Monthly Archives: March 2011

How the Community Reinvestment Act Fueled the Housing Bubble

President Obama wants to expand the Community Reinvestment Act. Thus it should be no surprise that a self-serving report by the Obama Administration concludes that CRA “greenlining” (forcing banks to lend to low-income neighborhoods) did not contribute to the housing bubble or the financial crisis.

Banksters Should Be Held Accountable

The banksters taking over our country enjoy extraordinarily nice lives of caviar and cigarettes. They’re insatiable greed is only surpassed by their lack of accountability. In last weeks post on shadow inventory, I came across a February story on how bankers let each other squat. It really made me angry:

Could Falling Home Values Spark a Taxpayer Rebellion?

How long will property owners keep swallowing significantly higher property taxes even as the value of their real estate continues declining? It’s an open question. I suspect the answer won’t be known until some invisible breaking point is reached, and voters simply rebel against higher taxes while their own net worth and incomes stagnate.