Larry Kudlow on Morning Joe
Now I have heard it all. It is the fault of poor people that we are in an economic crisis. Kudlow blames low income people that wanted to own a home. It is also the fault of the Community Reinvestment Act which made it possible for low income people to receive loans. This is just plain ridiculous. You cannot blame the economic crisis on poor people. I wasn’t aware that poor people with limited resources had the power to bankrupt Wall Street banks. Kudlow fails to acknowledge that there were larger factors at play. What about banks making loans with money that they didn’t have? What about greedy executives? What about speculators in the real estate market buying 2nd and 3rd homes? What about poor risk management? What about unsuitable mortgage products?
