The Blame Game


Most Americans are still not aware of the depth of the financial problems that we faced last week, especially on Wednesday. What hasn’t been made clear is that our economy was literally on the brink of collapse. Many financial experts are using terms like “Financial 9/11” or “Pearl Harbor” or some other dire-sounding epithet. In my opinion, they are not far off.

While most of us are going about our business, happily unaware of the financial turmoil that is lurking, not on the horizon, but right outside our door, our politicians in Washington and elsewhere are busy blaming each other for the economic mess that we find ourselves in. They’re simply passing the buck in the blame game that has become so commonplace between the two major parties.

The fact of the matter is that both parties have their fingerprints all over this debacle. Former President Bill Clinton, along with a majority of Democrats and Republicans, passed massive deregulation of the mortgage industry, most notably with the Gramm-Leach-Biley Act of 1999. The Senate passed this bill 90-8 and the House of Representatives subsequently voted 362-57 in passing this bill in November of 1999. Many experts believe this was the major springboard for mortgage companies to ramp up risky loan practices.

If we are going to avoid making this crisis worse than it already is, our elected officials must work together to come up with a real solution, minus all the typical bickering, backstabbing, and bullcrap.

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