Changes

The threat of civil action caused many mortgage lenders to make what otherwise would be considered risky loans. For example, the lead attorney for [[ACORN]] Housing, [[Barack Hussein Obama]], sued Citibank in 1995 to force them into making [[Subprime loan|subprime mortgage]]s to unqualified minority borrowers. Obama alleged that, although his clients had been denied mortgages "because of delinquent credit obligations and adverse credit," they were really victims of institutional racism. The suit was brought about by the Community Reinvestment Act, so called "affirmative action mortgage lending." The plaintiffs won $60,000, Obama and two other attorneys were paid $950,000 <ref>[http://www.forbes.com/2009/10/03/community-reinvestment-act-mortgages-housing-opinions-contributors-peter-schweizer.html A Poisonous Cocktail: Expanding the Community Reinvestment Act], Peter Schweizer, ''[[Forbes]]'', 10.05.09. ''Selma S. Buycks-Roberson v. Citibank'',</ref>

The threat of civil action caused many mortgage lenders to make what otherwise would be considered risky loans. For example, the lead attorney for [[ACORN]] Housing, [[Barack Hussein Obama]], sued Citibank in 1995 to force them into making [[Subprime loan|subprime mortgage]]s to unqualified minority borrowers. Obama alleged that, although his clients had been denied mortgages "because of delinquent credit obligations and adverse credit," they were really victims of institutional racism. The suit was brought about by the Community Reinvestment Act, so called "affirmative action mortgage lending." The plaintiffs won $60,000, Obama and two other attorneys were paid $950,000 <ref>[http://www.forbes.com/2009/10/03/community-reinvestment-act-mortgages-housing-opinions-contributors-peter-schweizer.html A Poisonous Cocktail: Expanding the Community Reinvestment Act], Peter Schweizer, ''[[Forbes]]'', 10.05.09. ''Selma S. Buycks-Roberson v. Citibank'',</ref>

===Too big fail and the modern bailout culture===

===Too big fail bailouts===

[[Image:ClintonPresident.jpg|right|thumb|275px|Bill Clinton's Presidential cabinet]]

[[Image:ClintonPresident.jpg|right|thumb|275px|Bill Clinton's Presidential cabinet]]

Clinton refered to the Mexican [[bailout]] in his memoirs as, "one of the biggest crisis of my first term", and quotes Tom Friedman of the ''[[The New York Times]]'' saying it was the "least popular, least understood, most important foreign policy decision of the Clinton presidency."<ref>''My Life'', Bill Clinton, Knopf, 2004, pp. 641-645.</ref> It was the brainchild of Treasury Secretary Bob Rubin and chief economic adviser [[Larry Summers]] who later served President Barack Obama in the same position. Clinton claims it took him 10 minutes to decide on the $20 billion bailout. Polls showed 79% of the American people opposed it, with little support in Congress.

Clinton refered to the Mexican [[bailout]] in his memoirs as, "one of the biggest crisis of my first term", and quotes Tom Friedman of the ''[[The New York Times]]'' saying it was the "least popular, least understood, most important foreign policy decision of the Clinton presidency."<ref>''My Life'', Bill Clinton, Knopf, 2004, pp. 641-645.</ref> It was the brainchild of Treasury Secretary Bob Rubin and chief economic adviser [[Larry Summers]] who later served President Barack Obama in the same position. Clinton claims it took him 10 minutes to decide on the $20 billion bailout. Polls showed 79% of the American people opposed it, with little support in Congress.