Wall Street Rigs The Game For A 25-Year Crime Spree

Wall Street Rigs the Game for a 25-Year Crime Spree

• During the 2008 financial crisis, gas prices skyrocketed, overwhelming the payrolls of many businesses. Political leaders like Sarah palin blamed environmentalists who wouldn’t let the US drill offshore or on public lands. • In reality, Wall Street speculators were making huge, unregulated bets on gas just as they had…

Conservatives Blame Everyone But The Guilty

Conservatives Blame Everyone but the Guilty

• The right wing tried pushing the lie that the Wall Street hustlers who brought the world economy to its knees were the innocent victims of government programs and poor people. • The CRA only encourages banks to lend in all areas in return for those banks getting government-backed deposit…

The Republican Blame Game

The Republican Blame Game

• Larry Kudlow tried blaming the financial crisis on liberals wanting to put poor, first-time buyers into homes. • Most of the loans of the sub-prime crisis were not first-timers, but refinances, due to the investment firms and banks pushing the idea that people should treat their homes as investment…

Privatizing Profits, Socializing Losses

Privatizing Profits, Socializing Losses

• In the early 80s, republicans, with the help of John McCain, Alan Greenspan, and Phil Gramm, deregulated the S&L industry, resulting in the collapse of 747 S&Ls and a loss to taxpayers of $1.4 trillion. • The republicans delayed the S&L bailout until after the 1988 election of George…

Reagan’s Horrific Legacy

Reagan’s Horrific Legacy

• The Reagan 'Revolution' has come home to roost and we live with its consequences in our current economic nightmare. • Supply-side republicans weren't a majority in the early 80s, but they got a boost when Reagan realized he could balloon the deficit and sell the debt to China. The…

Republicans Ignore Math They Don’t Like

Republicans Ignore Math They Don’t Like

• Republicans asked the non-partisan Congressional Budget Office to look into what policies would create more jobs. • The CBO responded with the most effective policy being Aid to the Unemployed, and the least effective being Tax Cuts. • Republicans ignored the CBO. If You Want To Help The Nation,…

Rise Of The New Left

Rise of the New Left

• Sociologist Karl Mannheim argued that political generations are formed by what historical disruptions occur during their 'plastic years.' • An entire generation of Millennials entered their plastic years during the Bush era and experienced all the drawbacks of a deregulated government and a destroyed economy. This has shaped the…

‘Texas Miracle’ More Like A Myth

‘Texas Miracle’ More Like a Myth

• Texas is supposedly a symbol of how conservative policies can be successful. • Texas has not weathered the recession very well, with high unemployment and a steep budget shortfall. • They were spared the worst of the housing crisis because they have strict regulation in that area. Texas Two-Step

Right Wing Lies About Fannie And Freddie

Right Wing Lies About Fannie and Freddie

• Republicans tried to push the false narrative that Fannie and Freddie created the housing bubble/meltdown by pushing loans to low-income buyers. • Only a few years prior, republicans were attacking Fannie and Freddie for not promoting enough borrowing by low-income buyers. ...the Republican position is that Fannie and Freddie…

Republicans Give Cover To Wall Street’s Crimes

Republicans Give Cover to Wall Street’s Crimes

• The bipartisan Financial Crisis Inquiry found that a deregulated Wall Street created a global web of interconnection that no one understood, to the point where one bank's collapse could bring down the world financial system. • Republicans didn't like their conclusions, so they released their own report blaming the…

Right Wing Blames Everyone But The Guilty

Right Wing Blames Everyone but the Guilty

• The right wing continues to try to blame the government for the housing bubble with arguments that have been refuted again and again. • Their latest attempt is to say that loan originators were forced by the CRA to make bad loans, but the subprime boom was driven by…