House Speaker Nancy Pelosi fails to make one mention of the Community Re-Investment Act (CRA) today and the strong-arming of bankers to make loans to people and in areas the banks had a fiduciary responsibility to avoid. Instead:
“[W]hen was the last time someone asked you for $700bn? It is a number that is staggering, but tells us only the costs of the Bush administration’s failed economic policies — policies built on budgetary recklessness, on an anything-goes mentality, with no regulation, no supervision, and no discipline in the system.”
“Democrats believe in the free market, which can and does create jobs, wealth, and capital, but left to its own devices it has created chaos.”
“Democrats insisted that legislation responding to this crisis must protect the American people and Main Street from the meltdown on Wall Street. The American people did not decide to dangerously weaken our regulatory and oversight policies. They did not make unwise and risky financial deals. They did not jeopardise the economic security of the nation. And they must not pay the cost of this emergency recovery and stabilisation bill.”
“Today we will act to avert this crisis, but informed by our experience of the past eight years with the failed economic leadership … We choose a different path. In the new year, with a new Congress and a new president, we will break free with a failed past and take America in a new direction to a better future.
Wake up America. Find out the facts of who created this meltdown. Who has pushed for the rules and regulations on banks to ease credit to the credit unworthy. Here’s a big clue – look for the (D) behind their name.
The vote failed.
About the CRA and ACORN. A must read to understand the roots of the problem.