The last eight years of Republican ineptitude already ran this country into becoming a bankrupt banana republic.
As usual, you have your facts completely wrong. This is mostly a Democrat debacle.
This “crisis” is due to the stealth Marxist redistribution policies and legislation that the democrats hatched up in the 1990′s through today, the primary one of these being the CRA, and the derivatives (called Mortgage back securities or MBS) and the psuedo-insurance instruments (really almost derivatives in and of themselves) called credit default swaps (or CDS) that were used to “insure” CDS’s. Some mechanism had to be used to mitigate risk, after all.
Add to this the outrageous behavior of Fannie Mae and Fannie Mac, and the stage was set. Note that Freddy and Fannie are notorious Democrat strongholds and patronage networks, as are all most all government and semi government institutions. Democrats elites rarely work for a living, that is for the taxpayer. Goerlick was there as a very senior exec. Rahm was a director. In fact he was there when they outright lied about their financial positions. These subprimes almost all went to Democrat, minority constituents in key democrat fiefdoms (BTW, Obama himself was part of a law suit against Citi to force them to make subprime loans)
Now, add questionable legislation that repealed barriers like the Glass Steagsl Act which had previously set up a wall between banks, investment brokers and insurance companies in the securities and derivative instruments markets. The Clinton administration pushed hard for this, employing Robert Rubin, the former Sec. of the Treasury as a lobbyist. Sandy Weil, the major share holder and head of CitiGroup push hard for this. (note that Rubon got a top job at Citi when he left the Clinton administration and made millions down there over the last decade. This was his reward from Citi for his help, one imagines.) This placed a lot of capital at risk. (BTW, conservative were not as a group very happy about this at all repealing Glass-Steagal when it happened, they predicted something like this would happen). To be fair, Phil Gramm was also involved in this.
Now add some very dubious and apparently corrupt regulators for the SEC and the self regulating trade organization in the securities industries (and almost all of these folks are Democrats by the way). Somethings were overlook, and the mark to market rules were reinstated. (and why woudk they do this?)
Now, you must remember that most of the management in these firms are Democrats, some of them high level insiders in the national Democrat political machine. Wall St. is a big Democrat playground. They gave Obama hundreds of millions of dollars. It is not true that it is dominated by Republicans. That is just Democrat lie. The regulators are mostly Democrats, the Government side execs are mostly Democrat. OH, and no one really knows what Greenspan;s real political affiliation, but his wife is a hard core liberal Democrat in the MSM. Most of the firms that are getting the bailout funds on wall st. have a huge contingent of Democrat insiders on their executive teams, or former employees that are now in the government.
Now, “mysteriously” this whole mess gets triggered by an abrupt withdrawal of over half a trillion dollars and the whole ponzi scheme comes apart. Weirdly, Obama was down in the polls when this happened.
Anyway, irrespective of whether or not this crisis was actually triggered for Obama’s political gain, this is the point:
1) It is mostly a Democrat affair
2) Bush and GOP senators tried to reform the whole mess several times. They were rebuffed by the Democrats, and they were particularly stall by them from2006 onwards when they had controlling majorities in both houses. Even when they did not the political climate nade it almost impossible to do something about it. Remeber, this requires Congress to act.
3) There certainly is some opportunism on the business side of this (and at Fannie and Freddy) but these people and institutions are mostly Democrats or have Democrat tilted managers.
4) The main immediate benefactors are these elite, mostly democrat, intitutions who are essentially having the taxpayer take bad assets off their hands
5) Obama has way overblown this crisis for political gain, most particularly ramming through this stimulus bill. This has furthered destroyed billions of dollars of capital. He has also refused it change some simple accounting rules that would stem the tide.
So this is all mostly the fault of the Democrat party, not Bush. Bush, however, is to blame for letting Paulsen and Co. spook him into the first bailout. This is squarely on his shoulders.
So, yet again, you put out a fabricated straw man, fabricated by one of your “socialist Masters”, and you do it to deflect blame from the Democrats, their corruption and their Socialist policies.
This is intellectually dishonest of you and thus immoral.
It is typical of your ever utterance on PJM.
