do not forget that the pubs held the house and senate during the frank clusterf..k...
they stood by and did NOTHING to stop this from happening, hell even dumbass mccain saw this and tried to get the pubs to stop it, and they would not..
this is not a dem recession, nor is it a pub recession..
it is a career politician caused recession, and poor ol’ bernanke was caught in the middle, trying to right a listing ship....
Then why was McCain sounding the alarm?
The culprit is the American Left, represented in Congress by the Democrats and the left wing of the Republicans, in this case excluding McCain.
Congress did not originate liar loans, pressured rating agencies by threatening non cooperating analysts to rate mortgage backed securities riddled with liar loans as AAA and publishing it in the perspective to investors and pension funds. If banks did not encourage applicants to lie, refuse to verify applicants info because they were in a rush to sell the mortgage to the fed gov within six months (the fees and points collect in that short period outdid yields in other investments). Bankers used the gov loophole to crank out as many loans (disregarding applicant info) so they can collect the fees and points in the shortest time possible. Consequences toxic loans were brought by the gov, sold to investors and pension funds. When the bubble popped, under normal circumstances the economy would recover within two years, instead the toxic assets in the system made it worst then normal. Add into the mix the highly leveraged but secretive derivative trading, black pools and etc, the collapse and the unpaid debts are so huge due to lack of fed monitoring and regulations, the losses now threaten the entire global financial system and with it the fabrics of civilization. Fed Reserve, Wall Street bankers and gov are all to blame. Before the Dems celebrate this post info claiming it is capitalism and GOP, they did not make it any better under Obama by saddling the US gov with over 5 trillion in additional debt.