No, I'm afraid that explanation is just too simplistic.
The Democrats were part of the problem, in that they and the Republicans deregulated financial institutions. And, both parties were promoting home ownership for a wider segment of our society. And, both parties didn't want to bust the economy by slowing down the real estate boom.
^^ She's right. It was a perfect storm of bi-partisan stupidity that sank the economy. Not to mention, the CDS's (Credit Default Swaps) aka "Grahm Swaps," named for their intentional unregulated status thanks to Phil Grahm, are one of the main reason many of these "too big to fail" companies are considered as such.
The way I see it, the Republicans and Democrats are each one slice of bread on an enormous $hit sandwich.
Now Barney wants to start it all over again. If Franks total lack of hindsight does not open the eyes of those who refuse to see, nothing ever will.
Your first paragraph is wrong. You can read any knowledgeable summary of the crash of the financial sector, and Barney Frank and Chris Dodd are a just a part of the problem. They weren't even the chairmen of their committees from 1994 to 2006.
Your second paragraph, by implying that Barney Frank has not learned anything from the whole debacle, has an element of truth to it.
No, I'm afraid that explanation is just too simplistic.
The Democrats were part of the problem, in that they and the Republicans deregulated financial institutions. And, both parties were promoting home ownership for a wider segment of our society. And, both parties didn't want to bust the economy by slowing down the real estate boom.
how about at least 51% given to the Democrats? can you admit to that?
how about at least 51% given to the Democrats? can you admit to that?
No. All Washington politicians are partly to blame for the problem due to lax regulations, plus Wall Street, plus the Fed, plus all of the people who bought houses they couldn't afford, plus sleazy mortgage brokers, etc., etc., etc.
I just wanted the original poster to comment more on what he thought about what Frank was proposing and why that was a bad idea. Maybe he just thought it was obvious.
Oh this is rich! The biggest cut and paste poster here who rarely comments on the post is now wanting someone to comment on the article they posted. Hello pot, meet kettle.
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No. All Washington politicians are partly to blame for the problem due to lax regulations, plus Wall Street, plus the Fed, plus all of the people who bought houses they couldn't afford, plus sleazy mortgage brokers, etc., etc., etc.
the primary culprit is the federal reserve, it would not be possible for this to happen if they didnt have super easy credit and low interest rates. Wall Street can be "greedy" all they want but if they don't have the credit to implement it, it means nothing.
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