Another piece of the awesome Bush Legacy:
There’s no shortage of blame for the mortgage crisis that drove the economy into the ditch.
But here’s a fresh culprit: the 2005 bankruptcy reform act, which was strongly pushed by the credit card industry.
So say three researchers at the Federal Reserve Bank of New York, who argue that the legislation shifted risk from credit card lenders to mortgage lenders, helping trigger the surge in home foreclosures.
Thank you, Bush Republicans.
And by “thank,” I mean something else. Begins with an F.
(And yes, I realize that Vice President-elect Biden voted for the law. A fact I’m trying hard to reconcile.)