"The first thing we heard earlier this year was that thousands of homes had gone into foreclosure due to the subprime loans affecting the liquidity of financial institutions. The Community Reinvestment Act required banks to make loans in all areas of their communities, even the lowest income ones. This egalitarian Act turned banks into charitable institutions or arms of the welfare state. Banking lobbyists did nothing to stop it because they feared being labeled 'racist' by the 'civil rights’ groups.[1] I wrote back in February 2007 that America was insolvent."