The collapse was inevitable. However:
Once the Democrats swept back into power in 2006, they fought to a stalemate all the Bush efforts to reform Freddie Mac and Fannie Mae, promised to raise taxes and impose huge new regulatory burdens on our economy. Expectations are rational, and the overwhelming excess of the Reid/Pelosi Congress strangled the aspirations of our nation’s businesses, and the impending election of Barack Obama was too much for the markets to take; months before the 2008 election, the bottom fell out of the markets and our economy in direct anticipation of the economic horrors to come.
So no, Waters and her ilk did not cause the Great Recession, that was inevitable. But there was a somewhat bipartisan effort to make the aftermath as painfull as possible. We had the slowest economy recovery in history thanks to both the Democrats in power and the RINOs who went along with a combination of big bank bailouts and economic punishment for all businesses.
“So no, Waters and her ilk did not cause the Great Recession, that was inevitable.”
Oh, Palmer.
Yes they did cause the Economic Meltdown.
The Timeline Project / Link List of Bailout History [and meltdown]
http://www.freerepublic.com/focus/f-bloggers/2093845/posts
[Plenty about Fannie/FReddie]
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GW Bush tried to rein in bad loans. His administration was shouted down as ‘racist’, so he caved. Maxine and her buddies were the ones who defended FAnnie/FReddie.
THAT was why Bush needed to leverage bad debt — to hide the impending crisis. The ROOT of the problem was the bad debt scheme.
Some RINOs were actually patriots who were ‘snake charmed’ by consultants. I don’t know which ones to trust yet, but if that many RINOs really were evil enough to deliberately harm the economy, then Trump would have been impeached and removed over ‘Golden Showers’.
Not exactly a refutation though. In generalities, we blame the mortgage crisis as the main driver, we know the Democrats were responsible going all the way back to Carter. Didn’t care to write out an essay on the matter, but I do appreciate your thoughtful insight.