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HappySqurriel on 24 September 2008
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madskillz said:
bigjon said:
The Democrats turned it Political the second they decided that should pin it on Bush/ Mccain.

Also, Madskillz you said you were a christian? So why are you saying things like Jesus juice? I find that confusing.

Help me out, BJ. Didn't Bush and Co. vote to dereg Wall St.? If so, they allowed this foolishness to go down.

I don't blame WiiFit - I blame Bush/Cheney/McCain 08.

And you still didn't answer my question - why you are sooooooo against Obama. Thanks.

 

 

The deregulation that was most directly related to the current financial crysis was the Glass-Steagall Act of 1933 which happened in 1999, and was agreed upon by both Bill Clinton and the Republican controlled congress. In other words, if you want to blame deregulation both parties would be guilty ...

 

Edit: I personally don't believe that deregulation was the only factor leading to this situation ... The deregulation of the financial system would have not been all that bad if the banks underwriting principles didn't change; unfortunately, the combination of greed in wallstreet and changes in mortgage law pushed forward by Bill Clinton meant that people who could not pay back mortgages were able to receive them. When you combine these factors with the Federal Reserve's insanely low interest rates disaster was going to strike.