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Posted by: Spadecaller 1 year, 7 months ago

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Spadecaller1 year, 7 months ago

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When Ronald Reagan was in office they had a (grand old) party on us -- using taxpayers money. So why was everyone so surprised when "Black Monday" hit?
Well since Bush was in office, the rich had another big bash using taxpayer's money. And, now they want to use taxpayers money to bail them out of the mess that they created because of their selfish and tragic indulgences (Iraq War).
Will Americans ever smarten up?

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  DoseASpinoza1 year, 7 months ago
  
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  The war is to blame for plenty of the economic problems in the U.S. now, but not this one directly. If it was the root cause then other countries would not be suffering to the same degree.
  The relationship is one of sleight-of-hand. The government and institutions used this as a distraction. As long as Americans felt flush, the weren't complaining about Bush's war.
  What's even worse is that now that people are in trouble, the politicos and moguls are using *that* as the distraction to keep people from opposing the war.
  
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  flyonthewallzz1 year, 7 months ago
  
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  I have posted this before:
  If this is old hat info sorry.
  "The Garn-St Germain Depository Institutions Act of 1982 was a United States federal law enacted in 1982 that deregulated the Savings and Loan industry. This Act turned out to be one of many contributing factors that lead to the Savings and Loan crisis of the late 1980s"
  "TITLE VIII, ALTERNATIVE MORTGAGE TRANSACTIONS, allowed Adjustable rate mortgages"
  http://en.wikipedia.org/wiki/Garn_-_St_Germain_...
  When I was reading about this I also read that the tax reform act that followed made it profiable and no-taxable to bundle and "securities" (spelling?) mortgages.
  Moral Hazard::
  
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