[MD] It's all Obama's fault?

[david buchanan]

 Andre said to Michael:

...Has Government driven this trend of using money 'representing the value of goods...' to money as a commodity in itself? Is Government responsible for this? Is Government responsible for the financial bubble farces that have gone on over the years?



dmb says:
The free-market conservatives, the one's who have been undoing the New Deal by deliberately starving the government for thirty years, have achieved de-regulation in just about every sector of the economy, including the financial sector. The housing bubble, for example, can be traced to the repeal of regulations that kept mortgage banking separate from investment banking. 
Now we see what the invisible hand of the market place does when it's left to do what it will. Free-market deregulation has been tried and it's pretty obvious that we need a different approach. It also seems pretty clear that free-market conservatives are mostly in denial about this and there's a whole lot of revisionism going on right now. In a radio interview, I heard a Tea Party leader answer a question by denying that George W. Bush is a Republican. To say Obama is at fault for the bank failures and the implosion of the housing market and the unemployment rate - that's pure revisionism. Obama was just a candidate when that shit hit the fan.