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Published on Oct 25, 2014
The Subprime Mortgage Crises was not caused by trickle down economics. It was caused when Bill Clinton put Andrew Cuomo in charge at HUD to impose Affirmative Action Lending on banks which was enforced by Janet Reno under the Community Reinvestment Act. Then the Democrats in Congress obstructed and refused to allow GSE reform under Bush and let banks bundle toxic assets as securities and sell them on Wall Street to help offset thier losses. When the housing market crashed it took the stock market with it and the economy of this country is still suffering to this day.