Partisan Spin, or Something Else?
Does Froma Harrop even try to understand the other side? A couple of columns ago, she laid the entire economic crisis at the feet of Phil Gramm, and now, she dismisses a contrary explanation by reducing it to one component:
ACCOMPLISHED GOOGLERS can probably find the original talking points off which dozens of conservatives have made essentially the same case: The Community Reinvestment Act of 1977 caused the financial crisis. For example, a Wall Street Journal editorial lumped CRA together with far more plausible causes of the meltdown. This liberal-inspired law, it complained, “compels banks to make loans to poor borrowers who often cannot repay them.” In fact, the CRA had about zero to do with today’s problems.
One need only watch that ubiquitous explanatory video to know that the CRA is only the beginning of a long tale. For her part, Harrop doesn’t so much as mention the Clinton administration’s modifications to the law.