10 Feb 2020 2:06 pm
That crash was a PERFECT EXAMPLE of GOP slash regulation policies. We had avoided and financial sector meltdown for more than 60 years because of things like Glass Steagal. Then AS SOON as they were able to get rid of those regulations they IMMEDIATLY began doing the things those regulations were meant to stop. Playing casino with EVERYONES money bundling loans then selling them so they had no CARE whether those loans would ever be paid back since the DEBT ITSELF was turned into a commodity and sold.Misty » 10 Feb 2020 1:59 pm » wrote:
This is what you said:
Obama is not the one who pushed home ownership for people with bad credit histories and no money for down payments and gave mortgages to anyone who could sign their name without even checking their income.Zeets2 » 09 Feb 2020 7:38 am » wrote:Comparing Obama's LAST 3 years in office doesn't reveal the true story! The fact is that the true comparison to Trump's first 3 years in office is to OBAMA'S first 3 years, and you KNOW how badly he crashed the economy then!
I saw the crash coming in March of 2008, before Obama was even the Democratic nominee.
And Termin8tor (AKA RichClem) said I was wrong.
RichClem's Response:QUOTE (MistyBlue @ Mar 28 2008, 12:49 PM) We are headed for an economic tsunami, and McCain's answer is to sit back and let the free market work it out.
Except I guess when some big bank fails. Then he will bail them out with our money.
QUOTE (RichClem @ Mar 28 2008, 12:58 PM) We aren't on the verge of a meltdown, unless incompetent politicians pass stupid policy, which thankfully has not happened, except in small doses.
Those BUYING the loan bundles also didnt care since they were making short term money and they KNOW the dirtly little secret that conservatives studiously avoid. The cons SAY they deserve the money they make because THEY take the risk but what the financial sector know is RISK is socialized. They HAD NO RISK. THey knew they could take all the short term profit they could and when the bill came due, WHICH THEY KNEW IT WOULD, the TAXPAYERS would get the bill
It is the equivalent of someone taking OUR credit care to a casino then keeping all they WIN and putting what they LOSE on OUR CREDIT CARD