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Re: Objectively intelligent.
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Originally Posted by Greedy,Greedy,Greedy
I don't have a dog in this fight, so if I've missed something let me know, but I thought the biggest trigger in the 2007 debt crisis occurred when US housing prices fell and the equity value of heavily leveraged securitized mortgage pools basic evaporated overnight, drying up the secondary mortgage as a source of funds.
And that the real acceleration of the crisis occurred with the collapse of first Bear Stearns and then Lehman Bros.
I don't think Republicans get all the credit for the collapse of the US housing market and the investment banks that bet on them. I mean, the Rs certainly did their part, but there were some Democratic policies that had a role, too, and Gramm-Leach-Bliley, often blamed as one major component, may have been written by a bunch of Republicans, but Democrats cut a deal to let it get through and it got signed by Clinton.
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I certainly don't think Democrats are blameless, but Obama did make it a priority to try to fix financial regulation, and the Republicans fought him on it.
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“It was fortunate that so few men acted according to moral principle, because it was so easy to get principles wrong, and a determined person acting on mistaken principles could really do some damage." - Larissa MacFarquhar
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