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Thomas Sowell is a very bright man with uncommon common sense. A guest on my show only once (he is very tough to nail down), a free market thinker he does a great job of tracing the root cause of the current financial crisis, an even if you are one to believe that “greedy bankers”…
There is quite a bit of blame going on concerning the so-called subprime loan crisis. Depending on who you speak with, it’s either the predatory lenders that took advantage of people, or it was the people who signed the contract that clearly stated they were buying into an adjustable rate mortgage, but just didn’t care.…
If you ran a bank that had zero loan defaults, no foreclosures on the books and none expected, how do you think your institution should be rated? If you’re the FDIC, you issue a needs to improve rating since the bank did not loan out enough money according to standards set by the Community Reinvestment…