This is how our recession started
 

https://en.wikipedia.org/wiki/Glass%...ll_Legislation This is where government screwed us Bill Clinton was to blame (Democrats) I think Gingrich was involved with this to.

There were a number of reasons for the financial situation.

Community Reinvestment Act with mortgages. A weak Fannie Mae.

Over spending, mostly in Iraq. Both parties, many people involved.

BUT, reading the posts today, it appears if you were on duty when it happened, you are responsible....see the many posts saying Bush was responsible for 9/11 and they are adamant about that.

THUS.....President Obama is to blame for the recession as he was the President !!

I am obviously kidding but that is the kind of thinking that went into it.

I think it is a shame that it needs to be brought up now actually, because it is a defense against the Bush bashers, who do not care how it began....do not care anything except to protect the PARTY !!

Both parties, many people and organizations had a hand in causing the recession and I have no great hopes for the future as the two parties have totally stopped discussing anything.

One party is constantly in a public attack mode and the other has internal squabbles.

Very depressing

Not so much Gingrich as Barney Frank which refused Bush's request to have Fanny/Freddy audited, on several occasions.

When the banks started "giving" money to unqualified borrowers the system began to head south.

No document loans.

Multiple loans allowing folks to buy multiple properties they would otherwise never qualify to get.

Barney Frank and associates keeping the bank doors wide open to the above and some we would shake our heads at hearing.

No mystery....money and housing to unqualified buyers and borrowers. No mystery at all....no matter how it is labeled.

And don't forget those home buyers who were willing to accept a mortgage they knew (or should have known) they could never afford. PERSONAL RESPOSIBILITY as opposed to "free stuff"

If 20% down were a standard rule for everyone we would have never had the meltdown. After all, if you needed 20% down, that means you would have to get a job to attain that 20%. What a unique idea. Wish it would catch on.

If they had to put money down on a loan, then they certainly wouldn't have walked away from their obligation. Anyone that blames the gov on their stupidity does not deserve to own a home again. If you obligate yourself to a loan, you pay it off, plain and simple. You don't come back in a couple of years and tell them that you are not going to pay them because you don't believe the loan is fair, or that you home is not worth what it was when you purchased it. You don't do that with a car, and a car is not worth what you paid for it, the moment you drive it off the lot. I have no sympathy for the idiots that walk away from a loan obligation.

How dare you bring fact and intellect into this forum?

I think I noticed some liberal eyes bleeding and heads exploding.

Wait for it.................wait....for.....it......

Should be a diversion popping up any time now.

What is even more chilling and tell tale is when it does not happen....then you know you gottem.