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Politics : President Barack Obama
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To: koan who wrote (52775)3/30/2009 6:34:54 PM
From: Nicholas Thompson1 Recommendation  Read Replies (2) of 149317
 
Dear Koan; All true; but Bush's policies and his administration's lack of interest in financial regulations and controls exacerbated the situation many fold. There were, in some regard , sufficient regulatory authorities in the 2001 to 2008 period to protect against what happened if someone wanted to do it; Clinton's advisors were involved in creating the environment which led to the mess but that was mostly in the 1990' before things really went south. ( Don't forget that there were many GOP people including Phil Graham and his crowd, such as his wife, who were more instrumental in creating the loose framework; yet this framework did not, by itself, mean things would be ignored in the 2000's., It took real effort to avoid seeing what was happening in the 2000's) Example The SEC and Madoff.

And, while the deregulation in the financial futures market could be one impetus to the dizzy derivative growth of the 2000's ,it was really the no regulation environment of the white House which was the big driver. Lets put the blame where it belongs and ignore this revisionist stuff.

The real meltdown started in 2005-2006 ; the revisionists always like the credit Reagan with all the gains of the 1990's and blame Clinton for the losses in the 2000's; how convenient. That said I think Obama would be well served by having a different mix of people on his economic team, not only for different ideas but also to damp down stories such as in your e mail, there is much truth to them but they are slanted and distorted to cover up the GOP's major role in what happened.
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