Did Clinton cause the banking crisis?

[CaliforniaCowboy]

By David Weidner, MarketWatch

On Wall Street and Main Street they call William Jefferson Clinton the "Comeback Kid," but it's not because of some Election Day surprise.

It's because almost everything he did regarding financial-services regulation has come back to haunt us.

If it wasn't apparent before, the former president's handiwork became clear when President Barack Obama announced his plans for sweeping financial-services reforms. Obama's efforts to bring fair dealing to the mortgage markets, rules to the derivatives marketplace and restraint to big financial companies underscore the missteps of Clinton's second term.

We had weakly regulated markets when Clinton took office, but by the time he left, they were an invitation to lawless dealing. For the ease of it, Willie Sutton would have traded his gun and mask for a briefcase and necktie.

Clinton created a fertile environment for home-lending charlatans and hiding places for Wall Street swindlers, and upset a regulatory structure that had served the financial marketplace so well for more than six decades.

http://articles.moneycentral.msn.com/Investing/Extra/did-clinton-cause-the-banking-crisis.aspxhttp://

[PokesFanatic]

Dead link.

[CaliforniaCowboy]

http://articles.moneycentral.msn.com/Investing/Extra/did-clinton-cause-the-banking-crisis.aspx

[BleedingOrange]

Basically it was the Clinton administration that forced banks to make loans to people with "Questionable" credit. Then they changed the accounting structure to a "Mark to Market - Daily". Then required that a minimum of the loans against this Market Value, had to be to the low qualifing people. Thus setting the financial world up for when the bubble to breaks (as it did last year), most the low qualifing loans would fail (which they have).

Thanks Bill.

[Vulgar Display of Orange]

Him and Jimmy Carter. And Obama. And the next democratic president.

[pistolpete2002]

Him and Jimmy Carter. And Obama. And the next democratic president.


VD, Bill Clinton was the President to loosen the lending regulations and made it easier for people to get loans, that wouldn't have qualified otherwise. So yes, he was responsible for part of it.

I just don't see why you can't admit that Bill and Obama did/are doing things that will hurt the United States. Just like Bush did things that hurt us as well.

[CaliforniaCowboy]

blind in one eye, can't see out of the other....


probably blinded by King Barack's aura

[BigBadBen]

Fandom to the Nth degree.

[Vulgar Display of Orange]

VD, Bill Clinton was the President to loosen the lending regulations and made it easier for people to get loans, that wouldn't have qualified otherwise. So yes, he was responsible for part of it.

I just don't see why you can't admit that Bill and Obama did/are doing things that will hurt the United States. Just like Bush did things that hurt us as well.

I did. It's every democrats fault regardless of how many republicans have been in office since. It's also his fault that companies like countrywide went nuts with it and companies like aig insured the bad securities. When the economy bounces back it will be no thanks to them, and when the next bubble bursts it will be ____________(D)'s fault. Someone will copy and paste an article together from the dozens of similar articles already published placing blame on _____________(D). The wall street journal will run it, and Cali will post it on this board because he needs that sort of reassurance.

[pistolpete2002]

The economy is getting worse right now though. And I don't see it getting any better by the government taking control of companies and what not. My response wasn't about how democrats do everything wrong, my response was that all you make snide comments like your Jimmy Carter post without ever recognizing that (D)'s have caused the majority of the problems we're in right now. I openly admitted that (R)'s have caused their fair share of problems too, but Obama is taking a step further is making things worse by his current actions.

All I want is for you to actually admit that the trouble we are in is mostly the Democrats fault and that Obama is making things worse by wanting to control every business he can. That is going to hurt America the worst because our entreprenuer's will not want to start up any businesses with the fear of the Government taking over and forcing the CEO's out.

[Vulgar Display of Orange]

And all I want is for you to lay off of the GOP mid-term election machine email crack pipe, and abstain from conversations with the dude down the hall that listens to savage in the morning and rush in the afternoon. President Obama is no more a power-hungry socialist than President Bush was an imperialistic war-monger....depending on which AM radio station you happen to be in range of at the time. Get a grip.

BTW...I like how no one has mentioned Ronald Reagan once.

[Lewis the Pike]

I hate how Clinton forced the lenders to advertise their mortgage offers nonstop on the radio as well.

I have given up on buying a house. ever.

[wickerbill]

If only the almighty republicans had put a stop to this when they took over the presidency in 2001 before the huge real estate boom that caused the real damage. I'm sure those banking and mortgage executives hated having to make all those bad loans that netted them millions in bonuses before it all came crashing down. Damn democrats.