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  • biospaceman21hero biospaceman21hero Feb 23, 2009 9:52 PM Flag

    Tracking the Obama market

    You never criticized Bush (who CAUSED this) but you immediately attack Obama, who is trying to fix Bush's mess. Why? Because he's black. That's a racist!

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    • While I am most certainly not an Obama fan, and did nor vote for him, it is rather early to blame the current economic problems on him.

      Maybe we shoild give more than one month before blaming him?

    • BUSH caused this? Why the man never made a subprime loan in his life.

      Many of the root causes for this debacle go back to the Clinton years. Such things as repealing the Glass-Steagall Act that had restrained bank investments since the Depression. Then there was the Community Redevelopment Act that practically forces banks to make a lot more loans to folks that can't afford them. That Act was ostensibly to combat the practice of redlining but it had the effect of having low-income folks getting loans they couldn't realistically pay back. This goes back to the Carter era when he had a filibuster-proof Senate.

      Don't blame Bush when for the most part it was Democratic presidents and a Democratic Congress that started undermining many of the safeguards that had been securely in place for decades and that were designed to avoid just the kind of debacles we now see.

      If Bush had a part in this, it was because he failed to veto some harmful bills that were passed by a Democratic Congress. Such as allowing certain large, elite investment banking firms to have leverage as high as 42 to 1 whereas previously the limit allowed for leverage was something like 11 to 1. Congress felt that these big investment banks were just so large that even if they overleveraged a bit, they wouldn't be in any imminent danger of collapsing.

      Congress thought wrong. Bush never should have signed the bill that the Democratic-controlled Congress passed.

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