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Not 2008 perhaps, though worse for a time with silver linings

9 Comments
By Mike Dolan

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First, The Patriot Post is a right-wing rag that has less credibility than constantly-retracting Fox “News.”

Second, let’s see who was responsible for the deregulation that allowed the financial crisis to occur because it wasn’t Dodd-Frank given their bill came after the crisis began:

In 1999, the Gramm-Leach-Bliley Act, also known as the Financial Services Modernization Act, repealed the Glass-Steagall Act of 1933.1 The repeal allowed banks to use deposits to invest in derivatives. Bank lobbyists said they needed this change to compete with foreign firms. They promised to only invest in low-risk securities to protect their customers.2

The following year, the Commodity Futures Modernization Act exempted credit default swaps and other derivatives from regulations. This federal legislation overruled the state laws that had formerly prohibited this from gambling. It specifically exempted trading in energy derivatives.3

Who wrote and advocated for passage of both bills? Texas Senator Phil Gramm, Chairman of the Senate Committee on Banking, Housing, and Urban Affairs.4 

Senator Phil Gramm from Texas was a republican. This means republicans were responsible for the financial crisis, but anyone that has half a brain already knows this and doesn’t try to blame democrats.

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Frank’s words, not mine.

Frank insisted the concern was “overblown,” and that “there is no federal liability there whatsoever.

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Yes yes because a hyper partisan breakdown should be treated as having validity right?

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In 2001, the administration of George W. Bush raised caution flags about lending by the government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac, noting in its '02 budget request that “financial trouble of a large GSE could cause strong repercussions in financial markets, affecting Federally insured entities and economic activity.”

A year earlier, the administration had backed a bill to tighten regulation of Fannie and Freddie but Democrats, particularly Rep. Barney Frank, now chairman of the House Financial Services Committee, protested. Frank insisted the concern was “overblown,” and that “there is no federal liability there whatsoever.”

Now if we compare the crash to the crisis of what’s going on now, the ripple effect is astronomical in terms of human lives lost money can’t put a price on that, but nonetheless the money and monetary loss was devastating, heeds were discarded Frank insured the market was sound and the country went broke.

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This is worse than 2008 with many tens of thousands dying across so many countries and if it takes hold in the poorer countries. Millions suddenly found themselves unemployed. Overworked and exhausted medical staff.

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The 2008 recession, at least in America had a lot to do with the stupid money-sucking Iraq War

That wasn’t the sole reason, this was the main reason...

https://patriotpost.us/alexander/3150-how-democrats-seeded-the-2008-financial-crisis-2008-09-26

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The 2008 recession, at least in America had a lot to do with the stupid money-sucking Iraq War.

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Since the number three economy in the world was left out of the article I researched it through other AP stories and the contraction is quoted at 46%.

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Very informative AP story....really deep.

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