"Murphy was an optimist!"
Bushanomics September 19, 2008 8:06 amPosted by Doug McCaughan in : Economy, Politics, Touchy Subjects, United States
Commenter Horn56 keeps it real:
…Bush had nothing to do w/ bill that lead to the mortgage crisis and banks collapsing, but he’s not clean and innocent from this situation either.
To blame Clinton is to only look at date of who was in office. The bill was written by 3 republicans after 20 years and $300 million in lobbying, passed by the republican dominated congress and shoved into an “essential spending measure” Clinton had to sign. I believe only 6 democrats voted “yea” on this, and that was only after they added privacy stipulations to the sales of loans.
There was nothing in this that applied directly to how you can give a loan, it just made the banks feel more secure in giving loans to unqualified people thinking they now had a backing if the loan was not repaid. Of course with everything being sold on speculation now because of this change in laws, the money wasn’t really there to back anything. One deadbeat after another started to default on the loans they couldn’t afford and never should of been given, the backing was not really there…peace banks.
The fact that the main person that wrote this bill deregulating banks, who also wrote the legislation that deregulated energy and allowed oil to be sold the way it s now, was named as one of McCain’s top advisors… If McCain claims to not understand the economy, and the economic adviser he picked caused the problem, who exactly is going to fix it if he gets in?
It’s still a very funny picture and caption!trackback