Quote:
Originally Posted by Platapus
Why do people try to assign blame to one person or one political party?
Everyone in the government F-ed up the economy and everyone in the government will be involved in the recovery effort.
No one has their hands clean, and no one or group can take any moral high ground in this mess.
The important thing should be working together to fix the problem and making sure it does not happen again.  |
Well said. Especially on the last part (pity that the only real long-term solution would involve government intervention, which you'll have plenty of people bitching and complaining about; you can't expect people or businesses to fairly or correctly take care of themselves, so the only way to do it is to bolster the national laws on the matter and hand over the responsibility for management to the highest authority: the national government, not to say that the federal governments should, or need be, excluded from it). For the record, I did not intend to insinuate that Bush was all to blame. Just that as far as presidents are concerned, Obama inherited the mess from Bush. Or the Republicans or Democrats for that matter.
The economy is a complicated thing, due to its size, massive number of transactions, etc. And screwing it up this badly takes a lot of cooperation on the part of many players. I blame the Federal Reserve for making credit so cheap, Congress for supporting mortgage tax deductions that allowed for consumers to have more incentive to buy more costly homes, the Reagan and Clinton and Bush Administrations (Sr. and Jr.) because of their support and pushing of lesser downpayment requirements and stringent credit whilst at the same time not providing more oversight into the matter, firms on Wall Street because they paid hardly any attention to the risky loans and bonds they were handing out left and right that they also bundled with MB Securities, mortgage brokers for going along with Wall Street's plans and obscure accounting rules, and the general populace of home buyers who were taking advantage of the easy credit they could earn to boost the prices of homes to an excessive level. That's a short and brief list on my part.