Quote:
Originally Posted by dda
Conservatism did not blow up the world's economy. While Republicans lent a helping hand, it wasn't those who held to conservative principals. Had Republicans stuck to conservative principals while they had the opportunity, they would still be in power and the world's economy would be humming along. Liberal principals led to the current mess. This will remain my opinion hitherward.
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Seems to me that the world economy blew up because people who got loans that they couldn't afford because they were stupid, banks were stupid, and many people believed that home prices could only rise and then all these loans were chopped up into little pieces and spread into everything causing gigantic problems.
In other words it wasn't a conservative or a liberal issue, just stupidity and speculation. I suppose some regulation about predatory lending, a liberal issue, might have prevented it somewhat, but whatever. I recognize that some Democrats encouraged Fannie Mae recklessness, just as some Republicans encouraged lending recklessness (laissez faire market principles with regard to lending products). HOWEVER, now that we're in this mess, I seriously doubt that any conservative 'small government' policies will help anyone right now.