The 2008 financial meltdown

[LilOlLady]

THE 2008 FINANCIAL MELTDOWN


On Thursday, Sept. 18, 2008, the astonished leadership of the U.S. Congress was told in a private session by the chairman of the Federal Reserve that the American economy was in grave danger of a complete meltdown within a matter of days. "There was literally a pause in that room where the oxygen left," says Sen. Christopher Dodd (D-Conn.). (more »)

"You had a conservative secretary of the Treasury and conservative administration. There was right-wing criticism over Bear Stearns," says Congressman Barney Frank (D-Mass.), chairman of the House Financial Services Committee.

FRONTLINE then chronicles the disaster that followed. Within 24 hours, the stock market crashed, and credit markets around the world froze. "We're no longer talking about mortgages," says economist Gertler. "We're talking about car loans, loans to small businesses, commercial paper borrowing by large banks. This is like a disease spreading."
Watch The Full Program | Inside The Meltdown | FRONTLINE | PBS


Obama had not even taken office and had no effect on the economy and the Right is blaming Obama? The disease continure to spread. Lack of regulations? We are still seeing the effect of that 2008 meltdown. But thank GOD for Obama that we are finally in economic financial recovery. Might as well blame him for the flood in Noah's day also. A very good analogy. Only those like Romney managed to still make millions and survive. These are all the things we are blaming Obama for? And you want us to give the keys to the government back the to Good Ol Boys?
Not only did the financial meltdown affect us, it affected all of Europe.



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“As for the natives, they’re near all dead of the smallpox. So the Lord has cleared our title to what we possess. And we shall be the place where the Lord shall create a new heaven and new earth.”
Gov.Winthrop

 

[Mac1958]

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Indeed, the Meltdown happened under Bush, and for those who like to pin 100% of the blame for anything on the administration in power at the time of any given event, tough shit, the "blame" would go to the Bush administration. The right wing is merely in intense spin mode, blaming Obama for not dragging us out of the miles-deep quicksand quickly enough, pretending against all fucking evidence that this was another recession. It's intellectual dishonesty at its most vivid, and obvious.

That said, for Dodd and Frank to pretend that they were innocent bystanders to the Meltdown is an insult to anyone who bothers to pay attention to these matters. Their actions and comments leading up to the disaster are well-documented and not worth any additional bandwidth. The nerve of these two people to even speak about this, to not run and hide in a fucking corner when asked about it, is astonishing.

While the two fucked up parties continue to point the finger at the other, the fact is the list of villains in this real-life disaster movie is long and wide. That list begins with the abject failure of our "leaders" to do their fucking jobs, and ends with an intellectually lazy and culturally diseased American society that fed right into the inevitable mayhem over decades.

A pox on both "sides", they are both complicit.

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[skookerasbil]

THE 2008 FINANCIAL MELTDOWN


On Thursday, Sept. 18, 2008, the astonished leadership of the U.S. Congress was told in a private session by the chairman of the Federal Reserve that the American economy was in grave danger of a complete meltdown within a matter of days. "There was literally a pause in that room where the oxygen left," says Sen. Christopher Dodd (D-Conn.). (more »)

"You had a conservative secretary of the Treasury and conservative administration. There was right-wing criticism over Bear Stearns," says Congressman Barney Frank (D-Mass.), chairman of the House Financial Services Committee.

FRONTLINE then chronicles the disaster that followed. Within 24 hours, the stock market crashed, and credit markets around the world froze. "We're no longer talking about mortgages," says economist Gertler. "We're talking about car loans, loans to small businesses, commercial paper borrowing by large banks. This is like a disease spreading."
Watch The Full Program | Inside The Meltdown | FRONTLINE | PBS


Obama had not even taken office and had no effect on the economy and the Right is blaming Obama? The disease continure to spread. Lack of regulations? We are still seeing the effect of that 2008 meltdown. But thank GOD for Obama that we are finally in economic financial recovery. Might as well blame him for the flood in Noah's day also. A very good analogy. Only those like Romney managed to still make millions and survive. These are all the things we are blaming Obama for? And you want us to give the keys to the government back the to Good Ol Boys?
Not only did the financial meltdown affect us, it affected all of Europe.



--------------------------------------------------------------------------------
“As for the natives, they’re near all dead of the smallpox. So the Lord has cleared our title to what we possess. And we shall be the place where the Lord shall create a new heaven and new earth.”
Gov.Winthrop

Last I checked, its 2012, sweetie!!!

 

[Old Rocks]

Last I checked there are still a lot of people hurting from the effects of the financial meltdown. 750,000 jobs a months were going down the drain when the Bush admin finished. You don't turn around a debacle like that in a matter of a few years. It took a decade and WW2 last time the GOP put us in the shitter.

 

[konradv]

Last I checked, its 2012, sweetie!!!

True, just reminding people we need to reward the guy that pulled us from the brink.

 

[Mac1958]

Last I checked there are still a lot of people hurting from the effects of the financial meltdown. 750,000 jobs a months were going down the drain when the Bush admin finished. You don't turn around a debacle like that in a matter of a few years. It took a decade and WW2 last time the GOP put us in the shitter.

Yep. It took decades to get here, it could damn well take that long to clean it up, regardless of which party is in the White House. This was/is not just another recession.

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