Well, you and yours had your way for years and look where we are. You didn’t like gov’t and wanted to de-regulate, so you did, and look where we are. FWIW, I was about eight years ahead of the curve on this one. Look up my piece back on March 15, 2001 when I changed parties and read why. I was on to the irresponsible loans and at least one of the stupid changes in the law. Amazing how Karl Denniger is starting to post some of the same ideas and stuff I did about usurious rates and lousy lenders.
parsy, who at least is doing something breathlessly well
It was the Clinton administration that issued the tracking regulations that encouraged ACORN and NACA to file petition after petition with bank regulators to hinder the banks from doing business the way they always had (i.e. making loans to credit-worthy parties) and extorting money from them under the threat of legal reprisals, then turning around and making the money available to people with bad credit, low income and in many cases, without any down payment at all..."subprime" mortgages...the Department of Housing and Urban Development insisted that Freddie and Fannie purchase these loan...then mandated that they buy 45% of all loans from people who were the biggest risks.
It was Dodd and Schumer and Frank...Democrats...members of your party...who refused to heed the warnings about these ticking time bomb loans...who refused to force Fannie and Freddie to comply with practices consistent with traditional oversight...and the guys cooking the books at these institutions...almost all of them Democrats...rewarded themselves with bonuses in the millions of dollars.
President Bush sounded this alarm repeatedly...and now it's President Obama...a memeber of your party...who is trying to spend his way out of this mess.
You want to know how to deal with a dpression or a recession? Study up on Warren Harding and the depression of 1920...he fixed it by leaving the market alone. It corrected itself.
Conservatives know who's to blame for this recession, and they know how to fix it. Cut taxes and cut spending...the antithesis of your philosophy. You're a sham!