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MonkeyBiz12 months ago

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NO respectable economists believe that FDR prolonged the depression, left or right wing.
You have however, brought up another right wing propagated myth, that the mortgage crises is the fault of dems. That conclusion requires some serious separation from reality. The dismantling of the Glass-Steagal act was the doing of the repugs and spear-headed by Phil Gramm, a repug and champion of de-regulation. Glass-Steagal made investing in mortgage backed securities by commercial banks illegal. In 1999 a repug congress made it legal. In June 2002, Prez Bush issued a "Home Ownership Challenge" that provided the impetus for the mortgage and real estate industries to do away with roadblocks to home ownership. A couple of the roadblocks were credit worthiness and income. What used to be high risk lending (sub-prime) was no longer a risky undertaking, since the banks could now bundle up the loans and sell them as mortgage backed securities.
So, who is denying facts? How did dismantling Glass-Steagal and Bush's "Ownership Society" policies work out for you?

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  Klarissa12 months ago
  
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  Monkey - So if FDR did not prolong the depression, did the war end it??
  
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