economic crisis and unemployment

economic crisis and unemployment

Who is to blame for the economic crisis? I keep hearing Lars Larson and Sean Hannity etc., blaming Democrats ?

and home buyers who took out sub prime mortgages. It seems to me if lenders didn’t charge such hefty interest rates these buyers, they could make have made their mortgage payments. I heard Greenspan say at one time that having a certain amount of these types of loans was a good thing for the economy, like having a certain amount of unemployment was a good thing. So, was it really the bad decision making of prospective home buyers who caused all this?

It was actions of both major parties that contributed to this. Also, it extends to more than just the mortgage issue, but that was the catalyst that caused the collapse in the industry of finance-capital. Anyone who refuses to acknowledge the role of both parties is:

a) a liar

b) uninformed

c) an idiot

d) all of the above.

That said, it does appear that the policies of the Clinton administration that forced Fannie Mae and Freddie Mac to back risky loans for low-income people without controls to prevent them from borrowing more than they could afford were the straw that broke the camel’s back.

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