30 September 2008
Blame
The fact is that Democrats and Republicans are to blame. It's possible that lending policy crafted by Democrats in the 90s, and Fannie Mae and Freddie Mac helmed by Democratic supporters, helped create the market of over priced homes and over extended mortgage holders. At the same time, the free-marketeer and Republican mantra of "less regulation" created the market of sub-prime mortgage securities sold and resold for the past 10 to 15 years, shift debt, creating profits from nothing, and lining the pockets of lender CEOs and investment bankers.
If the Republicans knew that the housing market was bad, they should have fixed it when they held the reigns from 2000 to 2006. If the Democrats saw the "Bush fiscal policy" as evil, they should have spend the last two years fixing it rather than biding time until their President got elected.
Representatives of both sides have failed us as much as the CEOs of these companies that sought profit on the unstable foundation of the mortgage and housing industry.
Come November, do us all a favor and throw the bums out. Start with Boehner, Pelosi, Frank, and Bachus.
If the Republicans knew that the housing market was bad, they should have fixed it when they held the reigns from 2000 to 2006. If the Democrats saw the "Bush fiscal policy" as evil, they should have spend the last two years fixing it rather than biding time until their President got elected.
Representatives of both sides have failed us as much as the CEOs of these companies that sought profit on the unstable foundation of the mortgage and housing industry.
Come November, do us all a favor and throw the bums out. Start with Boehner, Pelosi, Frank, and Bachus.
