Shredded Wheats wrote:
Count Chocula wrote:
Are you talking about the housing bubble that started in 2007? I mean sure, one could make the argument that Obama's policies made things worse for a while, but that's hardly the definition of 'catalyst'.
Read what he did. Yes, he was a HUGE part of it. Or, look away and claim it didn't happen. He screwed a lot of peoples live, but you're far too blind to see the truth. Started in 2007? The poster never said or claimed that he was the President then, but yes, he caused a lot of the problems. Do some homework and take off the rose colored glasses, they don't look good on you anyways. How uneducated are you guys?
Study the causes of the Great Recession. To the extent that Obama played any role at all, it was tiny.
The push for home ownership was something that Democrats and Republicans pushed hard on throughout the government and throughout society at large. There was a myth that home ownership was the key to economic stability and security. It was even a huge part of George W. Bush's domestic economic policy. Remember his term, "ownership society"? That's what this was all about.
But subprime mortgages were not the only cause. The gutting of the SEC's enforcement arm was a cause. Deregulation of the banks was a proximate cause as well.
And don't forget that none of this would have happened without the massive fraud, greed, and corruption that was rampant throughout the system. The corruption spanned all the way from homebuyers to loan originators to bond brokers to ratings agencies. And I know I've left out a lot of other entities who were on the take.
If you blame Obama for the Great Recession, you look pretty dumb.