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Main cause of economic meltdown approved by US Govt in Dec 2000

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posted on Nov, 17 2008 @ 03:15 PM
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reply to post by leo123
 


Uhhh...JK, republicans controlled both the House and Senate until 2006, which sort of spans your years of 2002 and 2005 and well, kind of makes your whole argument pointless.




posted on Nov, 17 2008 @ 08:10 PM
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Originally posted by leo123
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Finally, and please correct me if I am wrong, your Repubs in both 2002 and 2005 by McCain himself no less on the latter) tried to change this act to cool off the growing prob but your Dem controlled house voted them down both times.

JK


You're wrong. The Republicans controlled all 3 branches of the US Govt. from 2000 to 2006. Neither the Democrats nor the Republicans did enough to stop this from happening.



posted on Nov, 17 2008 @ 08:25 PM
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I would argue that a major catalyst in the economic implosion has been the Chinese demand for high-yielding investments in US mortgage-backed securities.




China held $414 billion in US Treasury bonds as of April, according to data compiled by Bloomberg. And according to HUD's website, as of June 2006, China held $107.5 billion in MBS, up from $3 billion in 2003 and $100 million in 2002


They certainly had a hearty appetite. One might say greed got the better of them.

Interesting, reps from the US government were still pushing the MBS investments to the Chinese as being as safe as US Treasuries a little more than a year ago but the Chinese weren't biting.





During a recent trip to Beijing, US Department of Housing and Urban Development (HUD) Secretary Alphonso Jackson tried to sell China on the idea of buying more MBS. Investing in MBS offers better returns for China than US Treasury bonds, and at the same level of risk, Jackson claimed.


source

[edit on 17-11-2008 by venividivici]



posted on Nov, 20 2008 @ 05:07 PM
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Allan Greenspan is the cause of all this meltdown. In 2003 Allan Greenspan told the Bush administration not to even try to regulate their business. Greenspan made it clear that nobody in the Bush administration is qualified to regulate them so keep their hands off! And of course the Bush administration and the republican majroity congress and the republican majority senate sat back and let Greenspan run amok!




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