I expect to be flamed as an enemy of capitalism (and I truly am not), but here goes.
“We have a good deal of comfort about the capital cushions at these firms at the moment.” — Christopher Cox, chairman of the Securities and Exchange Commission, March 11, 2008.
I do blame Frank, Clinton, Holder, Kennedy, etc. but Cox was on Bush's watch. The SEC in 2004 allowed "exemptions" for "big" investment firms like Bear Stearns to increase their leverage to 33 to 1. Pauson was pushing hard for these "exemptions." Two years later he became treasury secretary, and then in 2008 -- well, you know.
I believe that 2004 SEC decision helped the investment firms to hide the bad mortgages, and that we still have not discovered all the losses and risks.
U.S. Rescue May Reach $23.7 Trillion, Barofsky Says (Update3)
No-No=No, “You are HELPING the democrats by not repeating the narrative that Bush fought tooth and nail to stop the housing bubble, by not repeating it to fellow Freepers” As if they will vote democrat if you tell the truth. I am and expert at drawing fire for showing any independent thought on issues.
On the bright side, the Health Reform plane has both engines on fire and is spinning after dropping 30K feet. But I am sure Obama’s press conference tomorrow will bring up the nose, blaming it all on .....Republican obstructionism LOL. This is where having McCain lose (+ Frankin 60th vote late in the game) makes being a anti-democrat fun again. If McCain had won he'd been blamed for everything now.,
On MSNBC KO they are claiming Republicans lose if the bill fails because they will get blamed, Even Ed Schulz would make that delusional claim.