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George W. Bush and his House of Cards

bloomberg.com — "At first, I thought we could deal with the problem one issue at a time,'' Bush said. ``The house of cards was much bigger and started to stretch beyond Wall Street. When one card started to go, we worried about the whole deck going down.'' - George W. Bush

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  • Dumbledorito, on 09/23/2008, -0/+8"The storm in the markets began with a long-deferred nod to reality by Lehman. The 158-year-old, New York-based firm had possible acquirers inspecting its books.

    They discovered that Lehman hadn't yet written down its portfolio of subprime mortgages, those issued to the least creditworthy borrowers, as aggressively as some other Wall Street firms."

    I wonder if Bush sees any parallels between that kind of thing and all the money for Iraq and other misadventures that he isn't including in the budget.

    Probably not, but it'd me nice if he did...
  • edstate, on 09/23/2008, -0/+1"His" house of cards?

    Carter started it.
    Clinton goosed it.
    Freddie & Fannie backed it.
    Graham securitized it.
    Greenspan made it irresistable.

    There. Fixed.
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