Here is the better case of monstrosity that has nothing to do with globalism or internationalism. In fact it's entirely national. GSEs (Government Sponsored Enterprises, aka "public-private" institutions), like Fannie Mae and Freddie Mac which recently held more than 50% (over $5T) of all the mortgages in the United States, including overwhelming majority of subprime and Alt-A loans.
That's the ones that were run and defrauded by Obama's transition team advisers Jim Johnson, Franklin Raines, Jamie Gorelick et al. That's the ones that were defended by Barney Frank and Christopher Dodd as "stable" and "not in danger". And when Bush in 2001 and 2003, and later McCain (let's give him credit for this one) tried to reform and more stringently regulate GSEs, they and Schumer stood in the way of these bills.
Nothing inernational or global about that, except maybe for many foreign investors in GSEs securities and debt.
Nothing inernational or global about that, except maybe for many foreign investors in GSEs securities and debt.
With the combined Bush Bailout of $3.11T (w/ fed manipulations) and the $4T Porkulus, not to mention another $500B coming for the fed, those mortgages could have been bought outright.
You can comfort yourself with blaming Democrats all you like, but Republicans were in authority and responsible for the regulation of those programs for years, so are negligent at the very least. And Republicans have historically held the ties to Wall Street financiers, who knowingly took those faulty loans and rolled them up into packages, poisoning the whole lot, yet doubling and redoubling their "worth", while everybody turned a blind eye.
Had Republicans been practicing Conservative economics instead of consumer based "Third Way" economics, spreading easy credit around like Democrats, we would *not* be where we are today. Period.