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Ummm, until 2007, they were in the minority party; can't blame them. Now while Democrats did nothing about the problem once they took control of Congress, you might want to look at Republicans (who were in charge of Congress) if you're going to blame someone for not taking action at preventing the meltdown.democrats, led by Barney frank and wind bag Kennedy are more culpable in our current financial state than anyone.
You think he's blameless?? He had nothing to do with it??
I don't see anyone blaming only Bush for the collapse. I've personally included Clinton in sharing the blame, as well as others. But why do you think the bill was called the Gramm-Leach-Bliley Act?
Here is your own quote .. With the exception of overriding vetoes, nothing gets past the president without his/her approval and consent. It's the president's job to execute laws faithfully. So what does it matter what the bill is called ... Who signed it into law ???
On November 4, the final bill resolving the differences was passed by the Senate 90-8,[14][15] and by the House 362-57.[16][17] The legislation was signed into law by President Clinton on November 12, 1999
No, I didn't solely blame Bush. That's what prompted me to ask you if you thought he was blameless. Based on what I posted, I can't even begin to guess why you thought I laid 100% of the blame on Bush. I figured you were capable of comprehending what I posted.Did I say that? No. You however, tried to say that the housing bubble was solely Bush's fault.
j-mac
I don't know how it's possible, but somehow, you missed where I blamed Clinton for signing that bill.Here is your own quote .. With the exception of overriding vetoes, nothing gets past the president without his/her approval and consent. It's the president's job to execute laws faithfully. So what does it matter what the bill is called ... Who signed it into law ???
No, I didn't solely blame Bush. That's what prompted me to ask you if you thought he was blameless. Based on what I posted, I can't even begin to guess why you thought I laid 100% of the blame on Bush. I figured you were capable of comprehending what I posted.
Apparently, I figured wrong.
Oh stop baiting...You said this:
"Bush credited Republican policies for driving homeownership to record levels. Of course, he gave them credit before anyone realized they had created a housing bubble on its way to exploding."
Now please point out where you weren't blaming Bush/Repubs for "creating a housing bubble".... Either you don't remember what you type, or you are just being disingenious...
j-mac
By the way, can you explain specifically which portions of Glass-Steagall were removed which allowed banks to write the toxic loans which collapsed the market? (e.g., 1% ARMS and interest only loans)
Not baiting ... making a fool of you ...Oh stop baiting...You said this:
"Bush credited Republican policies for driving homeownership to record levels. Of course, he gave them credit before anyone realized they had created a housing bubble on its way to exploding."
Now please point out where you weren't blaming Bush/Repubs for "creating a housing bubble".... Either you don't remember what you type, or you are just being disingenious...
j-mac
Because they were all conservative Republicans, but Gramm really set the stage for the financial meltdown after Bush was elected:I don't see anyone blaming only Bush for the collapse. I've personally included Clinton in sharing the blame, as well as others. But why do you think the bill was called the Gramm-Leach-Bliley Act?
Shortly after George W. Bush was elected president, Congress and President Clinton were trying to pass a $384 billion omnibus spending bill, and while the debates swirled around the passage of this bill, Senator Phil Gramm clandestinely slipped a 262-page amendment into the omnibus appropriations bill titled: Commodity Futures Modernization Act. It is likely that few senators read this bill, if any. The essence of the act was the deregulation of derivatives trading (financial instruments whose value changes in response to the changes in underlying variables; the main use of derivatives is to reduce risk for one party). The legislation contained a provision -- lobbied for by Enron, a major campaign contributor to Gramm -- that exempted energy trading from regulatory oversight. Basically, it gave way to the Enron debacle and ushered in the new era of unregulated securities. Interestingly enough, Gramm's wife, Wendy, had been part of the Enron board, and her salary and stock income brought in between $900,000 and $1.8 million to the Gramm household, prior to the passage of the Commodity Futures Modernization Act.
Only if you want to prove your case that repealing Glass-Steagall was the cause of the meltdown.Do I really have to …
But how did repealing Glass-Steagal allow that? It was those toxic loans which created the bubble. It was those toxic loans which collapsed the market.is there a law on the books that says that people have to take out these loans .. or were they too stupid to know that there were fixed rate loans out there as well ?
I find it hard to blame people for offering a deal too good to be true .. anymore then the people that get sucked in by it ….. it's called personal responsibility, and common sense .. something most liberals are very weak on.
That was not the "larger problem." THE problem was institutions knowingly writing toxic loans and getting away with it. Nothing about repealing Glass-Steagall addressed that. The only association to Glass-Steagall that has been provided is that it may have given mortgage brokers the appearance that there was no oversight and that they could get away with bad underwriting.Besides that foreclosures was only part of the problem .. the larger problem was that it allowed commercial lenders to begin buying and selling these toxic, but highly rated, bundled securities and that is exactly what the repeal of Glass–Steagall Act allowed commercial lenders to do.
Not baiting ... making a fool of you ...
Moderator's Warning: |
Personally .. . I don't really care who started it ..
what I'm more interested in is that no one seems to be fixing it ..
of course for liberals .. fixing it isn't the problem ..
you have to first make sure that they take no responsibility for causing it, no responsibility for what has happened since they took over, and no responsibility for anything that might happen in the future because of their policies.
Whats more important is deflect any criticism of policy by stating it's Bush's fault.
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