Republicans had big role in economic meltdown


	Republicans had big role in economic meltdown

boniface

3-11-2009 1:34 AM

247 views

boniface says:

Now that Obama has been elected and has the task of cleaning up the mess the Republicans made, these same Republicans are now the self-approved experts on how to get out of this financial mess.

As Obama stated several weeks ago, he and the Democrats won the election because the American people were fed up with the Republican ineptitude. In six weeks, President Obama has acted more responsibly than Bush did in eight long years.

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/73204e7e-68b3-46be-bb66-9004b9aef107/85F26575-63C3-4C07-A5C1-2034B299E1C6/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.islandpacket.com/opinion/letters/story/778905.html" href="http://www.islandpacket.com/opinion/letters/story/778905.html" style="font-size: 11px;">www.islandpacket.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.islandpacket.com/opinion/letters/story/778905.html"><P>
        Republicans seem to forget that for the past eight years, they controlled the House, Senate, presidency and the Supreme Court. In that time, they managed to start a war under false pretenses, cause our country to sink into a severe recession and spend a $500 billion surplus handed to them by President Bill Clinton and spend an additional $1.2 trillion, which left a monumental deficit for President Barack Obama to deal with.
    </P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.islandpacket.com/opinion/letters/story/778905.html"><P>
    The deficit was caused by the cost of the war in Iraq and the tax cuts given primarily to wealthy people. One of the main causes of our severe recession was the deregulation of the banking industry by the Commodity Modernization Act and the Gramm-Leach-Bliley Act that ex-Republican Sen. Phil Gramm wrote and pushed through the Republican-controlled Congress. This allowed "swap agreements" and the growth of uncontrolled derivatives and hedge funds, leading to the mortgage meltdown and our current economic woes.
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