Tuesday, February 23, 2016

On the Bernie Sanders, Hillary Clinton Claim that Wall Street Caused the 2008 Recession

What a couple of bald-faced simpletons. Yes, there were some bad actors amongst the big banks (none of whom have been indicted by the Obama Justice Department, but I digress) but it wasn't Wall Street folks that a) kept interest rates artificially low (which in turn created an artificial demand for housing), b) flooded the economy with ludicrous levels of fiat currency, c) fostered a bailout culture (they actually called Greenspan, Mr. Bailout!!!!!), d) significantly reduced lending standards, e) created a three agency monopoly for ratings, and f) gobbled up over 3/4ths of the sub-prime loans. The fact of the matter is that government (Democrats and Republicans) had its grubby digits all over the 2008 recession and for Clinton and Sanders to think that it was a failure of the market and that only they, our prudent overlords, can be trusted in the future is as nauseating as it is comical.

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