Tuesday, September 23, 2008

Explanation of the Financial Crisis

If you, like me, are still trying to understand what is going on in the financial markets and how to put it all into perspective, this article will help you begin to understand at least where it all started and who is primarily responsible. (Click here)

Many liberals like to point the finger at President Bush, but I will leave you with this thought: (more to come later) which branch of government is responsible for financial matters? You guessed it...NOT the Executive Branch. The Legislative Branch is responsible. So, blaming the President is a moot point. Can't do it. When the Democrats took over the House and Senate, the DOW was at 12,500. It is now below 11,000, a drop of about 15% in 2 years. Gas prices have increased a whopping 68%. The unemployment rate has raised from 4.6% to 6.1%, a 33% increase. What's changed?  Rep. Barney Frank (D-Ma) and Sen. Chris Dodd (D-Ct) took control of the House and Senate Banking Committees.  Rep. George Miller (D-Ca) and Sen. Ted Kennedy (D-Ma) took over their respective Labor Committees.  Rep. John Dingell (D-Mi) and Sen. Jeff Bingaman (D-NM) became chairs of the Energy Committees.  So, you tell me. Who do YOU think is responsible? 

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