Why don’t you post some links or references (outside of FR) that support this “theory”. I’m sorry but I won’t take this seriously until I see something from mainstream economists that support this “theory”.
I’ve only asked a simple question here and your belligerent responses show that you have little actual content to offer.
The theory you seem to be defending is a marginal opinion and don’t expect the rest of us to just swallow your koookery. Sorry.
BTW, here’s a clue. Try browsing the many many threads that discuss the banking crisis that have totally different explanations of what is going on.
When you can explain why the mainstream opinion is all wrong and your marginal “theory” is totally correct then get back to me.
ROFL.
Then at the bottom of the article is a link that will take you to a page that gives you the history of and the mission statement of City Journal.
Now you could do a search on the author's name and find that he is a faculty member at Harvard's Kennedy School.
Doesn't sound like some ultra conservative does he?
Yet he hit it right on the money.
Next, you could google CRA and read that act. Then in order to find out how the problem spiraled out of control, google The Gramm-Leach Bliley Act and read in in its entirety. Especially that page that says that banks who do not follow to the letter the CRA will not be granted permission to purchase other banks for expansion.
I am paraphrasing that somewhat, but that is the heart of it.
Then you could confirm all of this by discussing it with your banker, which I have done. A teller can't help you. You have to talk to someone in upper management levels.
I ordinarily don't waste this much time with people who would rather play “gotcha” than contribute information to FR, nor do I care to do your homework for you. So this is going to be the end of this as far as you are concerned.
The only other thought I have is: Because almost every FR article posted here is a news item or similar information that is taken from a national publication, a speech from a public official or something of that sort, why do you sneer at what is posted here?
If you have such a low opinion of what appears here, perhaps you should go back to the daily kos.