Posted by MG on October 19, 2008 at 19:27:01
In Reply to: Re: Laying the blame for the economy posted by Newsman on October 12, 2008 at 12:31:26:
Part of the American dream is everyone owning their own home, Acorn's been involved in helping people do that but now Acorn is being demonized as a part of the Republican campaign's desparation strategy.
Look at McCain ridiculous accusation against Acorn, in the debate he said that Acorn is “on the verge of maybe perpetrating one of the greatest frauds in voter history” and “may be destroying the fabric of democracy” …as if Mickey Mouse can vote. He's talking about poor people who when working for Acorn turned in bogus voter registration forms because the more registrations they turned in, the more they were paid. Those forms are not votes, how in the world is that gonna destroy democracy? (You want to know who's been destroying democracy: Bush and Cheney. Illegal invasion of Iraq, using torture, unconstitutional and illegal domestic surveillance, politicizing the Dept. of Justice, etc.)
About who's to blame for the financial meltdown ...I understand some of it and who and what is really to blame. I understand that the packages of sub-primes they wheeled and dealed to each other, even though risky, were supposed to be worth the risk because of the housing boom and rising housing prices. Here’s where Greenspan played his role in it because the Fed’s low interest rates fueled the housing bubble.
The investment bankers at the top knew it was risky but didn’t care if it collapsed because they'd have they profits being at the top, the way the people at the top of a Ponzi scheme make a killing while it collapses for everyone down below them.
None of this could have happened if the 1933 Glass-Steagall Act hadn’t been repealed. This unfortunately happened under Clinton, the banks pressured his administration heavily for deregulation which freed them to play high risk games in financial markets i.e. Wall Street which prior to this they weren’t allowed to do. This is one of the main things that has led to the mess the world’s in now. The idea was the market will be stronger than the risks and any potential collapse. They forgot history and what it teaches, they were wrong.
(The above post is not copied and pasted or even derived from any googled article or blog.)