Everybody knows that the left will take every opportunity to blame the last President for our current economic problems. What else is new?
How about looking at the real culprits? I submit that it is painfully obvious the the main cause of our current economic problems are as follows:
- The “mortgage meltdown” as the main driving force behind the “perfect storm” of economic factors that brought down major banking houses, the stock market, jobs and economic uncertainty and malaise;
- The cause of the mortgage meltdown is largely due to the excessive desire of the Democrat policy makers who wanted people to be in houses, with callous disregard to whether they could afford to be, and what a disaster this policy would lead these folks to in short order;
- That the doomed “get into a house too easy” plan was facilitated by Fannie Mae and Freddie Mac;
- And finally that Chris Dodd (D-CT) and Barney Frank (D-MA) were the chief drivers of this insane policy.
Yet because popular media tends to blame the President for what happens on his watch, we misplace the blame, and fall into a trap of simplistic misinformation.
(UNDER CLINTON) The proposed Financial Services Modernization Act of 1999 would do away with restrictions on the integration of banking, insurance and stock trading imposed by the Glass-Steagall Act of 1933, one of the central pillars of Roosevelt’s New Deal. Under the old law, banks, brokerages and insurance companies were effectively barred from entering each others’ industries, and investment banking and commercial banking were separated.