The Maestro Speaks — and He’s Not Blaming the CRA
Friend of the site Charles Morris points out something many people might have missed in former Federal Reserve Chairman Alan Greenspan’s testimony Thursday
Friend of the site Charles Morris points out something many people might have missed in former Federal Reserve Chairman Alan Greenspan’s testimony Thursday before Congress.
Headlines noted that Greenspan acknowledged his misplaced faith in the ability of free markets to correct themselves. But he also did something else — he didn’t point to the Community Reinvestment Act as the cause of the foreclosure crisis, a belief widely embraced by many conservatives.
According to the New York Times, Greenspan told Congress that “excess demand from securitizers” fueled the subprime bubble. He didn’t contend that civil- rights activists had overrun the administrations of Bill Clinton and George W. Bush to force the government to make loans to poor borrowers.
So now it’s all on the record. Let’s put the whole blame-the-CRA thing to rest. Greenspan’s credibility might not be what it once was, but he’s hardly a bleeding heart, either. And even he’s not blaming low-income borrowers.
Or, as Morris put it:
“The Maestro has spoken. As the sportscasters say, ‘Put it in the books.’”
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