Don’t let facts get in the way  -A +A Re: letter writers Grant
Shaw (Nov. 7) and Ann Laman (Nov 15.) It was not the greedy and
out-of-control business interests who caused the latest economic
disaster. No, it was the liberal Democrats! The basis of their
creative imagining is something called the Community
Reinvestment Act of 1977 (CRA). Now one may read this act over
and over and you will find absolutely nothing about the
government requiring bankers to lend money to people who cannot
pay it back, nor will you see a word about bundling these loans
into uninsured “mortgage backed securities.” No matter. Mr. Shaw
clearly needs to blame the government for everything and
continues to claim — without any evidence whatever — that it was
Clinton, liberal Democrats and unnamed “community activists”
using the CRA who “created” the demand for housing and “forced”
the bankers to make bad loans. Similarly, Ann Laman blames
President Carter for “creating the CRA.” Sorry, Ann, but
presidents don’t pass laws; Congress does