Friday, June 26, 2009

Community Reinvestment Act nonsense

Of all the irritating things I hear ad nauseum on Fox News, the one that gets me the most is the notion that the financial crisis was caused by the Community Reinvestment Act of 1977.

On the face of it, a 32-year-old law is not the most obvious culprit based on age alone, but there are countless reasons this idea is ridiculous.  Barry Ritzholtz does an especially good job of ripping it to bits here.

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