Next up for destruction?
Credit unions.
A Poisonous Cocktail
Peter Schweizer, 10.05.09, 12:01 AM EDT
Expanding the Community Reinvestment Act.
As we try to shake off the financial crisis, here's a bright idea. Take a law that has led to the writing of an enormous amount of bad mortgages and expand it. Then take enforcement away from bank examiners and give it to housing activists.
Sound like a poisonous cocktail? Well, it is what the Obama administration and Democrats are currently stirring up on Capitol Hill....
The first CRA was intended to expand access to mortgage credit. It did, for a while. In reality CRA I has resulted in a contraction in credit.
Solution? CRA II ! Expand the destruction of banks to credit unions. Who enforces lending standards and laws? Well, community activist!
There won't be a need for another Revolutionary War because these idiots will destroy the country for us. All we need to do is plan ahead and pick up the pieces.