Saigon
Gold Member
What do you consider to be the MAIN driving force behind the 2008 economic meltdown?
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QW -
I agree that all of the factors listed share some responsibility, but it is so clearly established that the lack of regulation over 30 years sparked the rush of greed and fraud that I don't know why anyone would suggest otherwise. .
What a complete load of racist bullshit.It's a combination of things.
A huge combination
But I'd say the main contributor was clinton forcing banks to loan money to people they would Never consider before so they could buy houses, or allow people into bigger homes than they could afford.
That forced banks to shuffle money around in phoney ways.
Anyone that says it's just Bushs fault is lying and/or running for President.
What do you consider to be the MAIN driving force behind the 2008 economic meltdown?
What do you consider to be the MAIN driving force behind the 2008 economic meltdown?
What a complete load of racist bullshit.It's a combination of things.
A huge combination
But I'd say the main contributor was clinton forcing banks to loan money to people they would Never consider before so they could buy houses, or allow people into bigger homes than they could afford.
That forced banks to shuffle money around in phoney ways.
Anyone that says it's just Bushs fault is lying and/or running for President.
Clinton required banks to make loans to QUALIFIED minorities that banks would never consider not because thy were not qualified, but because they were minorities. To a racist no minority is ever qualified for a loan. Making loans to the unqualified did not happen until Bush's Dec 2003 ADDI. Starting in 2004 everything went to hell.
Banks shuffled money around in phony ways out of pure greed and nothing else.
What a complete load of racist bullshit.It's a combination of things.
A huge combination
But I'd say the main contributor was clinton forcing banks to loan money to people they would Never consider before so they could buy houses, or allow people into bigger homes than they could afford.
That forced banks to shuffle money around in phoney ways.
Anyone that says it's just Bushs fault is lying and/or running for President.
Clinton required banks to make loans to QUALIFIED minorities that banks would never consider not because thy were not qualified, but because they were minorities. To a racist no minority is ever qualified for a loan. Making loans to the unqualified did not happen until Bush's Dec 2003 ADDI. Starting in 2004 everything went to hell.
Banks shuffled money around in phony ways out of pure greed and nothing else.
The primary cause of the tech and housing bubbles is not politics but central banks. Politics played a role but both the housing and tech bubbles were driven by the excess creation of money and lax lending standards. When credit becomes too abundant, it can feed into asset markets and create bubbles. This wasn't the only reason - there were many - but it was the primary reason. And both the tech and housing bubbles are linked.
People trying to blame Democrats or Republicans or the GSEs or the CRA or whatever are missing the point. This was a global issue, not simply an American issue.
Cause ---> effect.
Effect = housing bubbles in many countries across the globe.
Ergo, the cause is global, and you must look for global causes.
Of course, politics in America had an affect, but the CRA or George Bush didn't cause housing bubbles in Spain, Australia, Canada, Ireland, etc.