I'm sick and tired of hearing this. The economic recession had little to do with politics. To the extent that it did...they both caused it! Let's stop throwing blame at eachother in an attempt to downplay our own involvement and do something about it.

Well if it wasn't for the likes of Maxine Waters and Barney Frank the Bush administration might have made some headway on regulating Fannie May and Freddie Mack but the dems have failing memories now or "chutzpah"!

Bush is causing a global meltdown by causing global warming... all I know is that here in NYC I'm freezing balls off!

Both major American political parties are out for one thing and one thing only, their own survival. They only do what the people who elect them want when it coincides with their own wishes. That is the problem with political parties (especially ours) and it is why many of the founding fathers warned against them.

I don't feel that any specific political party caused the problem. I blame it all on greed. Banks, mortgage companies, real estate salespeople, investors, everybody wanted to make lots of money on the hot housing market. they even had shows on TV showing you how you could "get rich" on the housing market. problem was, the average person still only makes about 35,000 a year. so how did they think that some way, they would be able to afford a 200,000 house, along with a 45,000 car, and other things. so, they did the funky math, and convinced all these people that they could. most of it was based on the perceived income increase that they would have. and that didn't happen. so, chalk this one up to people being greedy. Same thing happened a few years ago with the .com market. greed is the scapegoat this time.

Realestate market meltdown was started by Bill "Slick Willie" Clinton. He relaxed the Freddy and Fanny lending laws so that "Every American" no matter how irresponsible could be a homeowner. So of course as soon as Freddy and Fanny started making a killing selling crap paper to secondary lenders, the private banks got on board and relaxed thier requirements. Then they turned to AIG to insure their garbage loans against default. Later when all these "Every American" types stopped paying their mortgages... because you know there ain't no way a burger flipper is covering a 450K mortgage... the bubble burst so to speak. A huge amount of defaults, a huge amount of claims to AIG, AIG goes tits up because it can't cover it's commitments, the banks get stuck with crap paper that is not being paid on... they then repo the property, can't sell it because they've also stopped lending to EVERYONE. Wala. So in part this rubber band effect is atributed to Slick Willie Clinton and his Liberal bull about everyone having to own a home. In part we have to blame the private banks for trying to make an easy buck, and third AIG for writing the stupidest dirivatives in the world. The domino effect did start with the Democrats though.