by Shazbot57 » Tue Feb 03, 2015 1:07 am
While Clinton gets credit for the de facto repeal of the Glass-Steagall Act, which allowed the securitization of financial products (i.e. risky loans and CDO's - collateralized debt obligations ) it wasn't the original catalyst for the housing bubble. It was more the final straw that broke the camels back. The original straw was the Community Re-Investment Act of 1977, which Carter signed into law forcing banks to give loans that never should have been made. Years of bad lending decisions piled on top of one another, culminating in the need to bundle crappy loan paper made possible by Clintons approval of the Gramm-Leach-Bliley Act, effectively repealing Glass-Steagall. Both parties are responsible for that lousy piece of law, but it started in 1977 with the Community Re-Investment Act.
And now my #5 for worst President: Tie goes to Nixon & Clinton - who both "soiled" the Office of the Presidency.
Granted, there were other Presidents that soiled the Office, but since I witnessed it during my lifetime, it's more personal for me with these two Yahoos! It's amazing how differently the media treated each of these scandal ridden administrations. Also in modern times, a close honorary mention for #5 was Lyndon Johnson (& his Great Society). And he wondered why Americans didn't love him...
You could also throw Warren Harding in there for scandals - not because he was evil, but because his scandal plagued administration was caused by his weak will, and he was a poor judge of character.
Coming up my #1 pick for worst President of all times (so far)... Who are your picks?
Last edited by
Shazbot57 on Tue Feb 03, 2015 3:55 pm, edited 1 time in total.