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Subprime Disaster: President Clinton Takes Credit

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Uploaded on Apr 7, 2010

"The Community Reinvestment Act was set up to say to the bank regulators: Look, you guys go in and look at these banks and tell them, you got to take some of your money and invest it in inner cities and neighborhoods, and with people who otherwise would not get it so they have a chance to build homes, to build businesses, to create jobs, to build neighborhoods.

In the 20-year history of the Community Investment Act, 85 percent-plus the money loaned out under it to poor inner city neighborhoods has been loaned in the five years since I've been President. "

President Bill Clinton
January 21, 1998

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