Conservatives Blame Everyone But The Guilty

• The right wing tried pushing the lie that the Wall Street hustlers who brought the world economy to its knees were the innocent victims of government programs and poor people.

• The CRA only encourages banks to lend in all areas in return for those banks getting government-backed deposit insurance (something the banks aren’t forced to accept, but they enjoy having.) There are no mandates or penalties for non-compliance.

• Fannie and Freddie were created by an act of Congress but had become a private, for-profit entity long before the meltdown.

• More than half the subprime loans were made by independent lenders not subject to any federal supervision.

• Conservatives have long argued that increasing home ownership among low-income people was the “free market” thing to do… the very people they’re trying to blame for the crisis.

Conservatives Push Absurd Lie that Wall Street Hustlers Were Innocent Victims ... of Poor People