How 'Community Organizers' (like Obama) Created the Subprime Crisis
I wrote to you previously (Meet Barry Obama, 'Fair Housing' Lawyer) about the Community Reinvestment Act, a law which compels banks to make home loans in minority neighborhoods to people who were poor credit risks. Although the CRA is well known in the financial industry, political pundits and reporters often know very little about finance and so have missed this extremely important aspect of the story. Ignorance of economics doesn't help much either. The political class seems blissfully unaware of the concept of unintended consequences which is the idea that laws which are designed to make our lives better often make our lives worse.
