Whoops, let me try that again. LOL :
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 in a budget 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 simply request funding from congress on
an emergency basis. Congressmen had no choice but to vote yes to
authorize the additional funding; because, it would have been political
suicide, and unconscionable to abandoned the troops. LOL
In the mean time the private sector continued it greedy ways by playing
the anything goes, political climate for all it was worth. LOL When
people started defaulting of sub-prime real estate loans, housing prices
fell like a stone, exotic investments wrapped around real estate became
worthless tanking the stock market, financial systems froze up, and the
country found itself on the edge of the financial abyss. Thus was born
the Great Recession of 2007.
The great recession destroyed trillions of dollars 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
On 10/12/2012 10:44 AM, lelandj wrote:
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.
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