The Cause of this Mess

Posted by aheadace at 9:25 PM : Mar 22, 2009:
"Well dj292009 who are you going to blame you Republicans pick an chose one time you blame Clinton the next time its Obama then when it comes to Bush then it is congress and then its the Democrats had it for the last two years it's all there fault. Well the truth it was the Republicans BUSH/CHENEY AND THERE BULLSHI! so you Republicans go sit in the corner suck you thumb and keep your mouth shut."

I know most of you think so, but the President does NOT control the economy, he never has. No President controls the economy - it grows and contracts on its own, and the POTUS can only guide it up or down a small bit with positive talk.

It wasn't the Republicans. It was everyone.

"Republicans go sit in the corner suck you thumb and keep your mouth shut."

More Fascism from Democrats - meaning they want to control all debate, and force those with dissenting opinions to be silent. This is what the Neo-Cons did about the war. You are no better than the Conservatives, my Leftist friend.

Who is to blame:

Nixon: Makes Fannie Mae and Freddie Mac into partial government entities. The become GSE's. While their prospectus is EXPLICIT and states the securities are NOT backed by the US .Gov, they are 100% bailed out in 2008. Thus the higher rate of interest investors in FNM and FRE bond received, was paid for by the US Taxpayer. If the risk WAS .Gov backed, then the interest rate should have been what Treasury Bond Rates were. It wasn't and we are paying the difference.

Carter: Creates the CRA - Community Redevelopment Act. Begins the process of making it policy to encourage (force) banks to lend to 'minorities' and other pet groups of Liberals.

Reagan: Begins deficit spending and appoints Alan Greenspan.

Alan Greenspan: After the 1987 crash he loosens monetary policy, drops interest rates. This begins the bad precedent of lowering rates to prevent Recessions. With each preventive event, the final price to pay at the day of reckoning increases. Recessions are GOOD, people. We need them to purge the bad debt. Prevent that bad debt from defaulting, and the next time will be worse.

G.H.W. Bush: Gulf War I. Savings & Loan Meltdown. More debt to finance.

Greenspan: Lowers rates to shorten recession. Prevention #2.

Clinton: Doubled the exemption for home tax deduction from $250k to $500k. Spurred the housing bubble. Looked the other way during the Internet Bubble and the loose accounting standards and options trickery.

FASB (Financial Accounting Standards Board): Began to make policy in cahoots with bankers during Clinton/Internet Bubble Years. Only gets worse from 2000-2009.

Greenspan: Lowers interest rates to prevent the 1999-2000 Dot-Bomb Recession. This is prevention #3.

Osama Bin Laden: Forces the US to engage in an expensive unwinnable war that drags on. Very Post-Modern and 21st C.

Greenspan: Lowers interest rates to prevent the 2001-2003 post 9-11 Recession. He keeps rates too low for too long. This is prevention #4.

Paulson Appeals to Congress: While head of Goldman Sachs, to lower leverage ratio requirements. Every firm that did, has blown up.

Bush: Spends trillions on the wars in the M.E., deficit spending, lowers taxes, prevents inquiry into housing fraud, deficit goes BOOM!

Bush: Appoints Bernanke.

Bernanke: Lowers interest rates to prevent a Real Estate recession. This is prevention #5. Could have regulated Enron, FNM, FRE, Derivatives market, all the mark-to-market and accounting tricks like Level 2 & 3, 23a letters, leverage exceptions, efc. He does not.

Paulson: Loots the taxpayer for $750B.

Congress: Lets Him.

Pauslon: Immediately changes his mind once he gets the money, gives it to his banker buddies who save it or use it to buy distressed assets at fire-sale prices.

Bernanke: More Fed Reserve programs totalling 2.3T balance sheet and growing.

Congress: Doesn't stop him.

American Taxpayer: Votes in almost all the Congressmen who voted for the Bailouts. No accountability.

American Taxpayer: Votes for Obama in a convulsion of national penance to vote in a Black Man.

Obama: Trillions more in debt. He won't force honesty and transparency.