Economic Cure, The Rennick Solution

The housing crisis was a result of Presidential policies started under Carter and greatly expanded under Clinton. Bush and Greenspan tried to warn the Republican then eventual Democrat congress what was coming but the likes of Barney Frank kept the mortgage spigot flowing at full speed.

The financial crisis is 90% the result of the real estate bubble caused by misguided government policy.
 
Quote from morganist:

you do realise he repealed glass stegal and introduced the derivatives modernization act. both attributed to the situation faced now
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My .02, the crisis was bound to happen no matter what, and that is fine. What isn't fine is bailing out the banks, let them fail and I think we would survive. It is illogical to assume that the bailout can actually SOLVE the problem, next time the bubble bursts our economy is that much more likely to collapse.
 
Quote from Eliot Hosewater:

Clinton signed the Gramm-Leach_bliley Act. They were all Republicans.
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Who was Clinton's Treasury Secretary?

How hard did he push for the repeal?

What did he do virtually the day after the bill was signed?

Why is his name never uttered anymore by tools like you?
 
Quote from PiggyBank:

My .02, the crisis was bound to happen no matter what, and that is fine. What isn't fine is bailing out the banks, let them fail and I think we would survive. It is illogical to assume that the bailout can actually SOLVE the problem, next time the bubble bursts our economy is that much more likely to collapse.
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I agree that asset deflation was inevitable-hell the Nikkei topped in 1989 and from a macro standpoint the U.S. stock market topped in March of 2000.

The PRIMARY REASON the banks were bailed out (and it's far from over) was because of the FDIC's lack of funding. Non-depository institutions like Lehman and Bear certainly weren't bailed out with any gusto.
 
Quote from HelloDollar:

I agree that asset deflation was inevitable-hell the Nikkei topped in 1989 and from a macro standpoint the U.S. stock market topped in March of 2000.

The PRIMARY REASON the banks were bailed out (and it's far from over) was because of the FDIC's lack of funding. Non-depository institutions like Lehman and Bear certainly weren't bailed out with any gusto.
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I agree with you. Only thing the FDIC is part of the problem, like every govt program there will never actually be cash reserves there in case of an emergency, cause the govt "borrows" it for something else (ie like they do with social security). The govt will never let money sit idle. Increasing the amount of FDIC insurance inflates the problem.

People losing their savings is an ugly scenario, but there is no easy way out anymore. It is a no win situation, but either SOME eat the losses, or eventually we all lose. Federal Govt is 99% of the problem.
 
Quote from sumfuka:

I suggest we resurrect Adolf Hitler. Guy was smart and he had good luck.
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Clinton was probably the most talented and smartest President ever, and I never voted for him. If he can't be brought back, this depression will spawn a new Fuhrer... THE ANTICHRIST!!!

...and so it has been foretold.

Rennicktradamus out:cool:
 
Bill, when Mrs. Rennick learns you are hanging out with Clinton, you will be grounded for a month.

So, it has been foretold....:cool:
 
Quote from pspr:

The housing crisis was a result of Presidential policies started under Carter and greatly expanded under Clinton. Bush and Greenspan tried to warn the Republican then eventual Democrat congress what was coming but the likes of Barney Frank kept the mortgage spigot flowing at full speed.

The financial crisis is 90% the result of the real estate bubble caused by misguided government policy.
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Sorry pspr, but that is not entirely accurate. One of Bush's stated goals was to increase home ownership. Just search yahoo on "George bush" "home ownership" to see.
 
Quote from William Rennick:

Clinton was probably the most talented and smartest President ever, and I never voted for him. If he can't be brought back, this depression will spawn a new Fuhrer... THE ANTICHRIST!!!

...and so it has been foretold.

Rennicktradamus out:cool:
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Actually Nixon was the smartest president ever, albeit a bit flawed... as most geniuses are.
 
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