Spring Break
Abstract:
As most Americans have found out, the economy has boiled over, and not in a good way. The ignoring the economic issue has reached the tipping point and is quickly spewing questions about the future of social security, retirement and most importantly for students, the availability of jobs....
Originally posted byFair
Anybody who thinks that the Bush administration is the sole reason for this economic meltdown is sadly misinformed. The actions (or lack there of) of both democrats and republicans are to blame for this financial crisis. Whether or not you like Bush, you have to accept the fact that this problem started before his administration. Politicians under the Clinton administration opened the way for companies like Fannie and Freddie to make loans to unqualified, low-income families. To make matters worse, there was virtually no regulation on these investments which were incredibly risky! Bush actually put in legislation to bring in the expanding companies, but Democrats blocked the legislation. Also, I suggest you look into the "Community Reinvestment Act".
Still, this is just one of a myriad of factors that contributed to the meltdown. On the Republican side we can examine things such as the Glass Steagall Act. My main point here is that you cannot simply lay blame on the Bush administration; it's ignorant and makes you appear more intent on bashing Bush then actually understanding facts.
However, I do agree with you that the bailout was a bad idea and a foolhardy move on the part of a frightened government. Of course, I'm sure you'll disagree with my alternatives (cutting taxes and investing in exploring domestic oil to boost the economy).
Fair
posted 10/14/08 @ 5:03 PM EST
Still, this is just one of a myriad of factors that contributed to the meltdown. On the Republican side we can examine things such as the Glass Steagall Act. My main point here is that you cannot simply lay blame on the Bush administration; it's ignorant and makes you appear more intent on bashing Bush then actually understanding facts.
However, I do agree with you that the bailout was a bad idea and a foolhardy move on the part of a frightened government. Of course, I'm sure you'll disagree with my alternatives (cutting taxes and investing in exploring domestic oil to boost the economy).