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Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: i-node who wrote (885876)	9/7/2015 5:36:24 PM
From: combjelly	1 Recommendation Recommended By bentway Respond to of 1577814

Nonsense. It was a direct result of applying CLINTON's policies to lending policy in the US. Among other things. Talk about nonsense. The roots of the collapse went much further back than that. To the 1970s, in fact. The deregulation that started under Reagan put it into full motion. Certainly Clinton played his part. Repealing of Glass-Steagall and allowing the formation of the "too big to fail" banks like Citigroup pressed on the accelerator. Dubya push for an "ownership society", a very Friedman-like concept, was what pushed it over the edge. But it would have happened sooner or later. The housing bubble popping was just the fuse. It could have been anything. Consumer debt would have done it, if housing hadn't of beat it to the start. The system collapsed because it had been damaged by decades of illegal and unethical behavior. Because certain people in positions of power believed that the banking system would self-regulate because it was in their own interest to, a Friedman concept if there ever was one. Guess what? There was too much money to be skimmed off to keep banks from engaging in illegal and unethical behavior.