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TYT: Fox News Blames Black People for Financial Meltdown

submitted by NetRunner

1 decade 5 years 9 months 1 week ago

4 Comments

I can fill in the blanks for Cenk. The talk-radio branch of the Republican party is pushing a line of bull about how the credit crisis is really the Democrats' fault.

It hinges on a piece of legislation called the Community Reinvestment Act (CRA). The site describes the bill:

The Community Reinvestment Act is intended to encourage depository institutions to help meet the credit needs of the communities in which they operate, including low- and moderate-income neighborhoods, consistent with safe and sound banking operations.

(emphasis mine)

Yes, the legislation was aimed at encouraging banks to do more lending to low-income buyers, and minorities. However, it was not requiring them to abandon the considerations of risk.

This diary from dKos fills in more detail, and has further references (from Government agencies) debunking this as being even a minor contributing factor to our current crisis.

Cavuto just forgot to mention the piece of legislation before race baiting.

Oh, and he was Olbermann's worst person tonight for this very comment.

charliem says...

*wtf ???
*lies ?

Racist peices of shit.

Invocations (lies, wtf) cannot be called by charliem because charliem is not privileged - sorry.

/me knows who Olberman's worlds worst persons are gonna be.

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