In response to:

Quit Blaming Bush

ajhil Wrote: Oct 10, 2012 5:14 AM
These previously illegal instruments made it possible for banks to profit from subprime mortgages that they would never before have considered making. Meanwhile Gramm used budget reductions to cripple the regulatory ability of the SEC, making it unable to protect consumers or the banking industry from the disastrous gambling that he had made possible. Eventually the accumulated liability of the CDS market, reaching nearly $100 trillion, paralyzed the banking industry. You can read a more complete account by David Corn in Mother Jones Magazine (summer, 2008) and in many other places; but whatever you do, don't believe this dishonest piece of tripe by J.G.
FletchforFreedom Wrote: Oct 10, 2012 7:26 AM
Clearly ajhill, you haven't the slightest clue what you are talking about. While Goldberg's analysis is only partially correct, yours is ENTIRELY wrong and there isn't a competent economist ANYWHERE that endorses it. The Elizabeth Mitchell bunkum that ANY of the instruments used to capture the massive excess liquidity dumped into the economy by the Fed were EVER illegal is factually wrong. There was NEVER any crippling of the regulatory function (which had NOTHING to do with the collapse) and, of course, only a complete BLITHERING IDIOT would regard ANYTHING from Mother Jones as being even remotely credible.
TruLib Wrote: Oct 10, 2012 5:35 AM
Your understanding of the banking, investment and mortgage industries is pretty shallow if you think the government pushing business to make millions of loans to people that couldn't pay back the money had nothing to do with the economic mess we're in now. Instead of David Corn you should read Thomas Sowell (Phd Economics) on what were the roots of the meltdown.
Rich Not wealthy Wrote: Oct 10, 2012 11:16 AM
He knows nothing as it was not the SEC that regulated Fannie and Freddie, the acronym at the time was OFHEO (if memory serves me). They caused the crash by forcing the bundling of bad mortgages in with good ones because they knew that no one would buy the bad mortgage bundles.
"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...