Obama is responsible for continuing it, surging it, and leaving it. However, that doesn't change the FACT that Bush is the one responsible for the decision to go in there.
Why you and others cannot understand that is beyond me. IT'S ELEMENTARY.
AUSTAN GOOLSBEE: I think the world vests too much power, certainly in the president, probably in Washington in general for its influence on the economy, because most all of the economy has nothing to do with the government.
Americans are so enamored of equality that they would rather be equal in slavery than unequal in freedom.
Alexis de Tocqueville
Credit Default Swaps were just a financial tool used to collateralize risk investments like MBSs and NO they were not the cause of the Collapse.
They were a regulatory MUST for investment banks.
From 1997 to 2000 Fannie and Freddie were the originators of hundreds of billions in toxic AAA rated MBSs.
That goes back to the policies that lowered Capital Requirements for loans purchased by Fannie and Freddie from 10% to 3% and the push for banks to lower their lending standards by the Clinton administration.
Don't you remember Janet Reno threatening banks with prosecution if they didn't play ball ? I do.
Clintons long list of executive orders in his National Homeowners Strategy turned the affordable housing iniative into a nightmare.
The HP seems seems to justify any new proposed rules or regulations by saying "oh the difference between reality and our made up fantasy world where recessions never happen and growth is always fixed at some spectacular percentage is $15T. $15T is a lot of money so obviously banks should be regulated." If you're going to use studies that come up with imaginary numbers as your proof of "where the blame lies," you might as well just start talking about fairies and unicorns while you're at it.