Also, I am under the impression that most loans made under the CRA were not subprime loans, but I may be mistaken about that.
Blaming the CRA for the subprime housing bubble is like blaming the earthquake we had a few months ago on global warming. It seems logical, until we realize that one is a geologic event, the other is a weather event, and thus there is little relationship.
Its funny that we dismiss CBO estimates when they don't fit into our political agenda, but when they do, the CBO is the gold standard of predictions.
In another thread someone was arguing against a higher min wage, citing that the CBO projects that a higher min wage would result in the loss of a half million jobs. the same poster who was using CBO projections to argue his case in one thread, dismissed the CBO projections that Obamacare was going to reduce the deficit in another thread.
I guess we all pick and chose our sources, not for the value of the sources, but based upon if that source happens to support their aguement or not. We all all hipocrits.
The CBO estimates whatever the congress critter states as their assumptions. You expect a congress critter's assumptions fed to the CBO to estimate to not be politically biased? Not to their political advantage? Not to their political agenda?
The CBO is an apolitical calculating machine. You put garbage in, you'll get garbage out. Most of what the congress critters put into the CBO for estimation is garbage in one way or another, so you get the same type of political garbage back out from the CBO.
Yes, the CBO is apolitical. It calculates everyone's garbage on request with equal accuracy. It's not the CBO's fault the congress keeps feeding them garbage assumptions. Right?
Nancy Pelosi said: “We have to pass it, to find out what’s in it.” A Doctor called to a radio show & said: "That's the definition of a stool sample"
"Under my plan of a cap-and-trade system, electricity rates would necessarily skyrocket," Barack Obama January 2008