My Thoughts on the causes of our recession

Yesterday I gave you my thoughts on what has caused our energy shortages.
Today I want to talk about the credit crunch and what caused it.

Up until 1998 regulations were fairly strict on who credit people
could loan money to. That all changed in 1998 when the democrats
pushed a bill through congress to force loan companies such as banks,
credit card companies, etc, to greatly lower their standards on who
they would grant loans or issue credit cards to. They did this to
make it a lot easier for poor people to buy homes, new cars, and be
issued credit cards. It was also passed so middle class customers
could buy much more expensive homes and cars than they otherwise would
have been able to purchase. President Clinton signed the bill into law.
Nearly all our credit crunch problems can be traced back to this bill
greatly relaxing the rules on lending.

In 2006 President Bush asked congress to make the regulations more strict
on who banks, credit card companies, etc, could loan money to and how much
they could loan. The democrats were successful in blocking this proposal.
There is little doubt in my mind this played a major role in our present
economic situation.

Tomorrow I am going to go into what I think was the third cause of our
current recession.

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