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| Re: US National Debt passes $12 trillion (526115) | |||
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Re: US National Debt passes $12 trillion |
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Posted by docstox on Thu Nov 19 07:35:28 2009, in response to Re: US National Debt passes $12 trillion, posted by SMAZ on Wed Nov 18 20:58:16 2009. Blaming Bush for it is only a small part of the reason why.The combined efforts of the government with its CRA doctrines forcing banks to make loans to shaky borrowers and Fannie Mae and Freddy Mac backing these loans to make them look dependable resulted in Wall Street jumping on the investment vehicle of Collaterilized Debt Obligations with all of it's poison pills.The Democrats have their share of blame with CRA beginning in the Carter years, instituting it more rigorously in the Clinton years, and Barney Frank guaranteeing the loans would be ok when he had influence at Fannie Mae. As the late Sy Syms used to say "an educated consumer is our best customer".In this case, an educated person on this topic will see through the total bias liberals have in this case. |
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