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The Water Cooler
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Bush's Fault
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<blockquote data-quote="TerryMiller" data-source="post: 1957740" data-attributes="member: 7900"><p><span style="font-family: 'Georgia'"><span style="font-size: 12px">That is not a reach at all because I remember history too well. As you know from previous private messages, I don't have a college education, thus none of my "knowledge" comes from textbooks and professors who might have a bias. But, check it yourself to see when the Community Reinvestment Act was passed. I have decades of reading and personal study of both politics and economics from which I have come to the same conclusion as some other economists that I have read with regards to the effects of the CRA.</span></span></p><p><span style="font-family: 'Georgia'"><span style="font-size: 12px"></span></span></p><p><span style="font-family: 'Georgia'"><span style="font-size: 12px">CRA was a ticking time bomb for the entire part of its existence and evolved into Fannie Mae and Freddie Mac, which were the catalyst for the economic downturn. I might add that when the Democrats took control of Congress in 2006, their actions and Bush's lack of using a veto, sped up the process at the end. Who knows? Since the Democrats in Congress wouldn't believe Bush and his administration about the problems with Fannie and Freddie, maybe he decided to "give them what they wanted" and thus didn't veto anything. (That is pure conjecture on my part. I really don't think Bush was that "evil," but he certainly was NOT a conservative.)</span></span></p><p><span style="font-family: 'Georgia'"><span style="font-size: 12px"></span></span></p><p><span style="font-family: 'Georgia'"><span style="font-size: 12px">One other thing I've learned over the years. ACCURATE history is NOT written by the media and the professors of the period in which events occur, because their account of the events may reflect a bias because of being of another philosophy. ACCURATE historical accounts may come about 30 years later when people who did not live in the era study back to see when and how things happened and draw a logical conclusion as to the truth of history. From what I have read, it has been recent college economists that have gone back and studied Roosevelt and the New Deal and have determined that Roosevelt actually extended the Great Depression by about 7 years.</span></span></p></blockquote><p></p>
[QUOTE="TerryMiller, post: 1957740, member: 7900"] [FONT=Georgia][SIZE=3]That is not a reach at all because I remember history too well. As you know from previous private messages, I don't have a college education, thus none of my "knowledge" comes from textbooks and professors who might have a bias. But, check it yourself to see when the Community Reinvestment Act was passed. I have decades of reading and personal study of both politics and economics from which I have come to the same conclusion as some other economists that I have read with regards to the effects of the CRA. CRA was a ticking time bomb for the entire part of its existence and evolved into Fannie Mae and Freddie Mac, which were the catalyst for the economic downturn. I might add that when the Democrats took control of Congress in 2006, their actions and Bush's lack of using a veto, sped up the process at the end. Who knows? Since the Democrats in Congress wouldn't believe Bush and his administration about the problems with Fannie and Freddie, maybe he decided to "give them what they wanted" and thus didn't veto anything. (That is pure conjecture on my part. I really don't think Bush was that "evil," but he certainly was NOT a conservative.) One other thing I've learned over the years. ACCURATE history is NOT written by the media and the professors of the period in which events occur, because their account of the events may reflect a bias because of being of another philosophy. ACCURATE historical accounts may come about 30 years later when people who did not live in the era study back to see when and how things happened and draw a logical conclusion as to the truth of history. From what I have read, it has been recent college economists that have gone back and studied Roosevelt and the New Deal and have determined that Roosevelt actually extended the Great Depression by about 7 years.[/SIZE][/FONT] [/QUOTE]
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