I am going to ask for help from some of our scholars and ex bankers on this one !

I have been trying to figure out in simple terms how this country got here relative to the financial crisis and bad loans which everyone says is at the root of the problem

An old friend of mine called today..someone who I have always respected and of course the conversation got to the BAIL OUT. I told him I was still confused on how this happened. This is what he told me, and a note to my Democrat friends....the guy who told me this is a Democrat

Okay...he says it all started with the Community Revinvestment Act from the 70's, changed by the Clinton adminstration in mid 90's and reviewed by law by the Bush administration in 2003 where they suggested more government oversight, and it was opposed by the Democrats in congress at the time saying there was no problem and thus it was not necessary.

Guys and Gals who know....is it this simple....does this have truth ?