Greece Defaults. What now?

[sc94597]

Dulfite said:

sc94597 said:

I don't distinguish between warfare and welfare Keynesians too much. They are both doing the same thing. Bush is not absolved just because Obama did what he had done even more.

Notice I said the liberals, not just Obama. I'm more making fun of the notion (that is widely accepted by the majority of Earth's population, ignorantly) that the President is the person to blame for current economic tumbles considering a Presiden'ts actions usually don't impact an economy until 6-12 years after the decision they make. People blamed the 08 recession on Bush when, in fact, it had a lot more to do with what was going on in the late 90's than the mid 2000's in my opinion. Not to mention Congress is a lot more to blame than Presidents, but Presidents (particiularly Republican ones) usually get the majority of the blame (due to very liberal media for the most part).

Presidents are responsible for interacting with the federal reserve and appointing federal reserve chairmen. If any organization could be given credit for the economic well-being of the U.S, it is the fed and its role in interest rates and inflation rates. Congress is responsible as well, for having unrealistic budgetary expectations, and for creating the fed in the first place, but usually the executive branch and the federal reserve are the ones working together and making strategies with regards to the economy and trying to persuade congress on unrealistic budgets, when they finally start to sober themselves and consider cuts. 2008 was caused by the excecutive branch and the fed persuading banks, in the 90's, to effectively give out mortgages to everyone they could at historically low interest rates. Eventually this destroyed those banks and the housing market. And then their friends in government bailed them out. Debt and huge military budgets were influenced by Bush's warfare urges, and capitalized upon by "liberal" welfarism. I agree though. No single branch of government or industry is to blame. It is the collusion of all of them in the interest of cronyism, which is to blame. This is one of the very reasons why competition is superior to collusion and cronyism. When everyone is looking into their own self-interest they don't make irrational decisions based on promises or favors from their friends, and special previleges of protections, i.e "too big to fail."