Obama and other Dems have blamed Bush for the current financial crisis. It is funny because they never get specific about the causes of the financial crisis. They simply say that it is a result of ‘no regulation’ which we all know is a lie. There is plenty of regulation of everyone and every thing within our borders. What makes it worse is that they act as if Bush passed some major legislation to deregulate the lending industry. Again, we know this insinuation is a complete lie. The laws that allowed the current crisis to occur were passed a long time ago.
The fault, as I see it, lies on the shoulders of the individuals who took loans they could not afford. Everyone wants to blame the greed of some mysterious person that works somewhere on Wall St. The fact is if you take a loan that you cannot afford, then YOU are the greedy one, not the person who gave you the loan. These greedy people who wanted to get rich quick and/or live rich lifestyles were empowered by politicians who are quick to bail out people and companies when they make mistakes.
In other words, the whole system is to blame, not just one person. Obama’s argument lacks any sort of nuance or sophistication…and frankly, it is stupid. By using this argument, one of two things is happening…either he is stupid, or he thinks his supporters are stupid. Let me put it this way, I think I finally found a point of agreement with Obama.