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Politics : GOPwinger Lies/Distortions/Omissions/Perversions of Truth -- Ignore unavailable to you. Want to Upgrade?

To: one_less who wrote (148746)	12/1/2008 6:27:57 PM
From: Steve Dietrich	Read Replies (1) \| Respond to of 173976

My response to Kant was not intended as a swipe at you. I think you know just how direct i can be when i want to. It was more of a general observation. Many on the right do their best to blame Clinton for all that has gone wrong on Bush's watch. If i meant you specifically, i would've mentioned you by name. That said, i think the loans made to poor/minorities with limited qualifications played a very small part of what's gone wrong. In my opinion they, as so often happens, are being scapegoated for the sins of others. Kant has that right in my opinion. These questionable loans were bundled, securitized, and then sold. The originating banks often didn't even hold the loans they made. They didn't care who they loaned to. They weren't responsible. The loans were bundled and sold as securities. With real estate going up and up, investors of every kind were leveraging themselves to the hilt to get in on the boom, in every tangential way possible. When highly leveraged assets start to come down in value, carnage ensues. That's where we are now. There needed to be oversight, limits on leverage. That's the government's job. Self interest doesn't work in these instances. Bush defied his own regulators in favor of banking lobbyists. If you want to blame Bill Clinton and Robert Rubin for their part in this mess, i think the repeal of Glass Steagall is a much more legitimate culprit: google.com SD