Vox
Gold Member
- Jun 17, 2013
- 10,937
- 867
Stop sniffing the glue. The recession of 2007 was the largest economic downturn since the Great Depression. You folks are insane and just proved you have absolutely no concept of economics.
Go ahead and find one non-partisan economist who would agree with you! Good fuckin luck with that!![]()
follow your own advice and stop sniffing. the glue. or whatever you are sniffing.
The recession of 2008 ( not 2007 ) was a burst of housing bubble creation of which is a dems responsibility 85% and 100% responsibility of resisting in prevention of the bubble to burst
Posted like a loyal ideologue.
The recession in 2007 was mainly driven by the actions of the Federal Reserve for lowering interest rates to ridiculous low rates.. As far as political parties, both also own some it. The GOP passed Federal Housing Enterprise Regulatory Reform Act of 2005 through committee despite Democrats resistance but never brought it for vote on the senate floor even though the GOP had the control of the Senate. Who can forget the 2004 GOP Platform with the Ownership Society as a plank? Then there's the homeowners who bought house they just plain couldn't afford. The Real Estate agents and Mortgage brokers who rushed less qualified loans with sub-prime, adjustable rate loans with low initial payments, but with interest rates that exploded. Then there's Wall Street who bundled risky loans into Mortgage Backed Securities and issued bonds using those securities as collateral.
In the real world there's blame to go all around, not everything has to be partisan and in the case of the Great Recession of 2007, it was huge and with many culprits of all stripes and business sectors involved.
two or three pages ago I posted my scale of the responsibilities ( which is not mine, obviously, I am not an economist) for the 2008 meltdown
1) the repeal of the Glass-Steagall plus easing of the financial regulations - solely on Clinton Admin
2) the greediness of the financial sector which immediately jumped into the risky business - that is a non-partisan part, however big financial kahunas tend to support Democrats
2) the US Government pressure on the financial sector to "give the opportunity" to un-creditworthy borrowers for mortgages - solely democrats to be blamed for
3)the refusal of democrats to more strictly regulate and oversee Fanny and Freddie - solely on democrats
4) greedy unqualified borrower of the loans he/she can not repay - bipartisan
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