Jimma Carter signed the Bill into Law in 1977.
"The purpose of the CRA is to provide credit, including home ownership opportunities, to under-served populations, and commercial loans to small businesses." http://en.wikipedia.org/wiki/Community_Reinvestment_Act
Here's another act by Democrats which sabotages our Capitalist system. Lending Institutions were essentially forced to lend money to sub-prime borrowers, be they home buyers or small businesses.
Democrats today are blaming Republicans for the Economic turmoil our country is facing. Is it any wonder that Progressive Politics is the real reason we're watching hundred plus year old institutions disappear overnight? When banks are forced to loan to people who cannot afford the home they're trying to purchase, it's common sense the person will eventually default.
Democrats created the Federal Reserve under Woodrow Wilson. Democrats created the Glass-Steagall Act under FDR. Democrats created Fannie Mae under FDR. Democrats created the Community Reinvestment Act under Jimma Carter. Democrats undid parts of Glass-Steagall under Bill Clinton. Now Democrats want to bail out Wall Street with $700 Billion. Fool me once, shame on you, fool me twice, shame on me. How many times will we let Democrats fool us into believing they have a better plan for our Economy.
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Why not give houses to everyone? I can't afford a 500 million dollar home, so should the gov't give me one? How about if you can't afford 50 thousand dollar home, you get a 200 thousand one. Millionaires can get castles, etc.. Don't get me wrong, if the gov't came by and gave me a house I'd probably take it, but the fact that people who "can't make it" get these houses handed to them is ridiculous. What about those barely making it, or just squeezing by, or living comfortably, etc. It's not our job to bail out other people! If the democrats are so willing to give their money to these programs, just go to Hollywood since they're the rich democrats in the country. See how fast they change their minds when they get tapped for gov't programs. It's easy to say "we all give to the less fortunate", but I guarantee it would be a lot harder if those were tapped individually. And the sad thing is, that if the hollywood elite were true philanthropists they COULD give away huge sums of money, even the majority of their funds, and still live very comfortable lives. but when was the last time you heard of that? never. there are some who do great charity work, but never you hear of them giving away tons of money. instead, those of us who ARE just barely comfortable or barely making it are the ones who give out of their tax dollars. it's really a shame. and these are the people who want to get on tv and talk politics?! sheez, just make your movies, do your drugs, and shut the hell up.
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