MikeB on 13 October 2008
@ TheRealMafoo
. The issue started with Carter, and then was really put into motion with sub prime lending by the Clinton Administration.
FYI the US' national debt had the biggest decrease under the Clinton administration, the plan was to be debt free by 2013. That would mean the US would have saved huge costs with regard to interest payments. Instead under the Bush administration the US national debt doubled to above 10 trillion (10.000 Billion USD).
President Bush made many incredibly stupid decisions, for instance with regard to allowing people to get too high loans enabling people to own their own (far too expensive for them) houses (he specifically encouraged this!). That's at the core of the current housing problems.
The current situation is so much worse compared to the time when Clinton left office. Some radically unpopular decisions are needed for a new president or else....
