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Old 11-16-2012, 01:07 AM   #113
DonDadda59
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Default Re: Romney says Obama won by showering black, Latino & young voters with big gifts.

Quote:
Originally Posted by bmulls
The economy was booming before the recession. The recession was due to banks writing subprime mortgages. It wasn't an issue of "republican economic policy" not working, it was a very specific problem.

The banks were allowed to issue the subprime mortgages and engage in other shady financial transactions because of a lack of regulation, a lack of oversight due in very large part to the Republican created Gramm-Leach-Bliley bill and other initiatives that repealed the protections offered by Glass-Steagall (Bill Clinton bares a lot of the blame for going along with this). So you are correct, it was a very specific problem, caused by a very specific series of actions... that many Republicans want to double down on.
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