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Tyrannical on 17 March 2009
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akuma587 said:
Tyrannical said:
SciFiBoy said:
um, isnt the root cause of the crisis the overcomplication of the financial sector and inter bank lending as well, its not just loans to small bussiness and 100%+ mortgages, i think Obama is talking about sensible lending, not the reckless lending that happend before the crisis

 

 The root cause of the problem was a Democratic policy of encouraging housing loans to unqualified poor and minorty borrowers, who then defaulted in record numbers.

Definitely had nothing to do with the reckless financial practices of every major bank in the country.

 

Of course it did. I'm just saying why it happened.

 



Yet, today, America's leaders are reenacting every folly that brought these great powers [Russia, Germany, and Japan] to ruin -- from arrogance and hubris, to assertions of global hegemony, to imperial overstretch, to trumpeting new 'crusades,' to handing out war guarantees to regions and countries where Americans have never fought before. We are piling up the kind of commitments that produced the greatest disasters of the twentieth century.
 — Pat Buchanan – A Republic, Not an Empire