Tuesday, September 30, 2008

The Credit Crisis: An overview

This is likely the first of several parts on the current financial problems in the US Economy. I'll start by exposing my positions on this.
  • We got here primarily through government interference and mismanagement in Congress, in particular Barney Frank and Chris Dodd, and in virtually every independent agency involved in finances. There was also mismanagement of private institutions, but that was a relatively minor part of the problem.
  • The Democrats in the House, particularly Nancy Pelosi, bear the responsibility for the failure to pass the bailout bill on Monday and therefore the resultant Wall Street crash.
  • The bill that was in the House on Monday was a terrible bill that didn't solve the problems that created this mess and probably isn't the best way to fix it, but it was the best we're likely to get this year and the Republicans should have passed it. (Honestly this is the part I'm least convinced of, but it's my current position.)

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