In January, 2001, President Bush took office with a Dow Index of nearly 11,000. In 7 years of tax cuts, deficit spending, artificial inflation of stock prices through gimmickry and stealing from the coffers of our children, the Dow closed today at 8579, almost a 40% decline from the artificial high at the beginning of the year.
Fannie Mae and Freddie Mac did not do this. They didn't help, but they didn't do this. Deregulation, poor planning, deciding to delay the inevitable in hopes that the crash would come to the next person to take office, over 2/3 of a decade spent on war economy and deficit spending, increased spending with decreased income through tax revenue - this is what did this.
For those Dittoheads who wait for Rush to tell you what to think, I'm sure you will find an easy way to blame Barney Frank - we know he's the one behind ALL of this. He's the one who held the Republican held congress hostage and FORCED them to not look into Fannie Mae and Freddie Mac. But for those who choose to think, it's easy to see that not just one person is responsible for this, but rather a party line and its 8 years' worth of elected enablers that led to this.
Understand that I am not absolving the Democrats in general or Barney Frank specifically, as I do not have the complete set of information. However, rather than finding a solution, we have finger pointing and political posturing on one side, while the other remains silent while weighing what is in store. At least, I hope that's what he's doing. We know the other guy isn't.
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