The Lower Class Middle Class
I encourage you all to add CNSNews.com to your normal circuit of news sites. They have a bit of a Conservative slant, but they’re not nearly as biased as a large portion of the mostly Liberal mainstream media. They posted a story today discussing how the Community Reinvestment Act played a pivotal role in creating our housing bubble. [link]
According to Wikipedia [link] (which I acknowledge is not a terribly reliable primary source, however, information that it cites from elsewhere is used here), “the CRA seeks to ensure the provision of credit to all parts of a community, regardless of the relative wealth or poverty of a neighborhood.” Did you catch that? Let’s remove the doublespeak. “parts of a community” = “people”. “the relative wealth or poverty of a neighborhood” = “their ability to pay back loans”.
