By Peter Schweizer
In Architects of break, long island instances bestselling writer and conservative historian Peter Schweizer argues that the commercial trouble used to be brought on by liberals who used the ability of presidency to create a subprime loan bubble that has ravaged the worldwide financial system. Rebutting fees that the monetary cave in was once because of conservative deregulatory zeal, Schweizer, the writer of Do as I Say (Not as I Do): Profiles in Liberal Hypocrisy, indicates that it was once really the results of “do-good capitalism.”
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Extra info for Architects of Ruin: How Big Government Liberals Wrecked the Global Economy--and How They Will Do It Again If No One Stops Them
When some conservatives pointed out that Fannie and Freddie had abandoned their sober mission of stabilizing the middle-class housing market in favor of a misguided crusade to expand minority home ownership by forcing banks to lower their lending standards, Frank and his allies brazenly shouted them down. Meanwhile, a chorus of authoritative voices in the press rushed to second the indictment. Nouriel Roubini of New York University blamed “unregulated free market zealotry” for the economic collapse.
Not surprisingly, the Federal Reserve of Boston found that they defaulted on subprime loans at twice the rate of whites. To be fair, there were other important factors. Many have correctly pointed to the availability of cheap money, brought about by the loose monetary policies of the Federal Reserve under Chairman Alan Greenspan, as a major culprit. As Professor John Taylor of Stanford and others have argued, the growth in the money supply created cheap money and helped to inflate the real estate bubble.
By pushing this agenda, which they pursued with the fervor of a moral crusade, these activist organizations—with crucial cover and support from their liberal allies on Capitol Hill—produced a dramatic reduction of lending standards that ultimately led to an explosion of subprime lending. As we shall see, charges of racism, bullying threats of obstruction of business, and negative publicity from a compliant press were extremely potent tools that induced banks to play ball, forking over millions of dollars in shaky loans to underqualified minority applicants.