Quotes

The Cry Wolf Quote Bank chronicles the false predictions and hyperbole by opponents of these laws and protections.  While the issues and specific policies change over time, the rhetoric and themes remained the same.  You can search the Quote Bank for what opponents said to prevent these laws from passing. Using the drop down menus on the right their statements by issue, by specific law, by who said it and by the core themes they evoke.   Elsewhere on the site, you can find articles, studies, and other material that debunks their claims. 

E.g., 2020-08-03
E.g., 2020-08-03

The roots of this crisis go back to the Carter administration. That was when government officials, egged on by left-wing activists, began accusing mortgage lenders of racism and "redlining" because urban blacks were being denied mortgages at a higher rate than suburban whites. The pressure to make more loans to minorities (read: to borrowers with weak credit histories) became relentless. Congress passed the Community Reinvestment Act, empowering regulators to punish banks that failed to "meet the credit needs" of "low-income, minority, and distressed neighborhoods." Lenders responded by loosening their underwriting standards and making increasingly shoddy loans.

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Jeff Jacoby, Boston Globe.
09/28/2008 | Full Details

They say, ‘Well, this is a failure of the markets. Oh, this is about greed on Wall Street.’… the problem here is government intervention in the free markets. 1995, when Bill Clinton decided to tell, you know, [then-Treasury Secretary] Robert Rubin to rewrite the rules that govern the Community Reinvestment Act and push all these institutions to lend to minority communities, many were very risky loans. That was a noble idea, perhaps, but that certainly wasn't following free-market principles. This big pressure on institutions to dole out money and these risky loans started this whole ball rolling at Fannie and Freddie.

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Laura Ingraham, The O’Reilly Factor.
09/25/2008 | Full Details

“As an industry leader, Chase does not engage in several practices -- universal default, two-cycle billing and increasing a rate based on a change in a credit score -- addressed by the bill, but we believe the legislation as passed today has the potential of increasing overall costs to consumers, reducing access to credit, and reducing or eliminating low-rate options for consumers.”

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Stephanie Jacobson, first vice president of public affairs for Chase Card Services. CreditCards.com.
09/23/2008 | Full Details

Passing legislation like this will discourage lending. This comes at a particularly bad time when consumers and our economy have already had enough stress to deal with. It's not wise policy to create a consumer credit crunch at the same time that our economy is experiencing a commercial credit crunch.

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Rep. Pete Sessions (R-TX), CreditCards.com.
09/23/2008 | Full Details

Legislation likely to result in higher interest rates for consumers is not the answer. [This bill] would broadly constrain the ability of financial institutions to price risk, likely resulting in less access to credit and in higher interest rates for consumers.

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The Bush White House’s statement, CreditCards.com.
09/23/2008 | Full Details

[The bill], while well-intentioned, will increase the cost of credit for consumers and small businesses across the country, result in less access to credit for consumers and businesses alike, and may further roil the securities markets -- all at a time when our economy can least afford it.

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Edward Yingling, president and CEO of the American Bankers Association. CreditCards.com.
09/23/2008 | Full Details

There are also subsidies to certain types of mortgages. The Community Reinvestment Act bans so-called ‘red lining’ -- requiring banks to offer mortgages in the entire geographic area in which they operate, not just to do business in suburbs. Loans in profitable areas were then used to subsidize loans in areas where banks were losing money.

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John Lott Jr., Fox News
09/18/2008 | Full Details

It is foolhardy for lawmakers to push for regulations that would transfer dollars from families and businesses to bureaucratic big-government. We want to make sure citizens know what global warming alarmism will cost them – higher taxes, lost jobs, and less freedom.

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Americans for Prosperity President Tim Phillips.
06/09/2008 | Full Details

[Women] need the education and training, particularly since more and more women are heads of their households, as much or more than anybody else...And it's hard for them to leave their families when they don't have somebody to take care of them....It's a vicious cycle that's affecting women, particularly in a part of the country like this, where mining is the mainstay; traditionally, women have not gone into that line of work, to say the least.

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John McCain on the campaign trail.
05/28/2008 | Full Details

I am all in favor of pay equity for women, but this kind of legislation, as is typical of what's being proposed by my friends on the other side of the aisle, opens us up to lawsuits for all kinds of problems.....This is government playing a much, much greater role in the business of a private enterprise system.

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John McCain on the campaign trail.
05/28/2008 | Full Details

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