Republicans want to blame those receiving pennies for their own mistakes in wasting dollars (by giving unneeded tax breaks to the rich, giving unnecessary subsidies to corporations, and starting two ridiculous wars). And too many Americans are falling for their outrageous lie.
Er, with respect, no! Government-owned mortgage companies under the strong influence of Barney Frank and others dishing out more and more cheap mortgages to poor people who could not service them was the prime cause. In my opinion!
ReplyDeleteWhile some of those sub-prime mortgages might have failed -- it was the Republicans that re-regulated the banks and allowed them to jack-up the rates on those mortgages and offer them in the first place -- then bundle them together and sell them on the stock market while hiding the risk. But the stock market meltdown was only the trigger for the recession. The root cause was about thirty years of Republican "trickle-down" economic theory.
ReplyDeleteSorry. I meant to say "de-regulated" - not "re-regulated".
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