News and Politics | February 05, 2012 | 2 comments

Why It’s a Republican Recession

source: http://www.politicsplus.org/blog/2012/02/05/why-its-a-republican-recession/

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TomCat1948
Common wisdom holds that the near collapse 0f 2008 snuck up on us, and that nobody saw it coming. Common wisdom is wrong. Lots of people saw it coming, and I was one of them, so it didn’t take rocket science to figure it out. In 2007 I was discussing how Republicans realized they were on the way out, and they were setting the US up for an economics crisis, so they could blame their successor, and present themselves as the solution. I was wrong about the timing. I expected it to come in the first quarter of 2009, but it did in the last quarter of 2008. I was also wrong about the scope. I did not expect it to be this severe. Republicans are now changing their lies and often saying that Obama is responsible, so I consider it imperative to clear the air so there can be no doubt that this is a Republican Recession.
  1. groups:
    News and Politics
  2. tags:
    GOP Lies,  Banksters,  corporate criminals,  GOP Crime
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2 comments // Why It’s a Republican Recession

  • kvb1
    • 0
      kvb1  

    • No matter how you try to add it up, the facts are that the collapse was in response to Gramm, Leach, Bliley Act deregulating the financial industry, and the S&L deregulation under Reagan that collapsed that industry and created CODs as a way to get rid of "toxic" assets. Clinton could have vetoed Gramm, but it passed with a bipartisan vote of 343-86 in the House and 54–44 vote in the Senate. Enough of a wiggle room to over ride that veto. Clinton took the easier route as he was under the sway of Robert Rubin.

    • 1 year ago
  • TomCat1948
    • 0
      TomCat1948  
    • kvb1:

      I agree that Clinton was wrong to sign it, but neither he nor any other Democrat did anything specifically intended to enable criminal predation on Americans.

    • 1 year ago
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