On 10/12/2012 09:46 AM, Pete Theisen wrote:
On 10/12/2012 09:33 AM, lelandj wrote:
Below is an excerpt from the NY Times. Click on the links below the
excerpt to read the full article.
#----------------------------------
Excerpt:
The latest devastating demonstration of that wrongness comes from the
International Monetary Fund, which has just released its World Economic
Outlook, a report combining short-term prediction with insightful
economic analysis. This report is a grim and disturbing document,
telling us that the world economy is doing significantly worse than
expected, with rising risks of global recession. But the report isn’t
just downbeat; it contains a careful analysis of the reasons things are
going so badly. And what this analysis concludes is that a
disproportionate share of the bad news is coming from countries pursuing
the kind of austerity policies Republicans want to impose on America.
Hi Leland,
Oh, yes. It is Bush's fault. Obama said so.
Yes, the Bush Administration, which was full of neoconservatives, needed
a booming economy to keep the wars in the middle east going, and to
insure President Bush was elected for a second term. Allen Greenspan,
Chairman of the Federal Reserve, accommodated him with testimony before
congress to the effect that the housing situation was contained. LOL
The Bush Administration never included the billions of dollars being
spent each month for the wars in the middle east, which over time added
up to trillions of dollars. When funding for the war wore thin,
President Bush would simpler request funding from congress on an
emergency basis. Congress had no choice but to authorize additional
funds; because, it would have been political suicide to simple abandoned
the troop. LOL
In the mean time the private sector continued it greedy ways, playing
the political situation for all it was worth. When people started
defaulting of sub-prime real estate loans, housing prices fell like a
stone, exotic investments wrapped around real estate became worthless
and the stock market tanked, the financial system froze, and the country
found itself on the edge of a financial abyss. Thus was born the Great
Recession of 2007.
The great recession destroyed trillions of dollar of wealth. Similarly
keeping the country from falling into a depression, like the one of the
1930s, and putting the economy back on a path to recovery has been costly.
Regards,
LelandJ
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