A few clarifications: This video blames Democrats for how we got here, which is accurate in many ways. Republicans, though, are not completely off the hook. They had a majority in both houses of Congress when they warned off the dangers and did not put their foot down like they did on the War on Terror, for example.
As I said before, greed led to this bursting of the bubble.
– Democrats are guilty of getting the ball rolling.
– Republicans are guilty of not stopping it.
– The American people are guilty of believing the illusion of our rapid-rising equity to say anything.
Understanding how we got here is not simply hindsight. We need to keep it in mind so we don’t repeat the same mistakes. What do we do now that the bill has come due for our foolish living standards?
– Democrats need to pressure Chris Dodd and Barney Frank to recuse themselves from any solution-making process.
– Republicans need to demand new legislation exclude government’s false idea of lending. No more GSEs, no more CRAs. Just qualified oversight and practical regulation.
– The American people need to buy within their means and learn to stop living on so much credit.