Who is to blame?

“Policy Statement on Discrimination in Lending”

aka President Clinton plan of slamming the banks with 10 different federal agencies that were operating under his direction and were that then told to begin the massive efforts making loans to lower income and less qualified lenders or else that they would be targeted with investigations for lending discrimination with assured very negative publicity.

Banks that refused to put lending to credit-poor and previously unqualified minorities were hit with denied approval for any plans for expansion, were denied access to Fannie and Freddie, were sued by the Justice Department, and were vilified in the press as racist.

This policy was  signed by HUD Secretary Henry Cisneros, Attorney General Janet Reno, Comptroller of the Currency Eugene Ludwig,  Federal Reserve Chairman Alan Greenspan, and the heads of six regulatory agencies.

Totally missed by the Financial Crisis Inquiry Commission (who were “oh, so seriously” investigating as to why there was a housing bubble and crash)

Totally missed by the mainstream media.

Totally missed by the OWS crowd.

It’s like this huge pretend selective memory.

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About drrik

3rd career and 2nd childhood. Spends spare time repairing old things. Aspires to burn more gasoline, gunpowder, and ink in pursuit of slowing down. Child of the 60s and aspiring student of history. No desire to see us repeat the failed social experiments that keep failing for lack of human beings that meet the left wing standards and have to be killed off. Did engineering long enough to realize that very little is new and the wheel does not need to be reinvented.
This entry was posted in bailout, economy, mainstream media and tagged , , , , , , , . Bookmark the permalink.

2 Responses to Who is to blame?

  1. thedrpete says:

    Current New York Governor Andrew Cuomo followed Cisneros and was out there threatening banks for all to see.

  2. drrik says:

    It’s a liberal moshe pit.

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