| theprof00 said: obviously the administration is to blame. ownership economy does not work, that is mccain's financial view as well. It would work if the rich bought american products but because of tax-benefitted outsourcing the trickle down effect is non-existant. even if gas was not a problem, we would still be in a mess. we are not in trouble because of gas. we are in trouble because the administration allows for something like gas to become a problem |
I'm not claiming that Bush is a good steward of the ecconomy, but the problems in the ecconomy are hardly his fault alone ...
Pretty much, everyone who has had a hand in managing the ecconomy for the last 15 to 20 years has made several really bad decisions which provided short term benefit and had negative long term side effects. Bill Clinton changed regulations surrounding mortgages which allowed new exotic mortgages to appear which allowed people who could not afford a mortgage to get a mortgage, Alan Greenspan kept interest rates at historic lows which created bubbles (dot-com, housing bubble) and devalued the dollar pushing commodity prices to record highs, Wallstreet found new ways of structuring mortgage securities which "reduced risks" by eliminating any way to accurately measure the risk involved in buying mortgages which (as housing prices fell) created a liquidity crisis in the credit markets, for decades governments (in general) have bailed out uncompetitive companies (like auto manufacturers) rather than to let them fail which has just delayed the eventual collapse of these companies, and George W Bush's spending like a drunken sailor has increased total debt and eliminated all flexability to manage this situation.
Now, had Bush's mistakes not been made the American public might still have a tiny bucket (like the ones little children use to make sandcastles) to bail out the Titanic
