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Republicans have been taking a beating for several weeks now in the mainstream press for causing the financial melt down that made the $700,000,000,000 GSE bailout necessary. Did the Republicans really cause this problem through excessive deregulation as is alleged? Based on the videos and numerous attempts to rein in the GSEs by GWB starting in 2003 and Senators Hagel, Dole, Sanunu and McCain starting in 2005, it would appear not.
Most of us know the truth, but many are suckered into believing something else. Just the other day, a woman for the Obama campaign came to our door. When we mentioned the crisis, she went on a tangent saying that people who lost their homes are at fault. What? Oh okay, so losing your job, being activated to war duty and losing your job and home is their fault? Well, I was able to see first hand the mind set of this supporter. I was not pleased.
The disaster was caused by the collapse of the unregulated, $60 trillion derivatives market. That market was created by McCain's financial advisor - Phil Gramm. It was created on the back of the housing bubble, which had it's beginnings in the late 90s - including some policies signed by Clinton but written and pushed by the GOP-led Congress. In any event, those policies were conservative polices.
This economic crisis is a conservative one, start to finish.
And you remember when the dot.com companies on wall street went bellyup? It was Bush who promised he would keep a eye out on Wallstreet so this won't happen again.
The disaster was caused by the collapse of the unregulated, $60 trillion derivatives market. That market was created by McCain's financial advisor - Phil Gramm. It was created on the back of the housing bubble, which had it's beginnings in the late 90s - including some policies signed by Clinton but written and pushed by the GOP-led Congress. In any event, those policies were conservative polices.
This economic crisis is a conservative one, start to finish.
Stop it!
Bringing facts into a discussion of GOP culpability in sinking our economy is not fair!
weasel
http://www.forthright.net/gramm.jpg (broken link)
Phil gramm
I think probably both parties are responsible for this mess. Some policies from some and some from the other. It did happen though on George W.'s clock, which would make him and his administration most culpable--to me anyways.
And you remember when the dot.com companies on wall street went bellyup? It was Bush who promised he would keep a eye out on Wallstreet so this won't happen again.
Hmm, I think he said the same thing after Enron too.
An economy flush with cash from extremely low interest rates and rock-bottom tax rates is just ripe for bubbles. The chum was thrown in the water and then we wonder why we all ended up getting trashed by the sharks.
I think Bush's 8 years showed total incompetence. I don't know, even if you're a staunch republican--Bush was a total failure. The war, now the economy, the environment, the eroding of civil rights, blah, blah, blah. We have been living in the dark ages.
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