our current situation and has to share at least 50% of the blame for the current situatuion along with another "Bush family" deal "Big Oil" and the gas prices that costs Americans 20% of their incomes weekly over a 5 year period. I say Bush Family deal because it was the 1989 changes to the CRA that George Bush, Sr. put into effect. Kind of ironic isn't it that one simple family could have single handedly ruined a free nations free market and economy? It's so coincedental, in fact, that it would almost seem to be a deliberate undermining of American interests. Don't get me wrong the GOP will always be my own party and I'm registered republican, but the Bush family couldn't have done a better job even if they had been foreign spies working against us the whole time. Jimmy Carter ( Barrack Obama's Dad in real life - check your facts ) was in league with the same thought patterm though being that this act was signed in its original context under Carter. Too bad for Obama that Carter had an affair that he didn't want his wife and the rest of the world to know about which produced Obama. I think that if the times would have been different then Carter wouldn't have had to hide the fact that he had a black son, must have cost Jimmy Carter a pretty penny keeping Barrack hidden in away Indonesia. The good thing is that Carter has been behind his son ever since Carter met with Hamas in the middle east, at his son's request of course, I think Barrack Carter ( AKA Obama ) will more than likely end up finishing off the American economy and markets with his plan though. Barrack will be returning us to the old "Carter" system that didn't work then and won't work now. Oh well so much for political family dynasties huh?
· 1 decade ago