Why are Republicans so dishonest about Obama?
And what is up with this alternate view of reality? The economy was already "saved" before he became president. We had won the war in Iraq and everything was going great. Health care was cheap and everyone had it.
If you can't be honest, will people, besides those in gerrymandered districts, vote for you?
I'm always amazed at how much blame and credit americans give to presidents. Bush didn't ruin the economy, the seeds for that debacle had been sown much earlier. Obama didn't save the economy. Heck look at the economic team he put in place, it was the same people that got us into the mess in the first place.
Simplistic sound bites on presidents seems to be the only things the electorate in this country can process.
Sorry, W Bush regulators let their pals run wild with toxic assets and wrecked the world. Obama at least keeps things honest, no typical Pub bubble/bust/scandal...
And it was under the Clinton adm that the derivatives markets took off. It was under the Clinton adm that rubin and greenspan refused to regulate OTC derivatives. It was under the Clinton adm that Glass Steagal was repealed. It was Clinton through executive order that increased fannie mae and freddie mac exposure to subprime mortgages from something like 12% to in excess of 30%. Note that in the case of derivatives and glass steagal one of the chief architects was Robert Rubin, Obamas first chief economic adviser.
The first bank I can think of that blew up because of this nonsense was citicorp in 1994. Another was Long Term Capital Management in 1998.
As far as Obama keeping things honest, you've got to be kidding. What's changed? Dodd Frank forced minor changes to banks leverage positions but derivatives and OTC derivatives are pretty much the same.
People seem to think we've fixed the problems we haven't. I remember an interview with some one from SEC 2 years after Dodd Frank was passed. When asked if the legislation fixed the problems he laughed and said "put it this way if this financial crash was instead a plane crash, we'd still be looking for the plane".