Well using that species of reasoning then, we can conclude that the Financial meltdown is happening on the Lord of the Idiots watch...
Er, no. The meltdown started in 2007, your boy's watch...;O)
Did it? Are ya sure?
Sorta like how the Islamic terrorism went to war with the US in 1993 and the Clinton regime treated it as a function of criminality, establishing walls of separation between law enforcement and intelligence, prohibiting profiling of Islamic males and eviscerating Intelligence and Military budgets...
ROFLMNAO...
Now Ive posted this 501 times, so once more is no big deal...
The current financial crisis is a direct result of the abuse of power by the Leftists in the legislature; it began nearly a century ago and slowly crept deeper into the US Markets, but was accelerated exponentially in the 1990s when the "Progressives" in the legislature, threatened the US mortgage industry with Civil Rights lawsuits if they did not underwrite mortgages in red-line districts... thus manipulating and undermining the reasonable and time tested actuarial thresholds of mortgage lending...
Of course, the Financial industry SHOULD have told the leftist to shove it, and in so doing forced those civil right lawsuits and exposed the leftists as the rancid fools that they always have been; but instead they assented to the coercive abuse of power and public trust all of which lead to pseudo-guarantees through Fanny wherein it was determined that if the Lenders wrote the deals, Fanny would take their shady paper; leaving the lenders held presumably harmless.
The problem is of course, that even the US Federal government and it's Leftist, er... "Progressive" means to print money, can't guarantee THAT volume of liability... just as the Federal government can't actually guarantee Deposits by the whole of it's citizenry, which they've now doubled-down on... all they can do is to SAY that they can guarantee those deposits... which puts the fear of those depositors, that 'their money is at risk of evaporating' at ease...
And THAT is the BIG LIE; and THAT is why the 'Progressives' have had to spend two TRILLION DOLLARS... to avoid runs from panicky depositors which would once again PROVE that the Progressive house of cards is unsustainable; which would force the Federal government to fold after it is forced to print MANY, MANY MORE TRILLIONS in cash to pay those depositors...
It's Progressive "Fractional Banking" sis and it's a SCAM.
Bernie Madoff is an ANGEL; a veritable economic SAINT compared to the scam that leftism has pulled and continues to pull on the international economy and the hard working people of the entire world...
Credits and debits... based upon nothing, except the means of the US Taxpayer to PAY TAXES... which are paid using the same credits and debits which are based upon the same nothing.
The scam was never sustainable, but the superior production of a free market and the prudent and virtuous nature of the American people, acted as a regulating, moderating influence which prolonged what would have otherwise collapsed decades ago.
Where the Left hijacked the actuarial thresholds to advance it's warped and wholly erroneous sense of fairness, it precluded the means of market to regulate itself... due to lowering the means by which these highly coveted instruments were obtained, it induced a frenzy of mortgage buying which lead to exponential increases in the cost of the real estate which secures those mortgages...
Sadly, once the actuarial thresholds were lowered, the runaway Mortgage Genie was out of the bottle... the same 'irrational exuberance' which drove the tech bubble/burst, drove the price of secured real estate beyond the means of the market to sustain it and PRESTO... the market failed to sustain sales; values plummeted... and the fraction of liquidity which the industry is required to have on hand against it's liabilities was once again exposed as being grossly insufficient and TRILLIONS WERE NEEDED TO PREVENT THE PUBLIC FROM REALIZING THAT THE ENTIRE "PROGRESSIVE" ECONOMY IS A SCAM.
So, with all that said, one may be tempted to run and decry GREED CAUSED IT ALL
but that human beings are, by their nature, GREEDY is not news
humanity is saddled with numerous frailties
so PERHAPS its a BAD IDEA to advance POLICY WHICH SETS ASIDE SOUND PRINCIPLE
PERHAPS
its a BAD IDEA to advance ideas which PREY ON THOSE FRAILTIES
just perhaps its a BAD idea to lend credence to those who suggests that actuarial thresholds should be lowered to accommodate ideological goals which rest upon invalid reasoning and exists wholly outside of sound principle.
Need anything else Sis?