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This study says it all comes down to there being nothing to back inter-bank loans: “The REPO market of interbank loans had always existed but it grew dramatically in the 1990s to support securitization. But since there was no deposit insurance for institutional loans measured in hundreds of millions of dollars, counterparties demanded collateral to back these overnight REPO loans that generally replaced demand deposits in the banking system.”

http://www.housingwatch.com/2010/02/26/it-wasnt-a-mortgage-recession-after-all-so-why-dont-we-feel-b/?icid=main|main|dl1|link3|http%3A%2F%2Fwww.housingwatch.com%2F2010%2F02%2F26%2Fit-wasnt-a-mortgage-recession-after-all-so-why-dont-we-feel-b%2F

15 Thoughts on Since a new economists’ study traces the roots of the Recession to the 90s, is Clinton more to blame than Bush?
  1. Reply
    Paul Grass™
    May 19, 2011 at 9:42 am

    Absolutely he is, so is the Democratic controlled congress

  2. Reply
    Brian
    May 19, 2011 at 10:15 am

    I don’;t blamer any one person. The ever more liberal policies and uncontrolled government spending have put us where we are..

  3. Reply
    666F 7274 7920 666F 7572
    May 19, 2011 at 11:14 am

    yes , remember NAFTA , Clintons baby sent millions of jobs out of the country

  4. Reply
    Welcome to Costco I love you
    May 19, 2011 at 11:28 am

    No.

    Uh… how dark is it down there in that barrel you’re scraping, trying to blame Clinton??

  5. Reply
    Friend
    May 19, 2011 at 11:28 am

    Alert Alert!! We have a re-visionist historian here.Grow up and put blame where it belongs.It’s called denial.

  6. Reply
    Justine 2
    May 19, 2011 at 12:14 pm

    I really dont care who what why or where all i know is we have to STOP this madness and stop it now .

  7. Reply
    I speak with forked tongue
    May 19, 2011 at 12:52 pm

    It was 40 years of bad laws by Congress. The mess started wih Carter. Clinton only made it worse.

    Add the fact that Republicans mostly ignored the problem because housing growth made their numbers look good.
    This is just the S&L crisis on a personal level.

  8. Reply
    ideogenetic
    May 19, 2011 at 1:04 pm

    Let’s not forget that supply-side economics is the only reason the debt bubble took off (even your article says it started during the Reagan administration). When you suck wealth from the middle-class and poor and redistribute it to the rich, the only way to keep your economy consuming is to issue massive amounts of debt to those whose incomes and savings are shrinking. All of that was the financial engineering developed to prevent our economy from collapsing from the internal contradictions* of supply-side economics (shrinking savings and demand deposits; people living hand to mouth). Even President Clinton, from political pressure, succumbed to that misguided form of economics. It was under his administration that the repeal of Glass-Steagall became the last-gasp effort to keep the fictitious capital stock growing.

  9. Reply
    Bluehawk
    May 19, 2011 at 1:10 pm

    Tho Clinton helped this recession by re-implementing the Community Reinvestment Act, I would have to say it’s still the luck (or unluck) if a president is in power during a recession. People don’t seem to realize it’s a CYCLE. The policies of those in power either make that recession go quicker, or make it worse; but they cannot prevent it.

    We should really be out of this one by now. I blame the Fed for not raising interest rates when it should’ve.

  10. Reply
    Blue
    May 19, 2011 at 2:02 pm

    So, Bush was so weak he couldn’t correct something from the Clinton administration?

    Fascinating!

  11. Reply
    "VOTE THEM OUT"
    May 19, 2011 at 2:16 pm

    Yes we were in the start of a major depression when President Bush turned it around.~

  12. Reply
    ou812 the hate returns pt 5
    May 19, 2011 at 2:26 pm

    SSsssssshhhh! You can’t say that!

    ________yes____________

  13. Reply
    Jamie
    May 19, 2011 at 2:38 pm

    Yes.

  14. Reply
    Old School ♥ ♦ MC ♣ ♠
    May 19, 2011 at 2:48 pm

    It all started with Reagan and Bush sr. Bush Had 8 years to correct the Republican Wish List Clinton signed!!!!
    Please Co-ordinate your facts.
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  15. Reply
    Irvin W
    May 19, 2011 at 3:15 pm

    No

    Bush the First was President from Jan 89 – Jan 93

    And after 94, which party controlled all of Congress?

    Under the Constitution, all revenue bills must originate in the House of Representatives.

    Please Co-ordinate your facts.

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