How did this all start again?

[Iamonebigmofo]

..............

[SUPDOG]

HOw Dare YOU!!!!!



HOW DARE YOU!!!!!!!!!!!!

[Nevada_Ballin]

This takes the place of people being individually irresponsible with their borrowing?

This takes the place of the Bush Admin laxing regulations, that were in place on this, when he took office?

This takes the place of the Bush Admin totally ignoring the oncoming collapse by costantly telling people the economy was going to be fine - or to paraphrase of John McCain - "the fundementals of the economy are in good shape"

There's plenty of blame to go around here.... everyone can pick and choose who they want to blame and be right to a certain extent - but pointing fingers now does not solve the problem nor does it prevent it from happening again.

[Iamonebigmofo]

I agree. This was Clinton's brainchild, but it still doesn't excuse how GWB ran up the deficit. An entire net deficit over 8 years of around 400 billion. Even still, based on what I've seen the CBOs projections of this years deficit has Obama nearly doubling it, with potential to triple it.

[theanalogkid]

Most of the financial institutions that failed because of subprime lending were not under the regulations of the CRA, and surprisingly the amount of subprime mortgages Fannie Mae was holding was on the decline from 2006-2008, believe it or not.

The fact is, it wasn't just one single event that ended up causing this mess. No, it's not just the Democrats fault, or the Republicans, Congress AS A WHOLE takes a share of the blame for this. Even then Congress isn't wholly responsible for everything that happened. The Federal Reserve, Credit Rating Agencies (who BTW rated these securities as AAA, or Aaa), and others helped cause the Housing Bubble. Unfortunately the government is trying to re-inflate it. Excessive borrowing caused this mess, excessive borrowing which is going on right now, is not going to get us out. That stimulus bill should have never happened, the government should have backed off and let these companies liquidate. You might be worried about 11 million unemployed but 20-30 million is far worse, and that's what will happen if the government tries to continue to "fix" things.