Federal Inquiry Concludes "Crisis Was Avoidable"

Oct 2010
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6,854
#1
Just as I and other knowledgeable people said all along. UNDER Regulation caused the mess we are in. Thanks Repubs, first you caused the Great Depression and now the Great Recession. I doubt any of our resident Repubs will be man enough to apologize but here we have it, cutting, gutting and removing Regulation's caused our economic troubles..yet again. I can only hope Ronald Reagan is suffering in Hell right now...


Federal Inquiry Concludes "Crisis Was Avoidable"

Add to that more than 30 years of deregulation, supported by successive administrations and Congresses and “actively pushed by the powerful financial industry,” and you’ve got a model for disaster stripped of key safeguards, according to the commission.
 

Devil505

Former Staff
Jan 2008
72,003
30,008
Florida
#2
We really don't need to hear the usual .."But I tell you...the world really is flat!"...Bullshit from the resident RWingers here. Their silence is golden!
 
Jul 2011
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#4
The article didn't appear to me to single out the Republicans. Rather, it blamed both Parties.

But I'm not surprised that y'all would try to spin this against the GOP.
 
Sep 2009
8,021
766
#5
The article didn't appear to me to single out the Republicans. Rather, it blamed both Parties.

But I'm not surprised that y'all would try to spin this against the GOP.
No spinning. Glass-Steagall Act was dismantled under Republican and Democratic administrations. Both Neoliberal administrations. Glass-Steagall Act replaced would prevent this in the future.
 
Oct 2010
16,145
6,854
#6
The article didn't appear to me to single out the Republicans. Rather, it blamed both Parties.

But I'm not surprised that y'all would try to spin this against the GOP.
What do Republicans claim??? The OVER REGULATION caused this mess. the report shows what I have been saying for the last 20 yrs, UNDER/UN Regulation has caused America great damage. Reagan is Dead, his policies live on but we are working to have those die as well.
 

Bluegrass

Former Staff
Apr 2007
4,992
1,672
#7
In their report, the committee members said, “The Commission concluded that this crisis was avoidable. It found widespread failures in financial regulation; dramatic breakdowns in corporate governance; excessive borrowing and risk-taking by households and Wall Street; policy makers who were ill prepared for the crisis; and systemic breaches in accountability and ethics at all levels.”
This is going to be an interesting read.
 

jackalope

Former Staff
Jan 2010
51,139
17,672
Maine
#8
From your OP:

In their report, the committee members said, “The Commission concluded that this crisis was avoidable. It found widespread failures in financial regulation; dramatic breakdowns in corporate governance; excessive borrowing and risk-taking by households and Wall Street; policy makers who were ill prepared for the crisis; and systemic breaches in accountability and ethics at all levels.”

The panel describes the events of 2007 and 2008 as neither bumps in the road nor an accentuated dip in the financial cycles that should characterize a free market economic system, but rather a “fundamental disruption – a financial upheaval, if you will – that wreaked havoc in communities and neighborhoods across this country.”

This is quite an indictment.
 

MajikMyst

Former Staff
Mar 2010
8,101
501
Seattle Wa.
#10
It's ridiculous to blame one side and not the other. Both sides were responsible.
Why?? If one side is to blame.. Why is it ridiculous?? Between Reagan and present, we have had 2 democratic presidents.. One has only been in office for 2 years.. Clinton presided over one of the best economies in our history.. Reagen deregulated, Bush Sr. deregulated, and Bush Jr. essentially gave everyone free reign to do what they want..

Bush Jr. Came into office with a budget surplus and the means to pay down the debt.. The surplus was his reasoning for the tax cuts.. Who's fault was it when 9/11 happened and we all knew we were going to war, which means increase spending, yet still pushed for the tax cuts??

That article focuses mostly on the housing market collapse.. And that might be the biggest issue.. But let's also not forget that thousands of companies nationwide were laying off people.. None of which had anything to do with the housing market.. How many jobs were outsourced?? How many jobs simply vanished due to the sluggish economy?? There are a lot of things that went into the death of our economy.. Bush simply did nothing about it..

And now, having not learned their lesson, republicans want to continue destroying our economy.. Or the nation in general.. However you want to look at it.. Defunding and screaming for smaller government does nothing but destroy the government, and the nation along with it.. The government, is the single largest employer in our nation.. How many jobs are lost because of republican cries for tax cuts and smaller government?? Way to do your part to help the economy and unemployment..