In response to:

Surprise: McConnell Offers Vote on Obama/Geithner Fiscal Cliff Plan, Reid Objects

Chestertonfan Wrote: Dec 05, 2012 10:27 PM
C'mon man. I agree with your Bush tax points. The biggest problem I have with that era was the explosion of easy credit. Part of that was deliberate easing of the Fed too late in the cycle, part from a nutty Dem party foisting stupid mtge rules through Freddie and Fannie, part was regulatory, esp Cox at the SEC allowing more leverage on balance sheets to purchase highly leveraged financial instruments and part cultural...Americans loading up on debt for current consumption.'
Chestertonfan Wrote: Dec 05, 2012 10:28 PM
Almost all the great collapses have too much debt at the root of the problem. And of course no country in the history of the world has as much debt as the US has now.
C'mon Man Wrote: Dec 05, 2012 10:33 PM
“Just the Facts: The Bush Administration's Unheeded Warnings About the Systemic Risk Posed by the GSEs

“For many years the President Bush and his Administration have not only warned of the systemic consequences of financial turmoil at a housing government-sponsored enterprise (GSE) but also put forward thoughtful plans to reduce the risk that either Fannie Mae or Freddie Mac would encounter such difficulties. President Bush publicly called for GSE reform 17 times in 2008 alone before Congress acted.

Unfortunately, these warnings went unheeded, as the President's repeated attempts to reform the supervision of these entities were thwarted by the legislative maneuvering of those who emphatically denied there were problems.

C'mon Man Wrote: Dec 05, 2012 10:34 PM
Thanks to Barney frank and Chris do nothing Dodd
Chestertonfan Wrote: Dec 05, 2012 10:40 PM
Agreed. These are the true stories that have been washed over by folklore and liberal talking points. Frankie and the Doddster own a LOT of responsibility in that mess. They denied, changed the subject and headed for the hills. Of course Dodd could enjoy his off market mtge provided by Countrywide, illegally.

I've been critical of Republican tactics and messaging this week, so let's give credit where it's due: Moments ago, Senate Minority Leader Mitch McConnell took to the floor and offered an immediate vote on President Obama's fiscal cliff plan, which shocked the Beltway late last week.  (In case you're keeping score at home, this was the surreal proposal that induced McConnell to laugh out loud as it was outlined by Treasury Secretary Tim Geithner).  Harry Reid quickly objected and shut the whole thing down, labeling the suggestion a "stunt."  Think about that.  The President of the United States,...