I am surprised to learn that the Fed has apparently conducted a study of the Community Reinvestment Act, which the Fed has been enforcing for 31 years, and concluded that it had almost nothing to do with the sub-prime crisis. (The CRA was created to force banks to make bad loans to uncreditwortht borrowers, delicately called “sub-prime” borrowers). The study (not yet published) was recently praised by Fed Governor Randy Kroszner, a product of the Kochtopusian empire.
What’s next — a General Motors “study” that says GM management had nothing to do with the current state of bankruptcy of the company?
