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Yep...his administration also created the department of energy...to make America energy independent. That didn't happen until Trump...and Biden's very first order of business was to make America dependent on foreign energy again.
Carter was also responsible for the Community Reinvestment Act (CRA). The idea was to ensure fair lending practices into poorer communities and prevent redlining. In order to fulfill the requirements, banks would have to lower their lending restrictions. However, it wasn't until later in the Clinton administration where the CRA was enforced...Bill used the Treasury Dep't as the hammer. Lending requirements became less strict, more people qualified for loans, the amount people could borrow increased leading to people purchasing homes they couldn't afford, housing demand increases, price of homes go up...and now you have a large population of individuals unable to pay back loans. Bad loans got packaged in mortgage backed securities. The housing market was going to collapse...the question was when, and it happen on Bush 43's watch...but it all began with the peanut farmer.
Carter was a much bigger disaster than people realize.
Carter was also responsible for the Community Reinvestment Act (CRA). The idea was to ensure fair lending practices into poorer communities and prevent redlining. In order to fulfill the requirements, banks would have to lower their lending restrictions. However, it wasn't until later in the Clinton administration where the CRA was enforced...Bill used the Treasury Dep't as the hammer. Lending requirements became less strict, more people qualified for loans, the amount people could borrow increased leading to people purchasing homes they couldn't afford, housing demand increases, price of homes go up...and now you have a large population of individuals unable to pay back loans. Bad loans got packaged in mortgage backed securities. The housing market was going to collapse...the question was when, and it happen on Bush 43's watch...but it all began with the peanut farmer.
Carter was a much bigger disaster than people realize.
