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Krugman on the Community Reinvestment Act

I meant to blog this when it first came out, but Nobel Prize-winning economist and New York Times writer Paul Krugman has as good an evisceration of the right-wing talking point that the Community Reinvestment Act caused the subprime bubble as I’ve seen. I’ll leave it to him:

  • The Community Reinvestment Act of 1977 was irrelevant to the subprime boom, which was overwhelmingly driven by loan originators not subject to the Act.
  • The housing bubble reached its point of maximum inflation in the middle years of the naughties:

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Robert Shiller 3. During those same years, Fannie and Freddie were sidelined by Congressional pressure, and saw a sharp drop in their share of securitization:

Image has not been found. URL: http://www.princeton.edu/%7Epkrugman/gseshare.png FCIC while securitization by private players surged:

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FCIC Of course, I imagine that this post, like everything else, will fail to penetrate the cone of silence. It’s convenient to believe that somehow, this is all Barney Frank’s fault; and so that belief will continue.

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