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It was Phil Gramm who caused it, in the 70's.

Any financier  who says they didn't see this coming is an effing moron  
and should be run from.

This isn't socialism, at it's heart, it's fascism.


On Sep 24, 2008, at 11:13 AM, Clansgian AT wmconnect.com wrote:

> > > No, sir, outrage is pathetic; the right word is responsibility. You
> > have had access to vast economic information that you either ignored
> > or misread.
>
> This present is a credible example of what the Bush-bashers have  
> been talking
> about.  Bernanke is a joke, a bad joke but at least he has a funny  
> punch
> line.  He did his doctoral on the Great Depression and tauted  
> himself as being an
> expert on it.  Turns out he is, an expert at creating another one!    
> And
> Paulson as Treasury Sec has produced just the results that people  
> warned it would.
>
> Paulson's outrage IS pathetic.  But the administration couild not  
> have pulled
> off this debacle without two essential accomplices, one major and  
> one minor
> 1) [the minor one] The Dem controlled congress   2) [the major one]  
> All the
> people in the real estate game who acted as agents and cheerleaders  
> while they
> plotted to make money despite the clear logic and facts against the  
> scheme.
>
> Here is what the uber-incompetent Bernanke had to say in March of  
> 2007:
>
> "The impact on the broader economy and financial markets of the  
> problems in
> the subprime markets seems likely to be contained"
>
> As stupid as this seems in retrospect (although those relying on  
> logic,
> figures, and history saw that it was stupid at the time) it pales in  
> stupidity to
> what I heard from real estate cheerleaders at the time.
>
> There are some six ongoing conversations face to face or else on  
> blogs or
> mail lists that began four or five years ago when housing was  
> booming.  Bubble??
> (Said they) Don't make me laugh!    Why that's not even worth  
> wasting time
> talking about!  Ho, hum, so boring.  I prefer to talk about cheery  
> things rather
> than all this gloom and doom.
>
> Like Bernanke and Paulson, these same six people (and countless  
> others like
> them) are now looking around themselves and saying, "Wow, look at  
> this mess,
> who coulda seen this coming!?" and they begin to point their fingers  
> at Bush and
> his appointees.
>
> A couple of years ago it was "Bubble?  Ho, hum, how boring..."  And  
> now that
> bubble bids fair to change the course of history.
>
> The outrage of these people is PATHETIC.  It was they who caused the  
> bubble
> and the current state of affairs.  Bush and Congress were the  
> occasion, not
> thecause.  It was they themselves who caused it.   </HTML>
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