Quote:
Originally Posted by pointman
You are wrong on this Zig. The Republican's raised concerns early on in Bush's Presidency and wanted tighter regulation, the Democrats, led by the incompetent Barney Frank, vigorously opposed it.
http://www.youtube.com/watch?v=cMnSp4qEXNM
Here is Barney Frank in 2005 claiming that notions that reducing requirements for loans will lead to a financial collapse was fantasy.
http://www.youtube.com/watch?v=iW5qK...eature=related
Why people just blindly buy the Democrats spin on this is amazing to me, but this is just another example of the deception the Obama campaign uses to court the uninformed. Barney Frank is largely responsible for this mess and Clinton deserves his fair share of blame as well. |
it's not democrat spin. bill clinton signed it into law.
and of course they aren't going to fess up about glass/steagall, since so many in congress now are who put it thru then!
i am neither uninformed or blindly buying anything. there's far, far more to the story than just some high-risk loans. you think high-risk loans, alone, accounted for the entire financial meltdown and crisis? hell no, it didn't. becase if you look, you will find that many of the companies who needed bailouts weren't commercial banks who did real estate loans. however, the collapse of huge banks and financial services companies had an effect on banks and mortgages. trying to tamp down on mortgages is akin to trying to put out a fire after the structure was already burned to the ground. it also explains why euro markets are having their issues; they were the first to open that can of worms. that's why our idiots in dc, both parties, peeled away the glass/steagall rules, because the big banks/financial services were crying the blues, saying they wouldn't be able to compete with european banks. repeal of glass/steagall came first-along with all the issues it caused. the burst bubble took a lot of stuff down with it, and caused a credit crisis. it's what also started causing arm's to raise rates, the banks were trying to start recouping lost money, so they went after loans on the books. it was all a big snowball effect, but g/s was the start of that avalanche.