Another Assault on Capitalism
- Michael Reagan - GOPUSA
- Apr 26, 2010
As President Obama pushes for stricter regulations on Wall Street institutions, I want to call us back to caution. Undoubtedly, we should learn from past mistakes and forge a path through to prosperity and an understanding of proper limits on the dangers associated with potentially catastrophic lending and investment practices. But without appropriate caution, we will jump the gun with an over-expanded and unjustifiably influential federal government in the financial sector.
It is imperative that we look at our past to truly understand how we got here. And we need not look further than the Carter administration's Community Reinvestment Act of 1977 for the answer. That act required banks to lend to un-creditworthy borrowers, mostly in underprivileged and minority communities.
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