In response to:

Quit Blaming Bush

ajhil Wrote: Oct 10, 2012 5:08 AM
Sorry, Mr. G., your "explanation" of the financial meltdown is an absurd attempt by the right wing to exculpate Bush and Congressional Republicans, who really did bring the nation's economy to the brink of disaster. The explanation for how this happened is not at all controversial. The federal government did not encourage subprime lending to homebuyers. 1977's Community Reinvestment Act forbade the practice of redlining", by which banks had denied loans to otherwise qualified borrowers, merely because of where they lived. The Act actually required banks to adhere to good banking practices in making the loans. All of this took place nearly thirty years before the economy collapsed. Why the delay? Bottom line: the feds encouraging home loans
FletchforFreedom Wrote: Oct 10, 2012 11:58 AM
Repeating stupidity from a long discredited resource like Mother Jones just paints yourself as a complete blithering idiot. Was that your intent?
francisdesales Wrote: Oct 10, 2012 8:33 AM
Can you read? Mr G is not attempting to "exculpate" Bush or Congressional Republicans. Read the article again for the first time...

The point is that Obama only ADDED to the problem. He tripled down on what Bush did. So naturally, Dems say "yea, let's vote for him"...
Hard Thought Wrote: Oct 10, 2012 6:52 AM
Idiot!! The banking crisis started with the Community Reinvestment Act under Carter and a Democrat Congress, strengthened by Clinon and Cisneros with punitive audits and prosecutions, was strengthened under Frank and Dodd, profited on by Frank Demarco of Countrywide fame and democrat extrordinaire.

Banks were pushed to loan to people unable to repay or face prosecution, For God's sake! Didn't you know that Frank and Dodd got rules passed making unemployment countable as income when applying for a loan? What dark, dank, democrat hole do you live in?
Rich Not wealthy Wrote: Oct 10, 2012 11:12 AM
Not only that, but Jonah's explanation "mixture of greed, idealism, cynicism and stupidity led to the practice of bundling those iffy mortgages into financial instruments" is wrong. It was the regulators themselves that forced Fannie and Freddie to bundle those mortgages such that no one could know what the risk was. Prior to that, all the bundles were of "like risk, like terms" so that the hedge manager would know the risk he was hedging against. I was in the hedge fund manager's office on the day they did this. He lamented that he could no longer do his job properly as there was no way to know the risk of any given bond bundle.
"Now Gov. Romney believes that with even bigger tax cuts for the wealthy, and fewer regulations on Wall Street, all of us will prosper. In other words, he'd double down on the same trickle-down policies that led to the crisis in the first place." -- President Obama in an ad released Sept. 27.

This is Obama's core message. In one way or another, he says it all the time. It's his kicker on the stump. You cannot watch an interview with the president or one of his subalterns without hearing it.

And yet, I don't think I've ever heard a...