“The purpose of this legislation (The Community Reinvestment Act) was to target what was alleged to be discrimination in mortgage lending, and lending by banks. … In order to exonerate yourself, to protect yourself from possible lawsuits alleging discrimination, you, as a financial institution, basically should be extending loans … in the (minority) community itself. If you are not extending loans according to some percentage that government agencies will determine, then the presumption is that you are guilty of discrimination.” Thomas E. Woods, Jr.
Bestselling author and Mises Institute senior fellow Thomas E Woods, Jr., discusses the current economic crisis and why government intervention will only make things worse. Recorded at the University of Colorado, Boulder; 3 April 2009.
