Actually I addressed the specifics in other posts which is why I referenced them. did you bother to read any of them at all. While a lot of variables come into play the issues specific to the sub-prime mortgage crisis are overwhelmingly democratic in origin. They actually date back to the 1990's. This is typical of the "pet project" horse trading that drives partisan politics (which we can see in the revised "bail out" as well). The failure of fanny and freddie can be laid squarely at the feet of the democratic faction of congress and Frank and others in particular. This is gross malfeasance on a scale that dwarfs Enron...in fact if Barney Frank was a "private citizen he's be under indictment already.
And that's perfectly fine, but the thread starts out with this:
George Bush has been in office for nearly 8 years. The first six the
economy was fine.My response was to laugh as it went on to place blame on the democrats. The republicans had control of the White House and Congress for almost 7 years and went on a spending spree the likes we have never seen. Spiking in 2005 with a budget that included over 13k earmarks while raising the debt ceiling at every turn.
The economy wasn't fine, it was being artificially propped up by a number of things, and alot of it was borrowed money.
So the right comes in here and throws it all at the feet of freddie mac and the dems
So yeah, I would say that is placing blame and accepting no responsibility
And I got news for Ms Pelosi, if she gets the votes from her fellow dems to pass this while a majority of republicans say no, she and her buddies can kiss control of congress goodbye. There is a reason 40% of the dems said no, a yes and their goose is cooked. Just ask the republicans who said yes to spending a few years back.
Want to see something that will make your stomach sink? Found
this in a search. And I don't know how accurate it is, but it dates back to 1996.
"Now you can see why the national debt just keeps growing and growing. In early 1996 it will top $5 trillion (that's $5,000,000,000,000). Back in 1976 the national debt was $540 billion (minuscule by today's standards but quite shocking at the time). Since America's bicentennial, twenty years of whopping deficits have resulted in this near ten-fold increase in the debt. Today our annual interest payment of more than $200 billion eats up every dollar of income tax paid by everyone living west of the Missisippi River. This interest payment buys us nothing! Even if we balanced the budget tomorrow, this interest payment will stay with us...a penalty for past deficit spending. To eliminate it, we will actually need to run budget surplusses for many years in order to pay down the $5 trillion debt.
Wait...there's more to the story. Unless substantial reforms are made soon, when the baby boom generation begins to retire and collect old age federal entitlements, the debt will explode. A huge amount of our taxes will go to nothing but interest. Moreover, at today's taxation levels, every dollar that is collected will be gobbled up by entitlements and interest alone. Massive tax increases will be required just to pay for national security and non-entitlement programs (i.e., everything that we usually think of as government services). Our children and grandchildren will be left with the bill for our excesses."
So Rush Limbaugh is wrong, our deteriorating situation over the last 20 years was not caused by freddie mac and the dems.
