Lynn A. Westmoreland: “The gentleman brought up a good point about government and the fact that we have an interest now in banks and we have an…”

“The gentleman brought up a good point about government and the fact that we have an interest now in banks and we have an interest in the car business. We even have a car czar I guess that's going to tell them what kind of cars will sell best. But the question I have and I think the question that the American people have is the government is what brought this on in the Community Reinvestment Act. And, look, I love the Community Reinvestment Act in some of the design of it because I believe in downtown redevelopment. I think we need to go into some of these downtown areas, especially places like Detroit and other places, to redevelop that downtown. These downtowns are beautiful. So some of that Community Reinvestment Act was good. But the part that was put in place in 1995 by President Clinton that told these lending institutions, look, you're either going to make so many of these loans to people who can't afford them or we are going to fine you, and then we, the government, are bailing out these people that not only took that but then made all these different loan programs with derivatives that nobody in the free world with any type of computer could figure out, and here we are; so the government's being involved--and that's why this statement right here concerns me so much when it says ``Only government can break the vicious cycles.'' There's truth in that, but it's kind of a different truth than what the President-elect means.”