September 24, 2008

The Extortion of American Banks

Eight years ago in City Journal, Howard Husock examined the Community Reinvestment Act (CRA) in an essay that helps explain how during the Clinton administration, Congress and newly-empowered leftist community advocacy groups grabbed the banking industry by the throat, and helped lead us into the mortgage lending nightmare we're living today.

Well worth a look as a means to understand how we got here, and as another example of the folly of social engineering by government. (hat tip - Randy)

Posted by dan at September 24, 2008 10:24 PM