Hard Knocks Chronicles

Observations from a graduate of the school of Hard Knocks
APRIL 14, 2009 2:59PM

The President said something odd today

Rate: 1 Flag

He said that this financial crisis started when the banks started lending less - or something to that effect.

I think he is naive, or on the wrong track, to be thinking like that.  We have to realize this financial crisis started when Ronald Reagan  decided to change the tax code and lower the taxes on the rich and lower the incomes of the poor.  He also started deregulating the Banking industry and put this horrible credit based economy into high gear. 

 Lets get back to the point where our income allows us to live a comfortable life and Credit is for Cars and Houses, not TVs and groceries.

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President Obama is smart enought to know you don't speak ill of the Great and Powerful Reagan, or at least the myth thereof. All anyone would have to do is point out bush's bank programs were the same as Reagan's that destroyed the Savings and Loan industries, and how Bush sr. bailed them out.
ocularnervosa
April 14, 2009 03:17 PM
My hero! Reagan was the worst president, EVER! I appreciate it when anyone either comes to this realization or -- gasp! -- acknowledges it. Thank-you.
TimidView
April 14, 2009 03:45 PM