America is not a great investment under Obama

David Goldman:
Americans won’t be paid for being American any more

The world used to believe in the United States. America was the world’s only superpower back in the mid-2000s. The American consumer looked like a perpetual-motion machine. Housing prices had risen for fifty years in succession. American economic growth was steady. And American investment banks manufactured synthetic AAA-rated securities that paid more than banks’ cost of funds. They seemed safe as houses.
The housing bubble was generated not just by the banks, but by the Democrats under Clinton and in Congress after he left office that forced banks to make bad loans to uncreditworthy individuals.  It created the classic bubble economy that came with a classic crash.

I recently watched The Big Short and that was the one aspect of the story Hollywood tried to avoid.  They would rather blame the bankers than the Democrats who caused the mess.  Dodd-Frank became a massive coverup and blame shifting exercise in response to the crash.


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