moldyoldy

The GOP caused the credit rating of the country to be lowered, that permanently damaged the country.

EconomistDon

You can't blame that on the GOP. The lower credit rating was a result of the 2008 financial crash, which was entirely due to Democrat fumbles. Since you are entirely ignorant about financial and economic policy, I will provide some information for you gaping void. The financial crisis resulted from a housing crisis. The seeds for the crisis were sewn in 1969 when Jimmy Carter signed the "Community Redevelopment Act" into law. It required mortgage lenders to do a specific minimum percentage of their business in poor neighborhoods. So mortgage companies were forced to give home loans to people who were not likely to keep up with mortgage payments. This went along as expected with many poor families losing their homes due to nonpayment until the 1990s when housing really boomed. During the 1990s, the sub-prime market blossomed as an investment alternative. Returns were high because sub-prime mortgage interest rates were high. The risky mortgages were bundled into "derivatives" and traded on the open market. They were hot items, but banks were not allowed to participate in the investments because of the Glass-Steagal Act that was put into law following the financial crash of the 1930s. There was so much pressure to get rid of Glass-steagal that Bill Clinton repealed it in 1999. Banks jumped on sub-prime mortgages just when the housing boom began to slow down. By 2003, the Bush Administration sent out an alert to Congress that Fannie Mae and Freddie Mac could be in trouble due to the slowing housing market and unbridled interest in the sub-prime market. A Democrat, named Barney Frank, ranking member of the House Financial Service Committee, argued that Fannie Mae and Freddie Mac were on solid footing, not to worry about concerns from the Bush Administration. Nothing was done. Again in 2005, as housing looked even worse, the Bush Administration alerted Congress to shore up Fannie Mae and Freddie Mac, but nothing was done again at the insistence of Democrat Barney Frank. By 2007, the housing decline was gaining momentum and by 2008 it d**gged the financial markets down with it. Banks that were loaded with sub-prime mortgages took a beating.

The Bush Administration acted quickly and decisively in November 2008, calling leaders from all the major banks to a meeting in Washington. They were told that the government was giving them substantial loans to avert an financial crisis like the 1930s, and they had to accept the loans. So the banks were bailed out. That was the turning point in the disaster. By the time Obama took office, markets were on the mend; all Obama had to do was keep his hands in his pockets and let the healing proceed. Obama did a few things like bailing out General Motors, while the fed implemented Quantitative Easing I, QE 2, QE3, and QE Forever. They didn't help the economy, but they will hurt the economy eventually when the treasury instruments have to be unwound, driving up interest rates and inflation.

So you see Moldy -- if you want to hang names to the financial crisis and the lowered credit rating, it has to be Jimmy Carter, Bill Clinton, and Barney Frank -- all Democrats.

samtheyank

Moldy you are full of manure. It comes out of both sides of your mouth. Your f*ggy waggy, Barney Frank, did as much, if not more, to cause a lot of problems for the American economy. He kept Congress at bay with his lies about Freddy Mae and Freddy Mack. If I had my way, I would put the homo up against the wall and execute him. Only something like Barney Frank can come out of Massachusetts.

moldyoldy

Why don't you look up ted cruzs folly

Docadhoc Loc: Elsewhere

Because you opened your big mouth.by accusing the GOP of damaging our national credit rating, and like every other time your ignorance is rammed down your throat.....you try to change the subject.

Why don't you just keep your big mouth shut until you know what you're talking about? Your moronic comments here impress no one and regardless of the subject there usually is one or more here who know.much more about it than you.

If you can't make intelligent comments, make no comment.

bmac32 Loc: West Florida

At first I thought he was forgetful because of the old age but then remembered his hero was the first American President that got to watch our credit rating fall. Them like children democrats demanded S&P be investigation just like Trump when they didn't get their way.

moldyoldy

moldyoldy