Second, the ETHANOL subsidies are DESTROYING wheat because farmers get so much more for corn now that Congress wants us to use FOOD as FUEL!!!! IT"S INSANITY!!!
COntact CONGRESS!!!
This is such absolute BS trype that its embarrassing that so many people repeat this crap. This ideological rhetoric is flat out lies and while I expect such blithering stupidity from talking pinheads like Hannity, its not reality. Everything was not going along fine until the Dems took over congress... Gubment programs did not create the sub prime mess.
Greed created the sub prime mess, it had nothign to do with government policy. Sub Prime going mainstream due to corporate greed led to the sub prime mess not government policy. This and the CDO bundling and rebundling and rebundling. To blame the dems for individual corporate greed is just flat out ignorant, and it does no one any service by repeating such ignorant nonsense.
The big institutions honestly thought they could by CDO bundling and rebundling mitigate the risk of lending, particularly to less than qualified people. It had ZERO to do with any changes made by congress. By the times the dems took over congress in 2006 (and not sworn in until 2007) the seeds had already been set for years for the collapse we are now seeing.
Anyone who says otherwise, is beyond ignorant, and has more interest in their political rhetoric and world view than facts. The Dems took over congress in Jan 07... and the mess we are seeing is far more than 1.25 years of a bad policy.. what you are seeing is the collapse of about 5-6 years of absolutely rediculous lending driven by greed. And that in turn is starting to unravel several decades worth of incredibly bad long term fiscal policy by the fed.
HamiltonJay is right, everything was not going smoothly. The Fed's 1990's liquidity binges created this problem. The Fed is fixing it today with the exact same incorrect solution.
Really? When exactly was that?