Wednesday, October 28, 2009

Truth in Lending- Atrios Style

Atrios has this to say (very correctly, as always) this morning, in reference to a typically dimwitted Washington Post article:

"This article says that "subprime mortgages that helped spark the crisis." No they didn't. They were an early warning signal, and if anyone had given a shit people would've realized that banks had completely abandoned responsible underwriting."

I just wanted to add that there is a name for this phenomenon: deregulation, i.e. Reaganomics. It was largely illegal for this sort of thing to happen, from the time of the Great Depression, until Ronald Reagan got his hands on our economic system. Then, his conservative "ideology," which was nothing but an cover for letting the very rich do anything they want, created the inevitable current economic disaster.

As usual, Republicans are working as hard as they can to blame it all on the Democrats, while leaving it to them to make the hard decisions necessary to reverse things. It is way past time that we stopped playing this game. The same forces, unleashed deliberately by Republican tools of big business, caused the depression and the Reagan-Bush collapse. Only the remnants of Roosevelt era regulations prevented this recession from ending up as bad as the 1929-33 Republican collapse. Allowing conservatives to shout down this obvious truth is only to invite a third such event.

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