Sallow
The Big Bad Wolf.
- Thread starter
- #81
Sallow is historically and economically illiterate.
Bush did not create Fannie Mae and Freddie Mac, the ground zero of the financial mess which led to the financial fracas.
Didn't create? Well no. Foster and excaserbate? Very much so. Clinton got rid of Glass Stegall, true..but it was an effort to quell Republican/Banker's fretting about competiting with European and Asian banks. Was it a dumb move? Probably..but given there were still well funded regulatory agencies it was managable. President Bush should have reinstated it. He didn't. Not only that he defunded regulatory agencies and laxed regulations. This allowed financial groups..who typically don't make loans..to start doing so. Fannie Mae and Freddie Mac..which became part of this weird culture of using to government money to fund and protect private risk taking became overloaded with bad debt. They don't have the fiduciary responsiblity to vet loans..that would fall upon the lenders. And being such and "economic" expert you'd know that..
Or maybe not.
Hence the bullshit you keep flinging..is something you either know nothing about..or willfully spread crapola.