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Reagan did not degreualte any of the lenders. Once Fannie Mae and Mac were strated tne the democrats as stated wanted to make loan easier to those that couldn't get them. That started during clinton's term. At one point it was called for hearings by some as the democrats fouhg it. Barnay frank even said that if they got in rouble the governamnt could always bail them out.
It actually started with Carter, but it was Clinton that made some further regulatory changes and his HUD really began to pressure the banking industry to make the loans.
Except for one itsy bitsy, teeny weeny little factoid....Obama is not stealing. His vice President is not a war monger stealing via Hell-iburton. Obama is not giving us the BS by telling us that Iraqi oil will pay for the illegal occupation.
Explain the "stealing" (I already know what you're going to say, but I want you to stick your neck out one more time for someone to chop it off).
What does Haliburton have to do with this? You don't even know who/what Haliburton is. I do. Haliburton was a big customer for a company I used to work for (I was in the marketing department at the time and I'm very familiar with Haliburton).
Haliburton is an oil services company. Haliburton knows the Iraqi oil fields (and in fact probablably all the Middle East oil fields) better than anyone else, because it is their equipment. Is it any wonder that they were the no-bid contractor chosen to repair/rebuild?
For some jobs, Haliburton is the only company. No one else does what they do.
You have not read your history books. Read up on Regan deregulation on finance industry and its effects to S&L industry in the 1980s.
Google this:
Garn-St. Germain Depository Institutions Act of 1982 - An Act to revitalize the housing industry by strengthening the financial stability of home mortgage lending institutions and ensuring the availability of home mortgage loans.
It was a major deregulatory bill initiated by Reagan admin, and it did not go too well when it was passed and signed by Reagan.
While you are correct that the mortgage/banking crisis is due to the expanded CRA regulations during the Clinton Administration, I think the "current economy" is now officially owned by the Obama administration.
This is because he has done nothing as yet to address the current freefall of the Market, (the result of the banking crisis) which by now could have been at least stopped, if not turned around completely by some decisive action of the right kind (for example reduction of the capital gains tax, or eliminating it altogether).
Instead, Obama has chosen to ignore the crisis in the market, and proposed expensive and ambitious plans, none of which help to expand the economy, yet they depend on an expanding economy for funding.
The markets await some sign that the administration will do something, but nothing seems to be forthcoming.
"Amazingly, six weeks and two vast legislative proposals into his administration, the president has not said what action he will take to address the bad debt that has turned some of our largest banks into dead men walking and continues to debilitate our economy."
Obama owns the current economy, whether he likes it or not. It didn't have to be this way. It is his. He has created it, is prolonging it, and doesn't care a whit.
While you are correct that the mortgage/banking crisis is due to the expanded CRA regulations during the Clinton Administration, I think the "current economy" is now officially owned by the Obama administration.
This is because he has done nothing as yet to address the current freefall of the Market, (the result of the banking crisis) which by now could have been at least stopped, if not turned around completely by some decisive action of the right kind (for example reduction of the capital gains tax, or eliminating it altogether).
Instead, Obama has chosen to ignore the crisis in the market, and proposed expensive and ambitious plans, none of which help to expand the economy, yet they depend on an expanding economy for funding.
The markets await some sign that the administration will do something, but nothing seems to be forthcoming.
"Amazingly, six weeks and two vast legislative proposals into his administration, the president has not said what action he will take to address the bad debt that has turned some of our largest banks into dead men walking and continues to debilitate our economy."
Obama owns the current economy, whether he likes it or not. It didn't have to be this way. It is his. He has created it, is prolonging it, and doesn't care a whit.
Unfortunately, the plethora of facts that you spend presenting on here, is a waste of time. The Slobbering Love Affair among BO and the Libs will prevail-until our and every other sensible politician out there's predictions come to fruition...which at this point at the rate BO is spending, won't be long.
By the way, how does a new president, just sworn in ~7wks ago, have so much time to travel all over? Has he actually sat down at his desk for a day?
Sorry but in my opinion (and a whole lot of other Americans), no amount of time will ever justify a shift of ownership from the Bush economy to Obama. Unfortunately, every bit of the mess we are in (and will be in for years to come) sits, and will remain squarely with, George W. Bush. Yes, Obama is faced with having to commit incredible amounts of taxpayer money to try to stop the downward spiral but the fiscal mess we (and now the rest of the world) are in, started because of no oversight, no regulation on wall street. When AIG, Bear Stearns, BOA, Citi and everyone else fessed up to their greed and incompetence and could no longer hide their huge greed and losses, everything, everywhere went to crap! It is, and always will be attributed, to the George W. Bush/republican philosophy of let the rich get theirs and somehow, the rest of the country will benefit. What a joke! Everyone wants to hold Reagan up as this icon of the republican party. How quickly everyone forgets "Trickle Down" and "VooDoo" economics which ALL economists slammed as a ficticious way to try to make an economy work.
Bush just proved it again and now the whole world will have to pay!
Thanks George.
Clinton's fault was in listening to the republicans and signing a bill proposed by them. He tried to deter the potential disaster by requiring banks to take risk at their own peril, but his second mistake might be seen as him underestimating the crooks.
Still, things didn't turn ugly into 2003. Would you like to explain why the delay?
One huge common denominator in all this bickering. GOVERNMENT!
Good luck to ya'll.
Spoken like a republican. "Elect us, and we will prove government is bad".
Let us blame the founding fathers for creating this abomination called the government. We could have used a dictator or a king/queen. Or, perhaps a system designed around anarchy.
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