Steven Seward Loc: Cleveland, Ohio

I know my history pretty well. The recession didn't start until the fall of 2008, just as the p**********l e******n was in full swing. The real estate bubble and Wall Street deregulation that you talk about started during the Clinton administration when they repealed the Glass-Steagle Act. This was the legislation that enabled investment banks to use depositor's money for investing in high risk ventures. One of the highest risk investments were the "bundled mortgages" that were backed up by the Federal Government. Banks then went on a mortgage lending spree knowing that the Government would assume all the risk and bail them out if homeowners stopped paying their house payments. These bundled mortgage investments proved to be money losers, because so many people defaulted on their home loans. This eventually caused all the banks to stop lending nilly willy to dead beats. Thus the housing bubble burst.

In the middle 2000's, George Bush made appeals to Congress in at least two State of the Union speeches trying to rein-in these risky bundled mortgage practices before it was too late. He was ridiculed by people like Barney Frank and Christopher Dodd who assured the public that the housing market was just fine and stable.

You are right that we were losing 600,000 jobs a month just before Obama took office, but we have not gained any net jobs in the six years that he has been in office. We have a NET JOB LOSS. True, the 2010 budget was v**ed on in April of 2009, but the infamous 821 billion dollar "Stimulus Bill" was v**ed in a month before that. The Federal Budget is not the only factor in determining whether we will go into recession or not, and the Obama administration made sweeping changes throughout all of government in those first two years, being unchallenged by a Republican Minority in both houses of Congress.

ArtzDarkroom Loc: Near Disneyland-Orange County, California

Jackinthebox Loc: travel the world

Jimmy Carter totally wrecked the economy and it didn't get any better until Reagan was at the helm. Libtards are destructive jerks.

Steven Seward Loc: Cleveland, Ohio

Sorry Artz, these discussions sometimes have a mind of their own, drifting aimlessly into the pent up frustrations of us HedgeHoggerz.

I, for one, agree with Venture 9. I think that even though Republicans have a totally different philosophy about running the country, they don't have the backbone to do anything about it. I can see that by pure inertia they will leave Obamacare intact, will do nothing to roll back the welfare rolls, and it is questionable that they will ever enforce our Southern Border. However, they might curb some of the wild spending that has taken place. The House has already slowed down the runaway freight train of Democratic spending. But even here I think that they will not actually cut spending. They will just slow the rate at which it expands. I fear that only a crisis (such as when the World decides we can't back up our savings bonds anymore and stops buying them) will force them to be fiscally responsible.

And who are you calling Gentlemen? As Moe Howard said "Did somebody else walk into the room?"

magicray Loc: Tampa Bay, Florida

:thumbup:

Jackinthebox Loc: travel the world

One thing republicans will not do. There will not be a moooslim in charge at the WH.

Jakebrake Loc: Broomfield, Colorado

OK Artz, I don't really have a prediction, but I do have a prayer. I pray that anyone is elected except the Hildebeast or the Indian Princess. :lol:

wilpharm Loc: Oklahoma

Jake, I dont think squaw-lady has much chance but you damn sure better get to praying because it sure looks like the Hilderbeast to me….hopefully Im wrong…Repubs just keep dicking around and still do not have a viable front-runner…
But as much as I dislike that hag I cant imagine her being any worse than the halfrican…only time will tell..buy bullets...

Frosty Loc: Minnesota

You have part of this correct. Read the following and find out that it was really an unregulated "Free Market" that caused the economic collapse. Brooksly Born tried desperately to get Bush's economic advisors to listen to her but the likes of Greenspan and other in the administration rudely ignored her. It is not clear if she was ignored because of what she said or because she is a women.

http://www.pbs.org/wgbh/pages/frontline/warning/interviews/born.html
http://en.wikipedia.org/wiki/Brooksley_Born

Jakebrake Loc: Broomfield, Colorado

If the elitist GOP run the flip/flopper, Jeb or that obese obnoxious NJ Governor we will indeed see our first woman president. That in itself would be disastrous for our country, and a distinct possibility if they run another RINO ala John McCain.

yhtomit Loc: Port Land. Oregon

Actually in 2002 Barney Frank strongarmed banks to make loans to unqualified borrower to create the current recession.
You might want to get your history learned.

jcs Loc: USA

I predict that those who did'nt learn anything from our past 6 years , don't have much of a future . lol

Jakebrake Loc: Broomfield, Colorado

You forgot his stupid buddy Chris Dodd! Thank you democrats... :-(

Jackinthebox Loc: travel the world

:thumbup: :thumbup: :thumbup: :thumbup:

Steven Seward Loc: Cleveland, Ohio

Slight correction: I read over the links you provided, and Brooksly Born was desperately trying to get CLINTON'S advisers to listen to her about not deregulating Wall Street. She served in his administration from 1996 to 1999. She said nothing in the interview about lobbying anyone after her resignation. Frontline seemed to try to goad her into thinking that she was not taken seriously because she was a woman, and I think she went along with it because it felt good to play the victim card.

I actually agree with the deregulation because it brought the U.S. unprecedented prosperity under both Clinton and Bush. The trouble is that as soon as something goes wrong, politicians feel the need to jump in and do something about it, hence regulation and control. Bush did just this in his final months in office with the bailout of General Motors and the bailout of the banks. Obama continued it and more for the last six years. The U.S. has had economic crises where the government did absolutely nothing about it, and it fixed itself within six months. One such case was the Stock market crash of over 500 points that occurred in the 1980's.

My apologies Artz, I couldn't help myself. I don't care if people disagree with me, but at least we have to get the facts straight.