On CNBC today I was treated to yet another facet of the decrepit ignorance of our populace and our (previously) elected officials. I used to get emails from such morons, but since I began answering them back instead of deleting them, the number of emails has thankfully fallen off.
So this morning's Squawk Box show featuring the ignoble Mr. Armey (at right) gave me a glance into what I've been missing. Apparently, deregulation dummies have been circulating an email containing a 1999 New York Times article about the the 1977 Community Reinvestment Act and drawing some conclusion that this somehow has led to the current mortgage crisis. Idiots.
Fortunately, the venerable Barry Ritholtz has done the heavy lifting and referenced the complete lunacy of such an argument. Read it in full, but here are the salient points: