Did you lose all respect for Republicans following the 2008 crash, when they absolutely refused to take any...?
...responsibility for our financial meltdown?
...and went on the blame campaign against anybody and everybody but themselves?
- Robert David MLv 78 years agoBest Answer
What sane mind could not?
They're actually demanding that the victims of Reaganomic handouts to corporate would-be dictators
blame the other party for their own failed policies of supporting unlimited birth, importing of illegals to work on their ranches, grazing on government public lands,killing justice in the workplaces and doing welfare handouts to CEOs and the one percent of opponents of clean energy, individual rights and fair elections.
Anyone who would vote for a Republican deserves to be tyrannized over by pretend religions infallibility-spouting would-be caesars--but the rest of us, the real Americans do not. No one can vote for such minds without being as guilty as hey are any more.
And unless people refuse to do so--no reform, rights nor progress can ever belong to Americans again. It's that clear to m y realistic thought--I just hope it's clear to well-meaning others also.
Thank you for asking.
- imaxkrLv 68 years ago
Nope, the entire Congress was at fault and anyone who thinks otherwise has been blinded by ideology. But if you want the root cause it was the Federal Reserve act of 1913. It was the Federal Reserves monetary policies of the preceding two decades that were directly culpable for the economic failures. All other "causes" that are discussed are just symptoms that resulted directly from those monetary policies.
The more worrisome thing is that the Fed is again creating major issues in its attempt to rectify the situation. The "dot com" boom and bust in the 1990s was a fore shock to the collapse in 2008 which was a real estate boom and bust. The Feds current actions are creating more asset bubbles that will eventually collapse and create even greater havoc than before.
The next crisis will be a debt bust since debt is historically cheap to invest in right now.Take a look at the stock markets. they are nearing the pre crash levels but the underlying corporate fiscal data doesn't necessarily justify those levels. The values are inflated due to the trillions of additional dollars the Fed has dumped into the economy (most of which is still held in reserve by the banks) and the quantitative easing measures undertaken. All tolled the money supply has expanded nearly 800% since 2008 and when that money does start to circulate inflation will skyrocket. In response the Fed will raise interest rates to suck that money back out to tame inflation. The result will be higher rates across the board including on the Treasuries. Currently the federal government spends about $400 billion to service the debt and borrows over a trillion a year. As the debt increases and the interest rate increase more and more money will be required to service it. If interest rates return to historical norms in will cost about $1.4 trillion to service the debt. That is an additional trillion dollars a year just to service the debt, no other benefits at all. But more likely rates will have to approach near those in the early eighties, the last time we had major inflation, (though conditions are now worse than then) and we could easily see well over an additional $3 trillion required to service the debt. With the current spending at about $3.6 trillion and revenues at $2.4 trillion you can see the major ramifications. Add to this that the SSI and Medicare Trusts will start drawing from their surpluses, held in the form of Treasuries and fiscal collapse is almost inevitable. Revenue would need to be tripled at a minimum while borrowing would cease. You thought the "great recession" or "great depression" was bad, just wait, unless something is done soon, very soon. The current administration missed a golden opportunity to fix the long term issues but chose to exasperate them with even more debt accumulation.
- Warren DLv 78 years ago
Funny. I don't recall the Republicans blaming anyone. I remember there was a lot of concern about it, and that the current President, as a candidate, was sure throwing a lot of blame at his predecessor (and still does.)
I'm old enough to have seen any number of recessions and rallies and a couple of market crashes. They're pretty complicated things. It's really easy to try to narrow the blame to one political party or one segment of the economy or culture. Unfortunately it's not that simple.
Yeah, I think the housing issue was a big part of the problem. And, who knows? Maybe easy credit was part of the problem. Maybe it was the exodus of manufacturing to overseas sources.
I suppose the Republicans might have been part of the problem, but they weren't all of it by any means.
- midnyteryder1961Lv 78 years ago
Democrats controlled Congress and Bush isn't president any more. Barney Frank and Chris Dodd were at the helm when the Fanny Mae/Freddie Mac housing bubble burst.
This question should be posted in the History section. More proof that talking about Obama and the current administration is a losing proposition for American liberals.
Had enough change yet?
Vote in 2012. Vote For America. VOTE REPUBLICAN.
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- smsmith500Lv 78 years ago
The Democrats took control of congress in 2007. The housing meltdown was caused by democrats that refused to heed the warnings about the housing "bubble".
- dornLv 43 years ago
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- Anonymous8 years ago
It's pretty unreasonable to blame Republicans for Democrat actions.
I do hold them responsible for not fighting hard enough against the destructive Democrat polices.
- thegubmintLv 78 years ago
Seriously? You think it's Republicans who have been dodging the reponsibility? Who was in charge of BOTH Houses of Congress for the term prior to the recession? Who stonewalled any talk of addressing the Fannie and Freddie issues that had arisen and were obvious to all? Who has continued to this day, over 4 years later, to blame Bush for every problem? Who has spent over 5 TRILLION dollars in the last 3 years and accomplished next to nothing?
- Anonymous8 years ago
No, I lost respect for the Republican Party when they introduced the people that were running for the Presidential nomination.
- Philip McCreviceLv 78 years ago
Barney Frank and Chris Dodd. Community Reinvestment Act.