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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: Freedom Fighter who wrote (110702)	1/23/2008 9:52:16 AM
From: Knighty Tin	Read Replies (1) \| Respond to of 132070

Right wingers are often very glib about allowing the system to right itself, as they are not the ones losing their jobs and savings. The fact is, Bush made tax cuts into a huge deficit caused by his foreign adventures and lush spending, killing both the Clinton surplus and the peace dividend in one swell foop. That allowed more folks to afford a house, as we moved back to pushing the old economy of the Bushes, big oil and real estate. Then, the banks were encouraged to lend money to people who couldn't afford a house unless it appreciated in value. Rapidly. The Chairman of the Fed told them to take out variable rate mortgages to participate in that bubble. So, we have inflation and a recession caused by spending and creating too much money and credit. The Fed is lowering rates to spur inflation higher and Bush wants to give everyone a rebate (and a much higher deficit) with his stimulus handout. Bush couldn't do anything about Greenspan????? He could have not re-appointed him, if he had a pair. Why didn't he? Because Bush and Greenspan were joined at the hip. Big expansion on the monetary side and big expansion on the fiscal side. At least Rubin and co. kept the fiscal side under control to counteract Greenspan's recklessness. Bush fanned the fires instead. No one hates the financial crooks and idiots as much as I do and I hope their stocks go to $1 per share. But, they are so much a part of the monetary system that total bankruptcy would cripple the nation. Unless we wise up and socialize them.