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October 06, 2008
What Just Happened?
John McCain and Sarah Palin need to go on the offensive immediately about the sub-prime crisis. This crisis was engineered by the Democrats in order to make it possible for marginal borrowers to own homes. All in the name of, you know, social justice.
But when social justice leads to world-wide financial chaos, well, it's not justice, it's just destructive PC stupidity.
Posted by Robert J. Avrech at October 6, 2008 09:06 AM
Comments
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Nicely and concisely stated.
Posted by: rutimizrachi at October 6, 2008 10:46 AM
Great ad. Here's hoping it gets a lot of exposure.
By the way, does anyone know the music that's used in the ad?
Posted by: Jonathan at October 6, 2008 03:30 PM
The repeal of the Glass-Steagall Act (pushed by President Clinton and its architect, Robert Rubin then Sec of Treas and now Obama advisor) destroyed the firewall between deposits (mortgages, deposits, and savings) and speculators (investment bankers and their array of financial instruments) What happened here was that government insured but risky mortgages were backing speculative schemes (derivatives and credit default swaps) and pushed on the global market by Greenspan and cohorts. Schemes of this kind happened 6 times between the civil war and WW2 and always led to a panic. There is nothing new in this story. But now the sheer volume of traded shares backed by risky mortgages could bring down a global market.
Posted by: Elizabeth ![[TypeKey Profile Page]](http://www.seraphicpress.com/nav-commenters.gif)
at October 7, 2008 09:08 AM