Why your government is responsible for this mess

[sck5]

we have had housing bubbles in the past but they didnt bring down the whole economy when they popped (most recent one was in the late 80's). What is different about this one is the pyramid of mortgage backed securities and dervatives on the books of banks and insurance companies. This SHOULD have been prevented and WOULD have been prevented if the regulators had actually been regulating but as has been noted elsewhere they werent doing their job. Some blame Bush for appointing regulators who didnt believe in regulation. Some blame Phil Gramm and the Republicans for pushing deregulation in Congress. Some blame Clinton for signing it. It seems to me it was a complete screwup from start to finish to let this happen - And it wasnt because people were encouraged to own homes, though that probably contributed in a small way.

[SailKing1]

Sck, the regulator's (repubs) tried to impose regulation but where blocked by the (Dem's) like Frank and Waters. It is all on record. Try researching a little before sharing your OPINION.

[N0NJY]

Originally Posted by sck5

let me guess - 10 yrs. later its all Clinton's fault!!! Or maybe the Congressional dems. Or maybe Obama pre-messed up. or .... or ..... But Bush had nothing to do with it!!!!!!

I think you have continued to miss the point here.

The GOVERNMENT IS THE PROBLEM. It's NOT the solution, it IS THE PROBLEM.

Period.

[hellosailor]

The government can't be a problem.

Wasn't it Jefferson who said:
"The People will get the Government they deserve." ?

I'd only like to know if he said that tonuge in cheek, as many of the founding fathers were certain that the mob needed adult supervision and would never be able to govern itself.

[sailaway21]

We surely do get the government we deserve. If there were any doubt in the past, there can be none now.

One would like to think that government, if not actually leading us, would not corrupt us. Or aid and abet in the same. Which is basically what they did in this case. Despite sck5's pathetic pleas that it was somehow the Sheriff's Department of the federal government that failed to watch the money, he ignores the fact that the Congress and the Fed had the back door to the Federal Building open where they were shoveling the money out the door as fast as possible to anybody with a truck to load it. They told the Sheriff and his deputies to guard the front door.

These are the same type of people who think that state lotteries are good for the people and the states. It's one thing to allow your citizens to gamble away their hard earned dollars in a foolish manner. We used to think Las Vegas and Atlantic City were sufficient to those purposes. And we held our nose when discussing them. We looked equally askance at Vegas weddings as we did Vegas gambling. Most of us secretly thought; why would I buy a plane ticket to go some place where they'll take my money from me? A fool and his money are soon parted. But hey, if people enjoy it, it's their choice, right?

Then the states saw a fast and dirty way to get some of that money people were content to just waste in Vegas. Why should Vegas get all the extra cash floating around? So they started state lotteries. It's tough to get them to talk about anything other than all the good things that the lotteries fund. It's impossible to get them to talk about the moral implications of a government that performs a service for which they would arrest you for doing in Columbus Square. Government took over the old numbers racket and they don't even pay out as generously.

If the citizen is foolish enough to fall for it, they'll do it.