[Arthur Wildfire! March]

“So no, Waters and her ilk did not cause the Great Recession, that was inevitable.”

Oh, Palmer.

Yes they did cause the Economic Meltdown.

The Timeline Project / Link List of Bailout History [and meltdown]
http://www.freerepublic.com/focus/f-bloggers/2093845/posts
[Plenty about Fannie/FReddie]

~

GW Bush tried to rein in bad loans. His administration was shouted down as ‘racist’, so he caved. Maxine and her buddies were the ones who defended FAnnie/FReddie.

THAT was why Bush needed to leverage bad debt — to hide the impending crisis. The ROOT of the problem was the bad debt scheme.

[palmer]

There was bad debt all around. Your timeline paints McCain as some sort of hero. He was not, he competed with Obama in 2008 on how many new regulations to impose. Furthermore the timeline doesn't mention the huge number of liar loans bundled into securities. A bubble is a bubble. There's no way a bubble can nicely or slowly deflate, it must pop.

The bad loans were at the root as you say, but those bad loans were not just a couple government programs. The entire housing bubble, the refinancing for new granite kitchens, the flippers, the DC suburb tear-downs for $1,000,000, along eveerything in the timeline, were going to cause a crash. There was no way around a crash. Certainly nothing the inept McCain would have or could have done.