by StormPetrel1

Question by TicToc….: Can our economic trouble we are facing today be traced back to ?
the Carter days when he and the democrats passed the Community Reinvestment Act back in 1977 ?

http://en.wikipedia.org/wiki/Community_Reinvestment_Act

It has a chain of events that point to former democrat presidents as well. Clinton in 1995 strengthen the bill by introducing subprime authorization. Future revisions allowed the securitization of the CRA loans containing mortgages forced banks to issue 1 Trillion Dollars in Subprime Loans.

1992 : Required Fanny Mae and Freddie mac to purchase and securitize mortgages. Which lead to lending support for affordable housing.
http://en.wikipedia.org/wiki/Federal_Housing_Enterprises_Financial_Safety_and_Soundness_Act_of_1992

It only get worse from this point on!

My point is that this problem is caused by the government legislation, and shell companies that lend bad credit to unqualified borrowers, who don’t have the means to pay it back. They did everything in their power to cause this. Call it an ace in the hole or up your sleeve if you will. This came up in October before an election, which I think was purposefully intended by the democrats as an insurance policy to get Obama elected.

Best answer:

Answer by curious21
True but not accurate enough; rather than 1977, it can be traced back to the implementation of a privatized banking system that is under no regulations but what it sets; Woodrow Wilson, 1913. Worst president ever, yea even more than Bush

What do you think? Answer below!