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
"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...
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"...
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?