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Don’t blame Democrats

Reader Input
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Thomas Mann’s letter (Reader Input, Sept. 17) blaming Democrats and liberals for the subprime financial crisis and current recession totally ignores basic logic and facts. Conservative Republicans controlled all three branches of the Federal Government (Legislative, Executive, Supreme Court) from 2001 to 2007. George W. Bush, a favorite with conservatives because of his shoot-from-the-hip and no compromise with Democrats style, was president from 2001-2009. By the early 2000s, many economic experts were already warning of the wild speculation and inflation in the housing market. All through this period, deregulated banks kept fueling the bubble with risky credits and loans. There never was any thought that prices could some day drop like a rock. In 2006, however, that’s just what began to happen. Conservatives still controlled all three branches of the Federal Government. The wild speculation was during their watch. Barney Frank wasn’t the head of the House Financial Committee until 2007. Chris Dodd likewise wasn’t chair of Senate Banking Affairs until 2007. I point out these facts not to blame conservative Republicans, but to counter the wild accusation by Mr. Mann that Democrats caused the recession we are currently in. In truth, anyone who speculated that the end would never come is to blame. Herb Tanimoto, Cool