Andy, again, like Rummy and his drug company patenting Tamiflu? It appears today both pandemics might, just might, be getting away from the fear cycle?
“Actually the outbreak started from .gov pushing subprime loans to banks to make loans to people who normally couldn’t afford them.”
Actually, subprime loans was only a part of the problem. By themselves, the subprime loans to people who normally couldn’t afford them wouldn’t have caused it.
It is that in addition to:
* Greenspan slashing interest rates.
* Greenspan encouraging adjustable-rate mortgages.
* Congress supporting a mortgage tax deduction to incentivize home buyers to buy more expensive houses (that they can’t afford)
* Clinton Administration who pushed for less stringent credit and down-payment requirements for people that could afford homes.
* Mortgage brokers who offered subprime mortgages when they didn’t have to.
* Wall Street firms who paid too little attention to mortgage-backed securities (MBS), issuing bonds using those securities as collateral.
* Bush Administration who failed to provide oversight to the MBS market.
* Accounting rules allowing mark-to-market and not being stopped by either administration.
* Collective delusion that home prices would just keep on rising forever, regardless on how fast they went up in the past.
The United States Economy is hard to screw up and takes multiple fronts to mess with it. It is so complicated that anyone that tries to take any one factor as the reason for the crisis is foolish. It’s going to take a long time to fix which is further reason why criticizing the Obama administration even BEFORE the first budget goes into effect is even more foolish.
But, my question is, why didn’t Bush and the Republicans do something about these factors in the six years they had the power to do something? Or did the Democrats do it all in less than two years?
Dtroutma almost 15 years ago
Andy, again, like Rummy and his drug company patenting Tamiflu? It appears today both pandemics might, just might, be getting away from the fear cycle?
danielsangeo almost 15 years ago
“Actually the outbreak started from .gov pushing subprime loans to banks to make loans to people who normally couldn’t afford them.”
Actually, subprime loans was only a part of the problem. By themselves, the subprime loans to people who normally couldn’t afford them wouldn’t have caused it.
It is that in addition to:
* Greenspan slashing interest rates. * Greenspan encouraging adjustable-rate mortgages. * Congress supporting a mortgage tax deduction to incentivize home buyers to buy more expensive houses (that they can’t afford) * Clinton Administration who pushed for less stringent credit and down-payment requirements for people that could afford homes. * Mortgage brokers who offered subprime mortgages when they didn’t have to. * Wall Street firms who paid too little attention to mortgage-backed securities (MBS), issuing bonds using those securities as collateral. * Bush Administration who failed to provide oversight to the MBS market. * Accounting rules allowing mark-to-market and not being stopped by either administration. * Collective delusion that home prices would just keep on rising forever, regardless on how fast they went up in the past.
The United States Economy is hard to screw up and takes multiple fronts to mess with it. It is so complicated that anyone that tries to take any one factor as the reason for the crisis is foolish. It’s going to take a long time to fix which is further reason why criticizing the Obama administration even BEFORE the first budget goes into effect is even more foolish.
But, my question is, why didn’t Bush and the Republicans do something about these factors in the six years they had the power to do something? Or did the Democrats do it all in less than two years?
raycity almost 15 years ago
Let’s put the blame where it belongs dead beats were given loans, that is what the liberals wanted.And like any dead beat they did not pay.
yayliberalism almost 15 years ago
I agree with everyhting but social security
riley05 almost 15 years ago
Heh…ANandy complains about “ad hominem” in the very next sentence after calling our president “Inept BozO”.
Says a lot.