The Community Reinvestment Act of 1977 , Fannie Mae, and Freddie Mac… These were all Democratic Concepts.
Fundamentally, these policies, they were to help the Lower Class become homeowners. They were abused in the Late 80’s Savings & Loan Scandal. Abused Policies by greedy individuals, who wanted more property as Rental Income. There was much short – sightedness. George W + Lincoln Savings & Loan, his son Jeb.
In the 90’s. I believe the Clinton Adminstartion did 2 things wrong, They allowed investment of 401K’s into the open Market which in turn Fueled the Stock Market Bubble with all the extra Money in play. Greed again. Second was removing the restrictions in derivatives, which made a lot of greedy people very rich. The dawning of 1993 the economy was suffering from recession… In wanting to make a more robust economy… And it worked. for awhile.
George W. did nothing to stop this… WTC, WMD, Halliburton, Goldman, Afghanstan, Iraq2…
While the hard working lower & middle classes were getting into their 1 home, or purchasing a few stocks… The business Genius’ of America… The people who get those ridiculous Compensation Salaries created new ways to exploit the weakness of these Laws, to make the most “paper” money for their Companies. So they end up with so much, with so little cash outlay… Greed. There are people that have so much… but it’s never enough. Lying on the Values of securities, equities, and Real values. The Policies would be fine if it were not for the greed. It is the part of the equation that ruins the balance. This mentality that if you don’t get in now… You will be left behind. Greed. It is destroying this country. Real Estate Brokers, Stock Brokers, and their agents. If ever you ask them… In an up economy or a down economy. Is this a good time to buy stocks / housing. Of course the answer is “yes”. If they say no… There is no comission. Someone like Bernie Madoff is only viable because of Greed. To be truly happy, “How much is enough?”
This Administration… Maybe should have let AIG, ect Fail. Remember late 2008, it was George W’s initial $700B. They are all policies trying to fix the fundamental fact that the Majority of Americans do not know, “How much is enough”. Greed! The problem is us. We are unsustainable… we want it all. Just because we vote someone into the Presidency, if he can’t fix what we helped break… We blame him. Do you think McCain & Palin, in the back of their minds, are glad they “lost”. I really don’t see it being too much different had they won. This “depression” was enivitable, our greed is unsustainable.
It’s not the Politicians fault… Look in the mirror America.