Actually it began before that. But I am sure that we can look at the influence of Barney Frank, ultra liberal democrat who set the stage for the meltdown, and as the Chairman of the House Financial Services Committee and his buddy Chris Dodd, who thank God will not be around after the next election. And to ignore the fact that the Congress has been controlled by the Dems for over 2 years and have made repeated promises to the electorate to change the way business is done only solidifies their failures and responsibility in this mess. There is plenty of blame for this mess to go around but 2 years is more than enough time to stop blaming other people for your parties failures.

I have not disagreed with that statement.

Putting the personal credit scores aside...you hit what is behind the Fed's current monetary policy...keeping interest rates as low as possible to keep credit flowing.

Along with pushing healthy banks to buy smaller failing banks. But that also tighthens the market because those healthy banks buy the good and bad assets of the failing banks and thus are not able to expand or extend credit to new consumers/small businesses.

The administration gave these banks a SHITLOAD of money under the assertion that they would lend it out - The banks haven't done that. Instead they have increased the pay and bonuses of their executives.

In fact, the TARP funds were given mostly by the previous administration and most banks have payed in full and are lending again, but more selectively, particularly those (like Wells Fargo after buying Wachovia - just one example) still paying off the bad assets of the banks they absorbed.

And capping bonues of the execs has been proposed and blocked in the Senate.

Got any ideas how to get past that roadblock?

http://www.salon.com/opinion/greenwa.../30/ownership/

Imagine that.:biggrinha

I give up.

Sorry piercehawk...its all Barney's fault even though he was in the minority party between 1994-2006 when the credit market blew up.

Take Merc and Classic's advice/critique (?) and go for the gold! They have all the answers!

You mean the bailout in October that Bush specifically consulted with Obama on beforehand?

"More Selectively" - C'mon. The banks haven't been loaning the money as freely as they should be. They are restricting capital to so many smaller business and cherrypicking the best of the rest. The idea was that the money would be getting back to the small business and general public through the lenders. That is NOT happening as it was envisioned.

Only half. The rest were controlled by the Obama Administration. Nice try to deflect responsibility.

Of a total of $700 billion.

http://en.wikipedia.org/wiki/Trouble...Relief_Program

Yes
Tons, but its just that, all speculation. The end result will depend upon how heavily regulated they are or aren't and the monetary climate at the time.

Obviously this entire situation is the result of a lot of mess ups from both sides.

Agreed - All three sides.

I offered my opinion to piercehawkeye that it was more an economic issue than anything else and explained why I thought that was the case. *shrug" he can take it or leave it.

And, honestly, I just dont understand how you (and Merc) can bitch about the current Administration not acting forcefully enough...and bitch when the House passes forceful banking/financial services legislation to address the problem, as it did last year.

Remember that discussion in the "more bailouts" thread? I mostly remember you bitching that I attacked a member of the community and Merc being against regulations and for regulations at the same time...and still blaming Barney, who pushed through the legislation.

Wait, I do understand....you guys just like to bitch and NEVER offer constructive solutions as an alternative to those proposed.

added:
my apologies to piercehawkeye for contributing to the resulting distractions.

When did I bitch about that? I bitched about a lot of things, but I don't think that was one of them. Then again I could have been in one of my moods . . .

Maybe when you guys start accepting blame for the current situation my tune will change. But as long as you act like your party has all the solutions and few of the responibilities...

The electrate is beginning to see through your Kabuki Theater.