NOT a free market failure!

The enormous risk that Sen. McCain warned of in 2005 has now become a financial crisis of staggering proportions. That crisis can trace its roots to Bill Clinton's signature on legislation making it easier for minority constituents with bad credit to obtain mortgages. In 1995, he had his Treasury Secretary, Robert Rubin, rewrite the lending rules for the Community Reinvestment Act, opening the flood gates of mortgage lending to unqualified borrowers. This legislation, in effect, applied affirmative action to the lending industry, which is to say that the current crisis is NOT a "free market failure" but the result of socially engineered financial policy by the central government. -- Mark Alexander, PatriotPost.us, 9/26/08