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Originally Posted by NoRegrets
The lines are pretty clear and predictable on opinions on this matter. I am sure the boating reference was painful to everyone who makes their living based on this industry. The budget issues and blame bush are a reflection on problem without understanding some of the policies that were set by our politicians. If you truely want to ponder the situation and not do a party line blast here are a few epic social events that I believe got us into this mess.
1) The CRA (Community Reinvestment Act) was started under Jimmy Carter at 5% (resonable) but increased to 30% under Bill Clinton (totally over the top by forcing banks to give mortgage money to high risk ventures).
2) Repeal of the Glass - Seagull act. 1933 this law was created to prevent another "great Depression". It regulated Banks, Insurance companies, and Inventment brokers to insure deals and commerce were not controlled by a single entity. Bill Clinton signed this allowing the AIG's and big banks to make massive profits based on questionable practices.
3) 2000 - Bill Clinton signed the Futures Commodities Modernization Act. This allowed the deregulation of energy stock trades causing wild speculation and price spikes. When was the first time you ever heard of oil increased based on a storm in the Gulf of Mexico? 2002. All energy trades were monitored and fixed based on a supply and demand equation. Now they are traded on the international market and nobody can set any sort of regulation on them. Thanks Bill.
The final straw if you are curious was the appointment of Franklin Raynes to the CEO position at Fannie May. He was convicted and fined 31 million dollars in 2004 for his deeds on cooking the books and processes at Fannie May. His friends in congress reset his fine to 3 million. He retired and gets a 1.2 million per year pension. Look his story up on Wikipedia for his political connections and bio. It will make your blood go cold and wonder why media does not tell the facts. This criminal worked for Jimmy Carter then Fannie May, then Bill Clinton and Bill then appointed him to the head of Fannie May.
These policy blunders set the stage for the our current situation. The 911 war was no help. Bush was a budget fool and communication idiot. I do not believe he had any control over anything and signed away to many programs.
I do not believe this is a side issue but detest the Bill Clinton policies that set the stage for the bitter political battle that is being fought by mindless puppets in the Palosi and Read chambers. They should all get the boot after the tar and feathering parties. Have a great day!
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Well written. But I think the house and senate write the laws. The pres only signs on. There is more than enough blame to go around.