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The age old class-based complaint about credit was that the capitalists hoarded it for themselves, thereby barring the poor the opportunity to start a business or buy a home. That was the substance of the red-lining complaints that resulted in the Community Reinvestment Act. For the last decade or so, we’ve faced the inverse probelem an excess of liquidity and a bevy of predatory practices whose consequences will fall hardest on the poor and working class. What should be the policy going forward for credit regulation in this context?

Max Sawicky lays out some thoughts.