Who Caused the Economic Crisis?

Discussion in 'Politics' started by Revmitchell, Oct 2, 2008.

  1. Revmitchell

    Revmitchell
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    MoveOn.org blames McCain advisers. He blames Obama and Democrats in Congress. Both are wrong.
    Summary
    A MoveOn.org Political Action ad plays the partisan blame game with the economic crisis, charging that John McCain’s friend and former economic adviser Phil Gramm “stripped safeguards that would have protected us.” The claim is bogus. Gramm’s legislation had broad bipartisan support and was signed into law by President Clinton. Moreover, the bill had nothing to do with causing the crisis, and economists – not to mention President Clinton – praise it for having softened the crisis.

    A McCain-Palin ad, in turn, blames Democrats for the mess. The ad says that the crisis “didn’t have to happen,” because legislation McCain cosponsored would have tightened regulations on Fannie Mae and Freddie Mac. But, the ad says, Obama "was notably silent" while Democrats killed the bill. That’s oversimplified. Republicans, who controlled the Senate at the time, did not bring the bill forward for a vote. And it’s unclear how much the legislation would have helped, as McCain signed on just two months before the housing bubble popped.

    In fact, there’s ample blame to go around. Experts have cited everyone from home buyers to Wall Street, mortgage brokers to Alan Greenspan.


    More Here
     
  2. givengrace

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  3. dragonfly

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    I believe we have bipartisan blame for this mess!
     
  4. Gold Dragon

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    Pretty good read and I like their conclusion.

    I do think that everyone involved would have benefited from this scripture.

     
  5. Revmitchell

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    Which is a common theme From Democrats when they cannot shrug off culpability.
     
  6. poncho

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    We're to blame for this mess. We're the ones who let a group of private bankers create an unconstitutional fiat money system. And we're the ones who've let it go on for nearly one hundred years. Bipartisan? Yeah I'd say so.
     
  7. Crabtownboy

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    Everyone is to blame.

    Politicians who shoved through deregulation so no one was minding the store.

    People who believed that real estate would always grow, and who lied on their loan applications.

    Bank loan officers who approved loans that should have been approved.

    All of us for election the politicians.

    Greed, greed, greed ... the driving force of this disaster.
     
  8. poncho

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    Yeah but don't despair our saviors in Washington have a plan. They always have a plan. Haven't seen it yet but I'm pretty sure it will be to move us even closer to a socialist/communist/fascist one world government. Seems like all their plans share the same goal now a days.
     
    #8 poncho, Oct 4, 2008
    Last edited by a moderator: Oct 4, 2008
  9. dragonfly

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    I guess you must be correct, it's all the fault of the democrats.
     
  10. Analgesic

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    It largely is the fault of Democrats, namely the Clinton administration's extensive re-writing of the Community Reinvestment Act.

    It's also largely due to the Fed.

    It also has absolutely nothing to do with a system of fiat money.
     
  11. JustChristian

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    That's what your article said. Why did you post it if you don't agree with it? Just another far-right smokescreen.
     

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