Here’s a great quote from Biden:
When the stock market crashed, Franklin Roosevelt got on the television and didn’t just talk about the princes of greed. He said, “look, here’s what happened.”
Well, except for the fact that FDR wasn’t president when the stock market crashed in 1929. Herbert Hoover was president. The first president to appear on Television was actually Franklin Roosevelt, but that was at the 1939 World Fair.
The other funny thing is, I doubt Joe Biden could even explain what happened. I’ve been reading for days on this crisis, and I can’t exactly say I understand completely how all these financial instruments that are in play here all interact with each other.
Seen this?
Rot.
Without mentioning that the Federal government REQUIRES banks to make these loans, and that Fanny and Freddie are the main organizations that securitize them (which happens before more toxic instruments like CDOs are created on top of these), and by showing e.g. McCain vs. Barny Frank, it’s little more than a incorrectly partisan hit job (three guesses which party created Fanny and Freddie, has protected them, and got the most donations from them before they were forbidden from lobbying after the government’s takeover).
For what’s happening right this very moment, I recommend this item from Mother Jones (heh; HT Instapundit): http://tinyurl.com/4nwf34
For a more in depth look at what’s happened last week and the consequences of not preventing the financial system from seizing up, Megan McArdle has a very good item here: http://tinyurl.com/4t5olu
While they have their biases, _The Wall Street Journal_ had a good editorial yesterday at: http://tinyurl.com/4pg8l7
Which among other things implicitly tells you Phil Graham (the other politician implicitly blamed in the above slide show) should be praised for his part in the deregulation that allowed the rescues of two investment banks that were bought by commercial banks. As far as I can tell, “deregulation” is NOT to blame for this problem.
The story is fairly complicated, but partisan hit jobs don’t help anyone understand it.
Do you happen to have s ource for the quote? I want to post it myself, but I’d like to source both you and the original.