And Yes, She's Christofascist Too!
I just looked at my numbers for the last post. O.K., I get it, very few people were interested in a pink ATM. But I'm still going to write about this Bachmann-minority mess.
The law [the 1977 Community Reinvestment Act] imposes on the covered depositories an affirmative duty to lend throughout the areas from which they take deposits, including poor neighborhoods. The law has teeth because regulators' ratings of banks' CRA performance become public and inform important decisions, notably merger approvals. Studies by the Federal Reserve and Harvard's Joint Center for Housing Studies, among others, have shown that CRA increased lending and homeownership in poor communities without undermining banks' profitability.
...Second, it is hard to blame CRA for the mortgage meltdown when CRA doesn't even apply to most of the loans that are behind it. As the University of Michigan's Michael Barr points out, half of sub-prime loans came from those mortgage companies beyond the reach of CRA.
Michele Bachmann (R-MN) quoted Terry Jones in the right-wing publication Investor’s Business Daily about minorities and the CRA. Now remember, this is a congresswoman who told Nancy Pelosi that the planet had already been "saved" by Jesus Christ. She's also woman who can't spell her own first name (honey, she ain't that original!)
It wouldn't be so bad if she were just a moron. After all, being a moron is not a crime. But she's a MORALIZING moron!
And those kind of morons are especially dangerous. She's obviously a politician backed by some very strange, but powerful people: