Want To Know Why Your Economy Blew Up?

Here are two videos.  The first shows footage from a couple of years ago – when regulation would have actually prevented this disaster.  It shows Republicans expressing their concerns over the condition and continuing viability of Fannie Mae and Freddie Mac, and proposing regulations to control these GSEs.  It also shows Democrats claiming that Fannie and Freddie were fine, and blocking regulations.

Why blame Republicans for their “deregulation”?  Who REALLY failed to regulate?

The second video below provides a history lesson that spends some time examining Barack Obama’s role in economic time bomb.

Anyone who takes the time to understand the real roots of this terrible meltdown will see that Democrats – whose policies set up this disaster and who ran GSEs Fannie Mae and Freddie Mac even during Republican control – were all over this mess.

Do you really want to give total power to the people who created this disaster in the first place?

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2 Responses to “Want To Know Why Your Economy Blew Up?”

  1. Late Question Says:

    I never wrote in on this article because my video thing doesn’t work at the moment but I want to ask something and thought this empty box is a good place so I won’t waste time getting off the point elsewhere, and my question happens to relate to this article.

    Wow would be a good word to start my question, looking at the financial news over the last week. Give us your personal gut feeling; point one. Point two: what on earth will voters do about the stock market which seems to be on the way down now and taking the economy with it no matter what anybody says to the contrary? It may turn out into an impossible situation for any President, or at least very difficult.

    Obama will find it easy because he will just “blame it on Bush” and McCain is really too hones to lie about the economy. My point [thus my question] remains: what is your gut feeling about the voters. Who will they believe? We know it is a global problem and that you cannot blame President Bush for the same economic mess in every other country but what will the voter do in November.

    I am worried they may believe Obama and he will get us deeper into the abyss.

  2. Michael Eden Says:

    On the stock market: I have about a quarter of my investment capital in stock. I am an ‘etrader’ and personally research the few companies I invest in. I did not disinvest from them. I bought 150 shares of GM when it was at $4.00 (it went below that before going up to near $7). I not only wanted to profit from GM, but I want them to have capital to get them through the coming months. I figured $600 wouldn’t kill me, and might make me a lot of money!

    The market will largely depend on whose in charge. We need corporate tax cuts and capital gains cuts – not increases. I think the market will come back given the right incentives, and will struggle if given the wrong ones. Obama has the wrong ones. If he is elected, I will start buying gold, because he will drive up the deficit and create inflation.

    The stock market and the economy can be at odds with one another. People can ignore fundamental realities one way or another. I would say the fundamental realities are bad, and not getting better. Nothing we did in the bailout really “fixed” the underlying problems (such as fully privatizing the GSEs would have been a step toward). It’s impossible even for savvy investors armed with the latest information to know what will happen in the stock market.

    People are clearly blaming Bush – and therefore McCain. This “guilt by association is fine with Obama (it’s only guilt by HIS association that merits outrage). I don’t think it’s about McCain getting people to vote FOR him. I think it’s about getting people to vote for ANYTHING BUT Obama.

    This was – on my view – an “American problem.” But it was largely Democrats who were responsible for it. Democrats who refused to allow the Republicans to regulate GSEs Fannie and Freddie when it would have done some good; career Democrats who fill the leadership ranks of Fannie and Freddie (e.g. Franklin Raines, Jim Johnson, Jamie Gorelick), and Democrats who came up with the stupid “Community Reinvestment Act” to begin with.

    I still believe that voters will ultimately reject Obama, and will be devastated if I find out that Americans chose Obama the way Dietrich Bonhoeffer was devastated that Germans chose Hitler.

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