Shaze

yes, yes, Obama caused the depression in six weeks (load of bullshit).

this whole mess actually started with mortgage-backed securities and credit default swaps. the creation of these investment vehicles spurred the housing market and made a sort of multi-level marketing scheme which passed the risk associated with lending away from the mortgage originators (banks). i think Clinton signed the approval of credit default swaps and Bush mortgage backed securities (it could be the other way around, i might be mistaken). anyway, when the banks didn't have as much risk when approving mortgages and more liquidity to leverage because of mortgage-backed securities this started the housing market bubble. this is why they were giving mortgages to people who definitely couldn't afford it because the risk to them was pushed away by the creation of mortgage backed securities.

actually, i believe when the bubble burst for technology back in early 2000s it should have been much worse if not for the housing bubble sort of saving the economy. the housing bubble came at a time when the technology bubble had just burst and the economy started going down. the housing bubble sort of uplifted the economic bubble which was caused by technology and stopped it from really correcting itself when the technology bubble burst. if the creation of CDS and mortgage backed securities never took place i think the technology bubble deflating would have been worse and think it actually would have been good.

so this depression "or correction" if you want to call it that was long overdue, but saying that Obama is causing a depression when he has only been in office for 6 weeks is completely insane when he had nothing to do with creating any of these laws or investment type vehicles.

now his policy on trying to save the economy is another thing to argue about, but i don't think anyone has any clue on whether it will work or not since this is the first time in history something like this has happened. it will be an interesting few years.