Liberalism: Do You Agree We've Had Enough of It? Message Board

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Politics : Liberalism: Do You Agree We've Had Enough of It?

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To: Ann Corrigan who wrote (55075)	11/11/2008 10:20:23 PM
From: RMF	Read Replies (1) of 224648

It wasn't Freddie and Fannie that caused this mess. It was the derivatives like "credit default swaps" that allowed all that junk mortgage paper to be written. BOTH parties are responsible to an extent, but it has usually been the Republicans that have been against even reasonable regulation. There was like $50 to $60 TRILLION in derivatives out there that are now coming due. Nobody knows the exact amount, let alone any reserves that were held to back them because everybody said, "Don't regulate that stuff because it will stifle innovation and the markets will do their OWN regulating". This mess is far from over, and that's why the FED has to keep pumping billions into AIG. Until housing prices stabilize the downward spiral will continue and a new factor is now coming into play....CREDIT CARDS! Those are ALSO backed by derivatives. WHOOPEEEEEEEEE

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