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Politics : View from the Center and Left
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To: Katelew who wrote (129311)1/26/2010 4:22:41 PM
From: JohnM  Read Replies (1) of 541933
 
Kate, I've got so many disagreements with that post, it's probably not wise to post them all. Here's a sample.

1. It's not possible to separate the consequences of the potential banking system collapse from a consumer collapse. The two were tightly intertwined. The credit crisis was a serious part.

2. You note that Barney Frank and Nancy Pelosi were willing to give the banks handouts without any strings attached. It was Hank Paulson who advocated that and Frank and Pelosi who insisted on rewriting the few pages he gave them so there would be monitoring of both the Treasury and the banks.

3. As for the orderly end of the mortgage crisis, it was anything but orderly and could have been much more devastating had not the two administrations taken the action they did.
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