bsphil wrote:
gbaji wrote:
bsphil wrote:
MoebiusLord wrote:
bsphil wrote:
By the way, even given all of your CRA claims, kudos to the Republicans for completely ignoring the repeal of that amendment when they had full control of congress and the white house. Must have just forgot, right?
When was that, just out of curiosity?
2003-2006. The 2006 midterm gave both the senate and the house majority to the Democrats starting the session of 2007.
Wait! So Republicans wanted to reform the process to prevent a future crisis (back in 2003 btw), and the Democrats blocked them. But it's the Republican's fault for not fighting against the Democrats hard enough?
You're kidding, right? That's got to be the weakest defense ever.
It all still doesn't matter anyway, as you've admitted, the bubble would have occurred without the CRA amendment.
No. I said it's theoretically possible that it could have happened anyway. In the same way that it's theoretically possible that hundreds of thousands of Christians might have decided to up and leave Europe and march to the Holy Land in order to push the Muslim hordes out of Jerusalem if Pope Urban hadn't announced that whole Crusade thing. But history still manages to put the blame on ol Urban anyway, doesn't it?
I mean, it's possible that drunk driver might have swerved into another car's lane causing a crash even if he hadn't been drunk. But we still blame the crash on the fact that the guy was drunk, right?
In this case, that amendment created the conditions which tilted the market towards large financial companies investing in those bundled mortgage securities. We can only speculate about how much investment might have occurred without that tilting, but we can safely assume it would have been less than what did occur with it.
Edited, Mar 2nd 2011 5:05pm by gbaji