The House Republicans voted to defund the financial regulatory agencies that are in charge of watching those financial instruments like CDOs, CDSs, and derivatives that brought down the global economy, EXACTLY like they did before, during the 90s and 00s, which led to a huge financial boom based upon transactions rather than product, and led to a global recession. They are still doing this, and what do the Republicans do about shoring up our economy? DEFUND THEM. Thoughts?
As usual you got the facts wrong. Clinton deregulated the banks... oh and Obamas bill did nothing except create a bailout slush fund which we Americans cat afford. That's to Obama free checking is out the window and bank fees are higher!
"The first CDO was issued in 1987 by bankers at now-defunct Drexel Burnham Lambert Inc. for Imperial Savings Association, a savings institution that later became insolvent and was taken over by the Resolution Trust Corporation on June 22, 1990."
Clinton was not in office: Alan Greenspan decided NOT to have them regulated.
"Forms of credit default swaps had been in existence from at least the early 1990s,  with early trades carried out by Bankers Trust in 1991.  J.P. Morgan & Co. is widely credited with creating the modern credit default swap in 1994."
Since you don't understand how the process works obviously, Congress enacts the regulation or lack of regulation.
"The bill that ultimately repealed the Act was introduced in the Senate by Phil Gramm (Republican of Texas) and in the House of Representatives by Jim Leach (R-Iowa) in 1999. The bills were passed by a Republican majority, basically following party lines by a 54–44 vote in the Senate and by a bi-partisan 343–86 vote in the House of Representatives. After passing both the Senate and House the bill was moved to a conference committee to work out the differences between the Senate and House versions. The final bill resolving the differences was passed in the Senate 90–8 (one not voting) and in the House: 362–57 (15 not voting). The legislation was signed into law by President Bill Clinton on November 12, 1999."
The repeal of the Glass Steagall, introduced by Republicans, voted along close party lines, but yes, supported by Larry Sommers, and Clinton's other advisers as well, but just the same - almost strictly along party lines (Republicans being in favor), allowed mortgage lenders to pass along the risk to investment banks, who in turn passed the risk along to investors like pension funds, and then bribed rating institutions to rate those junk bundles to triple A.
Finally, TAARP was a Bush plan, not Obama. Learn more. With regard to your statement that Obama ended free checking, get a CLUE! Banks NEED to be regulated, and yes, they want their profits and we allow them to skyrocket their pocketbooks at the risk of our economy, and so they pass along those additional regulatory charges. Why don't you go to a credit union who still offers it? Oh, you don't want to get off the couch do you?
And yes, if you need me to breakdown the economic crisis and how it happened, I will be glad to write the hub. I doubt you understand much.
...and YES, Reagan, Clinton, W Bush, AND OBAMA all can be blamed in part. Obama was idiotic enough to put into power the VERY people, not people who did the same things, but the actual people who caused this crisis during the late 80s and 90s, back in power to fix the mess they created. What did they do? NOTHING. No accountability, no changes. So, yes...you have finally gotten me to ridicule Obama, and for this, he deserves much much more than I have time to throw at him. That decision was one of the worst he could have possibly made concerning absolutely anything on the planet, and he chose wrong, over and over again. Larry Sommers? This guy should be in prison. The list goes on forever. Obama totally blew this by every single measure. The idea that banks will regulate themselves is idiotic.
I'm not done. This is so huge, and we just glaze over it. Yes, Clinton's economic advisers, Greenspan, the current heads of Columbia and Harvard, Brown, and the economic head of Berkeley, the entire SEC during the late 80s and through the 90s and 00s, the board of the FED, the FED itself, and maybe Clinton and Bush themselves, should ALL be in prison for what they allowed to happen and many of which personally got vast amounts of wealth from.
as well as the entire company (except exec assistants maybe and the janitors) of Lehmen, Goldman and Sachs, Bear Sterns, every single one of the big 5 banks, Freddie and Fannie, the staff of CNBC Financial, Moodys, S&P, and that other rating agency I can't think of....ALL SHOULD be in prison.
Don't stop there! Obama isn't done yet! He along with the fed and treasury are destroying the dollar... the G20 is meeting to eliminate it as the worlds reserve currency... soon your savings will be worthless your house worthless and the cost of food alone wont be affordable...
Texas, great job using logic and facts to support your arguments, unlike someone else who is just here to Obama bash.
I know someone in college studying economics and while they seem right leaning for the most part, they admitted the repeal of the Glass Steagall Act definitely led to a large part of the recession.
A burst housing bubble would be just that, but as you stated, since they tied those mortgages into other systems, it brought more down with it. The funny thing is anyone can go back and see where expects were predicting a burst in the housing bubble.
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