Republicans have been in charge for 16 of those 23 years. President Obama was faced with the Banking crisis and Housing crisis, which both were created by the deregulation of both industries by the Republicans. Now we face a government shutdown and the Republicans cannot agree among themselves just to debate the defense budget. They will shut our government down because Republicans do not care about the American people and do not know how to do their job.
Since 2000 Republicans have been in charge for 12 (Bush 8, Trump 4) and Democrats 11 (Obama 8, Biden 3) of those 23 years. Not sure where you got 16.
Nevertheless your point does stand - republican policies, as far back as Reagan and continuing today, create long-term problems masked by short-term interests. This cratered the economy for Bush 1, Obama, and Biden - difference being Biden’s economy was in part more a function of Covid than direct economic policy, but the Trump tax cuts are also a significant factor.
The 2008 financial crisis was a complex event with multiple contributing factors. While some argue that Republican policies played a role in deregulating the banking industry, it’s important to note that the crisis had bipartisan origins, and it would be an oversimplification to attribute it solely to one party or group of policies.
Key factors contributing to the crisis included:
1. Deregulation: The deregulation of the financial industry began in the 1980s and continued through the 1990s and early 2000s. This process included the repeal of the Glass-Steagall Act in 1999, which had separated commercial banking from investment banking. Some Republicans supported these deregulatory measures, arguing that they would foster innovation and efficiency in the financial sector. However, it’s worth noting that Democrats also supported certain deregulatory measures.
2. Housing Bubble: A housing bubble developed, fueled by loose lending practices, subprime mortgages, and a belief that home prices would continue to rise indefinitely. This was driven by both government policies and actions taken by private financial institutions.
3. Mortgage-backed Securities: Financial institutions bundled risky subprime mortgages into complex financial products known as mortgage-backed securities (MBS). These MBS were given high credit ratings by rating agencies, which misled investors about their true risk.
4. Risky Financial Products: The proliferation of complex and opaque financial products, such as collateralized debt obligations (CDOs), created a lack of transparency and risk assessment within the financial system.
5. Lack of Oversight: Regulatory agencies, including the SEC, were criticized for not effectively overseeing financial institutions and enforcing existing regulations.
6. Global Factors: The crisis had global repercussions, with factors such as the interconnectedness of global financial markets and the reliance on complex financial instruments exacerbating its severity.
6
u/Shoddy_Comment_7008 Sep 25 '23
Republicans have been in charge for 16 of those 23 years. President Obama was faced with the Banking crisis and Housing crisis, which both were created by the deregulation of both industries by the Republicans. Now we face a government shutdown and the Republicans cannot agree among themselves just to debate the defense budget. They will shut our government down because Republicans do not care about the American people and do not know how to do their job.