Quote:
Originally Posted by Bucco
VK SAYS "Certainly, the problem began with too many mortgage loans to people who couldn't afford to pay them off.
BINGO BINGO BINGO and congress (BOTH parties) knew it was happening...knew what could happen and allowed it !
I just need to add based on some of the other discussions this evening on this. This fact is one of the reasons I get so upset when folks on here continually say that all the trouble economically was "Bush s fault". My reaction is not party driven but fact driven. Did the Republicans over spend..yep....did mostly Dems ignore what was happening in the housing market...yep ! It has become very convenient with no explanation for the current WH to mouth the words describing what he inherited and to hear Pelosi, Franks, Dodd and the lot of them with the same old song.
It were not one person or one administration.....just go back and research what was going on during the Clinton administration. If you are gonna throw stones make them accurate and on point...not party oriented !
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Bucco, since you continue to ask good questions and claim to be objective, may I ask that on just this one occasion, you might acknowledge that the eight year period, after the (near balanced budget) Clinton era, was the time when finance regulations were finally dismantled. I agree that those god awful Democrats were involved. I'd love to give Sen. Dodd a piece of my mind for lending his support to deregulation. But at least he admits how badly he screwed up.
What I don't think you heard me say was that the folks who are in the party that starts with "R" have for a long time felt deeply in their hearts that unfettered free enterprise would ensure the most productive, successful US economy. It was a popular thought: strong dollar, corporate profits reinvested in production, jobs galore, low taxes, etc. They REALLY believed it, and so, it seems, did you.
All I'm asking is that you be objective enough to admit that there was a flaw to unregulated finance. Something that is very costly to fix, but must be done.
Can you at least agree to that?