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President Barrack Obama admits the governments responsiblity in recession on government web site.

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posted on Feb, 16 2009 @ 10:00 PM
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Has anyone seen this? This is the main part I want you to see follow the link for the full text.
www.whitehouse.gov...
"This crisis did not happen solely by some accident of history or normal turn of the business cycle, and we won’t get out of it by simply waiting for a better day to come, or relying on the worn-out dogmas of the past. We arrived at this point due to an era of profound irresponsibility that stretched from corporate boardrooms to the halls of power in Washington, DC. For years, too many Wall Street executives made imprudent and dangerous decisions, seeking profits with too little regard for risk, too little regulatory scrutiny, and too little accountability. Banks made loans without concern for whether borrowers could repay them, and some borrowers took advantage of cheap credit to take on debt they couldn’t afford. Politicians spent taxpayer money without wisdom or discipline, and too often focused on scoring political points instead of the problems they were sent here to solve. The result has been a devastating loss of trust and confidence in our economy, our financial markets, and our government."

Remarks of President-Elect Barack Obama
As Prepared for Delivery
American Recovery and Reinvestment
Thursday, January 8, 2009

Ok so he admits that it was the governments fault. I knew all along that greed would be our downfall. That is why our form of capitilism does not work.




posted on Feb, 16 2009 @ 10:09 PM
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I think it is unfair that I get punished; in a sense for their fiscal irresponsblity I never agreed with their rules. I never played into their games; I was never greedy. I never complained before all this started happening. I am so sick of living on $700/month. What kind of nation is this that let its citezens take the fall for their screw up?



posted on Feb, 18 2009 @ 11:40 AM
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I talke to someone in my local government and they admitted that the government has been very corrupt since the industrial revolution. Can anyone see my post btw? Is everyone too shocked to replY?



posted on Feb, 18 2009 @ 11:45 AM
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I see it and I am reading what it says, but I don't see him saying it is the government's fault. Seems to blame the government a little but i feel he is blaming wall street and bankers more. He omits the part where banks were told by government to make those loans.

Anyway, the words mean nothing. Most people already made up their mind who is to blame. The only thing that matters now is how do we get out of this mess. Obviously since he has taken over, the politicians are still doing the very same thing he pointed out.



posted on Feb, 18 2009 @ 11:54 AM
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We all have responsibility in this. Either for being a part of the credit and housing bubble or for not speaking up LOUDLY earlier.

We're All Madoff

That Article says it all quite well



posted on Feb, 18 2009 @ 11:56 AM
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He doesnt mention how he sued a lender to get them to lend to "high risk" borrowers.

He also doesnt mention Frank and Dodds constant push for "affordable housing" programs designed to reward lending to "high risk" borrowers.

He leaves some important things out of his little statement like how this all got going downhill in the first place........government.



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