-Greg
Thursday, March 02, 2023
The Real Roots of the Financial Crisis
The 2008 Financial Crisis was a seminal moment in American history. After a century of unchecked American economic dominance, the nation “came within 24 hours of melting down to the pre-industrial age”, as one of the world’s most respected CEOs put it a few weeks later.
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I call BS. It's instructive to note that every time the financial giants bet wrong, they claim we are *this close* to a financial meltdown so they can get bailed out. Capitalism when the market goes up, Socialism when the market crashes.
ReplyDeleteCOVID lockdowns caused you to lose your job, your business, your house, your retirement? Suck it up.
Those yachts ain't gonna pay for themselves, you know.
Very true, largely untalked about, and no lessons learned at all or punishments given out.
ReplyDeleteA good start, but it absolves the Republicans and Bush the Lesser. As a share of mortgages, subprime loans made up 10.6% of the market in 1997. This dropped to 7.4% by 2002. But then by 2006 it had jumped to 23.5%.
ReplyDeleteHere is a 2003 press release by the Bush White House touting it's "Mortgages for Everyone" programs. https://georgewbush-whitehouse.archives.gov/infocus/achievement/chap7.html
Both Clinton the Philanderer and Bush the Lesser were to blame for the troubles in 2008. The Republicans controlled the House and the Senate between the years of 1995 and 2007, with the exception 2001-2003 when the Senate was tied, then leaned Democrat after a Republican Senator became "independent" but voted with the Dems.
I thought so then and I still think so now that the "Crash of 2008" was engineered to help Obama get elected.
ReplyDeleteQuit reading after "one of the world’s most respected CEOs." This is like saying "honest politician."
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