CA Declares State of Fiscal Emergency...

[Avatard]

Originally Posted by goof2

You say California's financial crisis is too complex to blame on one group, yet America's financial crisis is simple enough to lay blame?

Actually, looking back historically to where the worst moves were made politically which allowed the latest financial meltdown (and a number of other economic stumbling blocks) to occur (and for that matter historically some of the worst legislation in hindsight) seems to have occurred on the Republican's watch.

The irony here is that a return to a true Republican platform is actually far closer to a Libertarian one, one that I personally favor.

It's just that the Republicans say one thing, and do another.

All politicians are hypocrites. However, the Republicans for a while now have made it into a true fucking art form.

[KSGregman]

Originally Posted by Avatard

Actually, looking back historically to where the worst moves were made politically which allowed the latest financial meltdown (and a number of other economic stumbling blocks) to occur (and for that matter historically some of the worst legislation in hindsight) seems to have occurred on the Republican's watch.

I would argue that the true origin of the problem was the Housing and Community Development Act....introduced by Henry Reuss, a democrat from Wisconsin, and signed into law by President Jimmy Carter....also a democrat.

http://thomas.loc.gov/cgi-bin/bdquer...:@@@L&summ2=m&

[Papa_Complex]

Originally Posted by KSGregman

I would argue that the true origin of the problem was the Housing and Community Development Act....introduced by Henry Reuss, a democrat from Wisconsin, and signed into law by President Jimmy Carter....also a democrat.

http://thomas.loc.gov/cgi-bin/bdquer...:@@@L&summ2=m&

Which Republicans would have rectified, if they really say it as being a problem, no? Passed in 1977? That's 33 years including 8 years of Reagan, 4 years of Bush Senior, and 8 years of Bush the Lesser. That's more than 50% of the time between when that law was passed, and when all hell broke loose.

Not only was it not withdrawn, but it was "improved" over that time. Any Republican who points to the Carter years as the origin of the problem, must also wear the problem, himself, for the 5 sessions during that time that the Republicans had both The House and The Senate. A ticking time-bomb, but no one fixed it?

[goof2]

Originally Posted by Avatard

Actually, looking back historically to where the worst moves were made politically which allowed the latest financial meltdown (and a number of other economic stumbling blocks) to occur (and for that matter historically some of the worst legislation in hindsight) seems to have occurred on the Republican's watch.

The irony here is that a return to a true Republican platform is actually far closer to a Libertarian one, one that I personally favor.

It's just that the Republicans say one thing, and do another.

All politicians are hypocrites. However, the Republicans for a while now have made it into a true fucking art form.

The worst moves that allowed the latest financial meltdown to occue were in real estate, and more specifically within Fannie Mae, Freddie Mac, and the FHA. Those conditions have been in place for decades. Bush talked about reforming them in 2003 and 2005, but nothing ever came of it. In the debate about it in 2003 Barney Frank most famously stated "these two entities, Fannie Mae and Freddie Mac, are not facing any kind of financial crisis". You can read more about Frank's specific involvement below, but I doubt it will make a difference.

http://www.boston.com/bostonglobe/ed...ancial_fiasco/