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Politics : GOPwinger Lies/Distortions/Omissions/Perversions of Truth
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To: TimF who wrote (146965)11/12/2008 7:15:46 PM
From: geode001 Recommendation  Read Replies (2) of 173976
 
The actions of the private sector are the major reason the private sector is in such a mess it has come crying to government for bail outs. If by government you mean the dumdum, deregulating dopers called the Bush administration then I you have a point about government messiness.

It isn't intervention but LACK of regulation and oversight that has created this really ugly situation. I hope we bounce off 7800 and then maybe there will be a good buying opportunity.

"Its an entirely separate issue, because it had little to do with the housing bubble."

Actually, it has to do with the administration of government under 30 years of Reaganomics and Bushonomics garbage ideology. The housing bubble is not just about housing and the crash is not just about mortgages. The problem is that we get into these crises fairly frequently from LTCM to the S&L crisis to whatever the scary crisis du jour is.

We are up to our eyeballs in both public and private debt. It isn't just about mortgages it is about commercial paper, credit card debt, national debt, deficit spending, etc. Everything that was shaky in this economy that has been hollowed out by 30 years of voodoo thinking has begun to fall down...apparently all at the same time.

If it was just legally made (non fradulent) subprime mortgages guaranteed by idiots at Fannie and Freddie, we would be out of it by now.
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