Absurd though these all were, they paled in comparison to the financial innovations that grew out of the mortgages—derivatives built on other derivatives, packaged and repackaged until no one could identify what they contained and how much they were, in fact, worth.
As I already pointed out, Bush's initiative involved about 2,500 average mortgages. Trivial. Apparently, your liberal rag citation agrees with me on this.
The unregulated derivatives, a result of Clinton's & Ruben's refusal to listen to THEIR OWN ATTORNEY on the matter, Brooksley Born.
This woman was the absolute expert on this subject, went to the mat to try to regulate them, and was shut down by Clinton & Ruben. "Shut down", as in her office being abolished.
There is nothing you posted that is, in any way, inconsistent with my earlier statement: This is 100% on Clinton. Clinton can try to push it to the GWB admin, but history has started sorting this out and clearly, Clinton and liberalism get the blame. |
