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ACCOMPLISHED GOOGLERS can probably find the original talking points off which dozens of conservatives have made essentially the same case: The Community Reinvestment Act of 1977 caused the financial crisis. For example, a Wall Street Journal editorial lumped CRA together with far more plausible causes of the meltdown. This liberal-inspired law, it complained, “compels banks to make loans to poor borrowers who often cannot repay them.” In fact, the CRA had about zero to do with today’s problems.

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