Quote:
Originally Posted by Exotix
I'm gonna reserve judgment until I scrutinize Credit Agency Soverign Debt Rating methodology which apparently was altered back with Bush that allowed for over-rating of Bundled Securiites (allowing for derivatives they weren't regulated) and under-estimating risk and this was the genesis of the 2008 economic collapse and great depression ... and how this had such a destructive impact on an economy that essentially became inert .. (in it's fail-safe systems since 1929)
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How is scrutinizing that going to influence your opinion?
I believe if you go back far enough - Maybe under Bush 41, you'll find some serious deregulating of various elements of the banking industry that incubated the largess of the 90's and first decade of this century. I believe Phil Gramm was one of those culprits.
Our system has created a perfect storm for this current disaster - Republicans who want smaller government and reduced regulation and Democrats who want wider spending, easier credit for low-income households and expanded social programs.
Between the two, the whole mess was ripe for abuse from top, bottom and both sides.