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

To: Bill who wrote (165268)	4/2/2010 2:47:01 PM
From: Kevin Rose	Read Replies (1) \| Respond to of 173976

Monetary and regulation policies: Dropping the fed funds rate from 6.5% to 1.0% to make the economy appear better than it was - but which also inflated the housing bubble and the trade deficit. Lax oversight of the financial industry. Changing the net capital rule in 2004, which led to the demise of all five (Bear Stearns, Goldman Sachs, Lehman Brothers, Merrill Lynch, and Morgan Stanley). Allowing structured investment vehicles and CDSs to thrive, dramatically increasing the risk taken by firms that dealt with them. Lack of regulation of the so-called 'shadow banking system'. Then, setting fire to the whole mess by popping the bubble when rates were raised. The resulting crisis - acknowledged by many financial experts as the worst since the depression - has thrown millions out of work, millions others into lower paying jobs, and required a huge amount of deficit spending to avert a total meltdown. Thank you, President Bush, for leaving the country in such a mess.