Quote:
Originally Posted by Robbie
And what caused the banks to almost fail?
Mortgages.
And that was caused by de-regulation from Congress during the Clinton years.
It wasn't Clinton's fault, it wasn't Bush. It was career politicians in Congress (both Dem and Repub) doing the bidding of the bankers who give them large amounts of money and god knows what kind of special deals under the table.
That's why I get irritated when people (including Obama) try to pretend that Bush somehow ruined the economy.
He didn't. He was too busy running up the national debt and taking away our personal freedoms.
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What annoys me most is that nothing has been done to change the laws that were used by these banks to give out these mortgages that caused all these issues so there is nothing keeping this from happening again other than the banks just realizing it is not a good idea. The problem with relying on them self policing is that last time they caused chaos they got bailed out so there is no reason to think this won't happen again in another 6-10 years.