RRC Archives

there is no doubt that every single person, from Bush all the way thru the senate and house, should be ashamed of not seeing this coming. And if they did see it, they should be ashamed for not screaming louder.

I think the majority of the blame has to lie Mr. Reagan. Let us look back on that glorious presidency.

His supply side economic policies, dubbed "Reaganomics", included deregulation and substantial tax cuts implemented in 1981

Reagan's administration's stance toward the Savings and Loan industry contributed to the Savings and Loan crisis. It is also suggested, by a minority of Reaganomics critics, that the policies partially influenced the stock market crash of 1987, but there is no consensus regarding a single source for the crash. In order to cover newly-spawned federal budget deficits, the United States borrowed heavily both domestically and abroad, raising the national debt from $700 billion to $3 trillion.

What absolute horse shit. The collapse of Freddie and Fannie is primarily the fault of Democrats like Barney Franks, Chuck Schummer, and Chris Dodd who were using Freddie & Fannie like private slush funds. Also, Obama was the second largest recipient of F&F largess, and he's only been in the Senate three fucking years!

McCain recognized that the home mortgage industry was in danger of collapse and introduced legislation that would bring necessary reform to and regulatory controls over F&F. This effort was soundly defeated by the Democrats! Now the collapse has come and we get to listen to to fuckheads like Obama lecture us about how this was all caused by Republican deregulation. What a lieing piece of shit. The Republicans were the only ones trying to bring effective regulatory control over Freddie and Fannie. This monster was created by the Dems and now the Republicans get the blame. I will hand this to you, that's real beauty. But it's not "a new kind of politics", and it's not "the change we need". It's the same old political bull shit that this country has lived and suffered with for far too long. And now it's on the verge of getting much worse. This is a con job, pure and simple. And just maybe the voters of America are so stupid that we'll get what we deserve.

Fannie and Freddie were brought down by social engineering run amuck, greed and corrupt politics. Unbelievably, the people responsible for the collapse are the ones who benefit politically. Now we're on the verge of going to the polls and rewarding the assholes who brought this to us with a sweep. God helps us, because we clearly are incapable of helping ourselves.

L K Day wrote:...And just maybe the voters of America are so stupid that we'll get what we deserve...

Didn't we prove that 4 and 8 years ago already?

No, it was just two years ago when we gave the majority to Palosi and Reid. Now we're on the verge of giving absolute and total power to those two creeps. For all his faults, even Bush isn't held in as low esteem as Congress. So now, we're so upset about what the Democrats have done that we blame it on Bush and McCain (even though they're the ones who tried to stop the madness at Fannie and Freddie), then hand even more power to those who really fucked us. Man that's smart.

In fact it's so stupid it's hilarious. If the news media had any credibility at all they wouldn't even be able to do a story on all this without absolutely cracking up. I mean they ought to just fall over on their backs with their feet kicking in the air and cackle "they're just so fucking stooopid".