re: It's not Obama...he is merely a symptom of the larger problem.

quote:

---

Now, answer my question: what do you think caused the 2008 recession?

---

A combination of loose lending regulations, and unwillingness to adhere to those regulations by predatory lenders.

I bought two houses and refinanced both between 1998 and 2003. Not once did a lender verify my income statement. Not once did a lender require an inspection. They just wanted a signed loan they could turn around and sell.

Also, when these adjustable rate mortgages came on the scene, I talked to some folks that were doing it and they said they would flip or refi the house before the introductory rate expired. When I asked them what if the house wouldn't appraise for enough when it came time, and they said that just wouldn't happen. It occurred to me that there could come a time when the market would be flooded with houses at the same time, swelling supply thus causing prices to drop. I saw these occurrences as waves at different frequencies, and just like waves, there comes a time when you get nodes, or sympathetic vibrations, where all the noise comes together for a time. I saw the bubble bursting long before 2008. I never signed an adjustable rate mortgage.

But there were several causes for the problem, I don't just blame Clinton, or whoever, but I also don't blame Bush. What I find fascinating is that sometimes people want to examine the root causes, and other times, they just want to blame whoever's currently in office. Usually they'll blame whoever's in office if they're from the Other Party, but want to investigate root causes if Their Party is in power. It's a child's game.

So the fact is that we pretty much are in agreement here. You're not one of the ones asking when is Obama going to take the blame for things that may not be his fault, and you aren't one of those people.

So, like, get off my back, man.