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Originally Posted by mary
I agree with your point here. We rail on individuals all the time for blaming the government for their own sorry circumstances. And yet, it seems somewhat acceptable for the banking industry to point their fingers at the government, or freddie and fannie, and effectively say, "But they made me do it!". Its hogwash. And yeah, the CRA excuse is ridiculous. I knew that the second I realized it had been a law nearly the entire time I'd been alive.
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I don't absolve the banking industry at all. They should suffer the consequences and be allowed to fail -- or, they should work their own way out of it. But to deny the role government played in both coercing the banks to make such loans and in nullifying the effect of true market forces is to deny reality.