How The U.S. Government Engineered The Current Economic Crisis

It always amazes me to see how, no matter what the crisis is, conservatives will find some way to blame the poor. Ah, let's see: just five minutes of research turns up this: http://www.ourfuture.org/blog-entry/mythbusting-rights-subpr... and http://economistsview.typepad.com/economistsview/2008/04/did... and http://www.prospect.org/csnc/blogs/ezraklein_archive?month=0... . Unlike Arrington's ridiculously stupid and uninformed ranting these articles have real numbers that show that at best just 20% of the all those "bad loans" out there originated outside of CRA-regulated banks. At this point most economists have conceded that the CRA had little, if any, contribution to the current crisis but this won't stop conservatives and their faithful wingnuts from lying and trying to blame everything on a 30 year old law.

Slightly related article regarding the "Community Reinvestment Act": http://www.americanthinker.com/2008/09/the_financial_mess_ho...

greenspan

that is where it all starts

artificially low interest rates feel good in the beginning, its like everyone has free money

the pain can never be avoided

the austrian economists have written about the dangers of expanding the economy through credit creation for nearly a century