In response to:

Quit Blaming Bush

Kenneth405 Wrote: Oct 10, 2012 7:39 PM
The earlier bloggers are off the subject. Jonah you are only partially right. The is not enough space to give the reasons for the crisis. It was a long time in the making beginning in the Carters with the "Community Re-investment Act". Then during the Clinton years he wanted home ownership to rise from 60% to 70%. His HUD secretaries Cisneros & A. Cuamo ( now gov of NY) pressured Fannie & Freddie to loosen up Credit. But the next culprit is the Mortgage back Bonds traded on Wall Street. Clinton's Treasury Secretary, Robert Rubin, worked to encourage Wall Street Bond Traders to create more Securities to trade. IE, unregulated Derivatives and other innovations. From there the gambler traders at the Wall Street Casino's took over.
Kenneth405 Wrote: Oct 10, 2012 8:31 PM
In the last year of the Clinton term, with the encouragement of Larry Summers, Treasury Secretary (Rubin’s replacement) Our Congress passed the repeal of the Glass-Stegal Act which made the last merger of Citibank legal. By now, Rubin in working at Citibank. Competition between the Wall Street gamblers began trading these unregulated securities. When the housing market peaked, the value of the Mortgage Bonds had an indeterminate value some where between zero & Infinity. The Government had to bail out the bankers because with the repeal of Glass-Stegal, individual’s bank accounts were at risk because the Congress had screwed up. For a more complete knowledge of the situation read the books that I will list.
Kenneth405 Wrote: Oct 10, 2012 8:32 PM
The following books will enlighten you on this subject: “The Sellout” by Charles Gasparino & “The Great American Stickup” by Robert Scheer. Also read “Bought and Paid For” by Charles Gaspirano to learn why nothing has been done to correct the possibility that it can happen again. The sub title of this last book is ”The unholy alliance between Barack Obama and Wall Street” Don’t believe BO’s words when he condemns Wall Street. The got what they paid for. Read about the secret meeting at “Johnny’s Half Shell” in Washington DC in June 2007. Look for these at your local public library.
"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...