Posted on 10/10/2008 6:21:32 AM PDT by palmer
If you must publish a vanity blaming the current financial meltdown on the Democrats, then at least read a little about Iceland and understand that the Democrats did not force Iceland into leveraged buyouts of Europe. They didn't force European banks to buy MBS at 48bp above treasuries because someone rated them AAA. They didn't force Greenspan to lower rates, and they didn't force Japan to keep theirs at 0.5% (carry trade unwinding rapidly now).
All those factors above created the environment to make bad economic decisions, first mortgage rates that were too low to reflect borrower risks, but then securities prices that were way to low to reflect systemic risk. The democrats stepped in and forced a system built on sand to be built on quicksand. The result is collapse from deleveraging, although without their meddling the result would have been collapse, but perhaps later.
It was the dems. We all know it. Their silly “everyone must have a home” crap - the banking regs for their buds in Fannie and Freddie... They set the stage... you know it.
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