Who Really Wrecked the Economy?

Discussion in 'Economy' started by PoliticalChic, Jun 9, 2011.

  1. PoliticalChic
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    PoliticalChic Diamond Member

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    Been the topic of debate here on the board for a couple of years....

    Well...here it is! Just published:
    "‘Reckless Endangerment’ by Gretchen Morgenson and Joshua Rosner

    1. 'In “Reckless Endangerment,” Gretchen Morgenson and Joshua Rosner argue that cozy connections between government and the financial industry were the primary cause of the financial crisis. In a series of clearly written narratives with many names, dates and figures, they show that government officials took actions that benefited well-connected individuals, who in turn helped the government officials. This mutual support system thwarted good economic policies and encouraged reckless ones. It thereby brought on the crisis, sending the economy into a tailspin.'
    ‘Reckless Endangerment’ by Gretchen Morgenson and Joshua Rosner - The Washington Post

    2. "The Republican Party and especially its Tea Party wing have just acquired a new weapon of mass destruction — and it has nothing to do with any of Congressman Wiener’s rogue body parts. If they deploy this weapon effectively in the next election cycle — a big if — then they have the biggest opportunity to move the country rightward since Ronald Reagan took the oath of office back in 1981.

    3. The Tea Party WMD stockpile is currently stored in book form: Reckless Endangerment: How Outsized Ambition, Greed, and Corruption Led to Economic Armageddon. By Gretchen Morgenson, one of America’s best business journalists who is currently at The New York Times, and noted financial analyst Joshua Rosner, Reckless Endangerment gives the best available account of how the growing chaos in the mortgage and personal finance markets and the rampant bundling of dubious loans into exotically toxic securities plunged the world, and millions of American families, into the gravest financial crisis since World War Two.

    4. The villains? An unholy alliance between Wall Street, the Democratic establishment, community organizing groups like ACORN and La Raza, and politicians like Barney Frank, Nancy Pelosi and Henry Cisneros. (Frank got a cushy job for a lover, Pelosi got a job and layoff protection for a son, Cisneros apparently got a license to mint money bilking Mexican-Americans of their life savings in cheesy housing developments.)

    5. If the GOP can make this narrative mainstream, and put this picture into the heads of voters nationwide, the Democrats are toast.

    6. If Morgenstern and Rosner are to be believed, the American dream didn’t die of old age; it was murdered and most of the fingerprints on the corpse come from Democratic insiders. Democratic power brokers stoked the housing bubble and turned a blind eye to the increasingly rampant corruption and incompetence at Fannie Mae and the associated predatory lenders who sheltered under its umbrella; core Democratic ideas may well be at fault.

    7. Big government, affirmative action and influence peddling among Democratic insiders came within inches of smashing the US economy.

    8. The Great Villain, the man who almost ruined America according to the book, is James Johnson, long one of the most important members of the Democratic establishment. ...Barack Obama, impressed by this track record of discernment, reportedly asked him to lead Obama’s search in 2008 ...

    9. Politically, this story is a killer app for the GOP. It demonizes Dems, lends itself to attack ads, divides Democrats between their Wall Street and union bases, and combines GOP hate figures in ways calculated to unify the GOP and heighten the intensity of the faithful. The story illustrates everything the Tea Party thinks about the corrupt Washington establishment and the evils of big government. It demonstrates the limits on the ability of government programs to help the poor.

    10. ...if the GOP plays its cards right, Fanniegate could push this country into a new political era."
    Fanniegate: Gamechanger For The GOP? | Via Meadia
     
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  2. Wiseacre
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    Wiseacre Retired USAF Chief Supporting Member

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    Affirmative action? Really? And the GOP is totally blameless? I don't think so. Usually I agree with you PC, but this sounds a little too biased.
     
  3. Cuyo
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    Cuyo Training a Guineapig army

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    That was your mistake right there.
     
  4. william the wie
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    william the wie Gold Member

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    This is very old news. The Dems have been the slave of the mob and Wall St. since the 1850s at least.
     
  5. Kevin_Kennedy
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    Kevin_Kennedy Defend Liberty

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  6. The Rabbi
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    The Rabbi Diamond Member

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    Go ahead and quote the Protocols as well.

    The OP sounds a little trite, frankly. The economy was not "wrecked." The economy is basically sound, or was. There was an economic cycle and it ran its course. It was helped by ultra low interest rates, which were the real culprit here.
    Obama has gone and truly made things harder with moral hazards right and left, and an anti business policy only a marxist could love. If we dont reverse Obamacare and Dodd-Frank we'll be in euro-sclerosis for a long time.
     
  7. Sallow
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    Sallow The Big Bad Wolf. Supporting Member

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    According to Conservatives..it's sorta wrecked a little now..because of President Obama's milquetoast attempts at regulation. But the massive tax cuts are still there. There is still a huge amount of taxpayer money being funneled into the American Military Industrial complex. Corporations are swimming in huge oceans on taxpayer money and they are still rewarding their executives with huge piles of compensation while the standing of labor crumbles.

    Thus the building of a new Conservative Aristocracy in this country..continues against the weakest opposition imaginable.
     
  8. The Rabbi
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    The Rabbi Diamond Member

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    Meds off today? That wasnt even a post, it was an incoherent word salad of progressive talk points.
     
  9. Sallow
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    Sallow The Big Bad Wolf. Supporting Member

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    Which makes you even more of a maniac for responding to it.:doubt:

    And without one single solid rebuttal to boot.:lol:
     
  10. 007
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    007 Charter Member Supporting Member

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    obama, and the democrats.

    Can you say "obamacare?" How about "bail outs?" How about "spend, spend, spend like the wind?"

    All DEMOCRAT... since obama took office. DEMOCRATS OWN this HORRIBLE economy.
     
    Last edited: Jun 10, 2011

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