How the Democrats Created the Financial Crisis: Kevin Hassett

[Ravi]

Read this and weep:

NY Times Nov 1999:

President Clinton signed into law today a sweeping overhaul of Depression-era banking laws. The measure lifts barriers in the industry and allows banks, securities firms and insurance companies to merge and to sell each other's products.

''This legislation is truly historic,'' President Clinton told a packed audience of lawmakers and top financial regulators. ''We have done right by the American people.''

The bill repeals parts of the 1933 Glass-Steagall Act and the 1956 Bank Holding Company Act to level the domestic playing field for United States financial companies and allow them to compete better in the evolving global financial marketplace.


Who was in bed with Gramm? Robert Rubin. Who shared the stage with Obama a few days ago? Robert Rubin. Who just through Obama under the bus to protect Clinton? Robert Rubin.


Link here

I'll ask you this question, too. How did McCain vote on this bill...did he support it or not? If so, will you blame him for the meltdown as well and vote for Obama?

 

[Toro]

Econbrowser: Did Fannie and Freddie cause the mortgage crisis?

 

[editec]

will you blame him for the meltdown as well and vote for Obama?

Has anyone really suggested that the single person responsible for the meltdown is McCain?

Nor for that matter can the reponsibility be laid at any single person's door.

Screwing up this badly took teams of venal people, each contribution their stone to the soup.

What's for dinner, America?

Yum! yum! Stone soup.

 

[Alpha1]

It's amazing. For 7 years they ran rampant.

Now it's the Dems fault.

The only ones who are going to believe that are the spinners and the true believers.

Le'ts see if the worst administration in our current history has helped bury the Republican party for at least a few decades?

Spoon fed the facts in an article that even the dimmest Dem should be able to understand and they still don't get it.....freekin' boggles the mind...

 

[PeterS]

I don't think you can say the administration is at fault here. I'm no Bush fan, but I don't believe in blaming someone unless it's their fault.



New York Times Article



What did Barney Frank say at the time?


Legislative outcome?



In the end the Dems blocked the effort after vigorous spending on lobbying by Fannie Mae.

So, I don't think you can argue that there was sleeping going on near the switch. I think you can fairly say that efforts to fix the problem ahead of time were blocked by a strong political effort put forth by those who were fighting for "affordable housing." Now we see how the housing was so affordable, WE get to pay for it!

How did democrats block the bill and would the bill even have addressed the problem? After all, when the bill was introduced sub-prime wasn't considered a problem but instead a driver of the economy. I ask because I could not find where there as a filibuster, which would be how they would block the bill, and with respect to the bill itself it was targeted at accounting practices and capitalization not sub-prime.

Also, there were 7 related bills introduced by the 108th congress, four by a democrats, and none of them passed plus two other bills later, one which did pass. Why is the blame on this bill specifically and not the related bills?

 

[The Paperboy]

I'll ask you this question, too. How did McCain vote on this bill...did he support it or not? If so, will you blame him for the meltdown as well and vote for Obama?

You miss the point. Phil Gramm was being targeted on this and obviously many had their fingers in the pie including Clinton. But the bill may have actually been a good one but was undermined by the idiots at Fannie Mae. Plenty of Republican's are to blame but the Democratic body count is pilling up fast: Clinton, Reich, Raines, Johnson, Mudd, Dodd and Franks.

It's gonna be hard to blame this on Bush or the Bush Administration no matter how much Obama tries too.

Obama should be running away with the "economy" issue but he is not and for good reason.

 

[I Missthe North]

Seriously everyone. Playing the partisan blame game is getting pretty old. There was a lot that could have been done by both parties to avoid this problem well before now. Blaming it on each other does not get us anymore. This is a time to work together, not complain about who was at fault. With the election coming up fast, I think we should all vote for the candidate who comes up with the best solution, not the person whose party is deemed not to be at fault. That is just foolish. We are looking for someone to lead us into the future, not blame others for our past.

 

[Ravi]

Has anyone really suggested that the single person responsible for the meltdown is McCain?

Nor for that matter can the reponsibility be laid at any single person's door.

Screwing up this badly took teams of venal people, each contribution their stone to the soup.

What's for dinner, America?

Yum! yum! Stone soup.

No, but they have suggested that a knock out combo of Carter and Clinton are responsible. I'm surprised they haven't dug up FDR yet.

 

[Ravi]

You miss the point. Phil Gramm was being targeted on this and obviously many had their fingers in the pie including Clinton. But the bill may have actually been a good one but was undermined by the idiots at Fannie Mae. Plenty of Republican's are to blame but the Democratic body count is pilling up fast: Clinton, Reich, Raines, Johnson, Mudd, Dodd and Franks.

It's gonna be hard to blame this on Bush or the Bush Administration no matter how much Obama tries too.

Obama should be running away with the "economy" issue but he is not and for good reason.

If socializing the loss is a proven loser, and Bush is trying to force the socialization of the loss of the private sector on us, yes, it is his fault.