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- #21
Newt and Clinton years.......well...
Out of those years - came the corrupt policies that bore the mortgage crises of 2008. No argument there.
Summers/Greenspan not only deregulated the derivative markets, but actually placed them outside of the jurisdiction of the SEC....one of the most cronyism/corrupt single acts in American history. (And Summers held not one, but two cabinet positions in Obama's administration)
NAFTA
Fannie and Freddie quadrupled in size.
On and on and on......the cronyism and corruption that happened in the Clinton era is well documented. (both parties)
But at the end of the day
greed caused the train to de rail
The 80's was the decade of greed. The wonderful economy of the late 80's - 90's was totally built on debt spending. People having 2nd and 3rd mortgages, millions of people walking around with 5 digit credit card debt. This began the fantasy investment land of Wall Street, where stock values commonly quadrupled the actual value of companies...and the FED and the SEC completely turned a blind eye. It took the both the greed/corruption of the financial markets AND the political corruption of Washington for 2008 to be created.
And guess what? The same fantasy land is being built again - right now.
It requires a cretain amount of debt spending to succed
not the way the 08 crash was brought on