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The Real National Motto: 'Money Talks'

Economy

The Real National Motto: 'Money Talks'

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NYC Mayor Bloomberg recently blamed the financial crash on Congress and government-sponsored housing lenders, despite clear evidence that bankers were the primary cause of the collapse. Gene Lyons writes in his new column, “Mike’s Bloomin’ Subprime Lie”:

So here’s my question: If the Community Reinvestment Act of 1977 effectively caused the Wall Street meltdown of 2007 by forcing banks to make bad home loans to improvident poor people (and we all know exactly who I mean), how come it took 30 years for the housing bubble to burst?

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