People were civil and respectful, many brought their children. I was sitting under a tree eating a snack as the protest came to an end and a woman came up with a trash bag and asked if I needed to throw anything away.
The protest was about spending rather than raising taxes, increasing the deficit by using tax money for Democratic pet projects disguised as stimulus and bailing out private businesses with taxpayer money.
Deficit spending did not bring us out of the Great Depression but made things worse. 8 years of deficit spending under FDR left us with 20% unemployment. World War II brought us out of the depression, not government spending on "make work" projects
The banking problem started with modifications to the Community Reinvestment Act done in 1995 by Democrats and was made much worse by the Banking Modernization Act of 1999, a republican sponsored bill signed into law by Bill Clinton.
In short, both Republicans and Democrats in Congress are to blame for the banking crisis. A majority of the legislation creating the problem was passed during the Clinton administration but he isn't any more to blame than George Bush.
George Bush tried to overhaul the mortgage industry in 2003 but was thwarted by Congress.
The PBS web site has a good time line on bank deregulation.
No comments:
Post a Comment