Don't Blame Canada
Jul 09 2008
Who Killed the Economy?
The Blame Game
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The economy was killed by deregulation of the banks together with the economic policies of this regime. Restrictions in place since the Great Depression were eliminated, allowing the Wall Street wonders to slice and dice mortgages and sell the results. That created the housing crisis. On top of that, most of the jobs created in this country over the past seven years require only that you can say, "Would you like fries with that?"
--by alan_gesler (via Yahoo)
Bush & Greenspan—a weaker dollar and a weaker country.
--by Ichenraksha (via Yahoo)
You guys don't get it, do you? Bush, Bernanke, Congress, big corporations, etc. aren't that important. It's human nature. We've been on top of the world and are fat and lazy. We don't want to work hard, save more than we earn, or make our kids bust their butts in school, etc. Let me see, we save $0, we spend double-digit percentage points more than we earn, we let our kids watch 10 times the amount of TV as compared to reading, worship pop stars as idols, and expect the government (somebody) to save us. Compare that to China, India, and other third-world countries that produce as good a product (sometimes better) for 10 percent of the cost. They are trying to kick our collective arses while we change the channel. Turn off the TV, get off the couch, and start producing equal to your standard of living. What a concept. Go figure.
--by fugawee60 (via Yahoo)
Before my comment, a small bit of truth: The economy is not dead. We indebted our economy to its present sick state. I am so sick of Americans who call themselves hapless victims. If we don't believe that we are the ones who most should have known, then we insult ourselves. Did Alan Greenspan get a commission on your mortgage refinance?
--by arctific (via Yahoo)
Why would anyone think that war spending is an economy killer? The defense industry is probably the least 'offshored' of U.S. industries at this time. Of the billions spent each month on the war, much of it is pumped right back into the U.S. economy. I'm not saying this is morally correct, merely that the money spent is an economic stimulus.
--by Yahoo! Finance User (via Yahoo)
It's all fine to make a few dollars more and to bring up the lifestyle of those in other countries. However, when you take a huge number of jobs and move them elsewhere, you severely damage the American consumer. The American consumer was the factor that drove the majority of purchases up until recently. Now they can no longer continue to do that with cheap wages, and worse yet, NO jobs or decent wages. We cannot afford to continue shipping work overseas. These countries do not pay enough for their employees to buy cars or anything else of any significance. If they cannot afford to buy products, they should not be trying to manufacture. Secondly, Alan Greenspan should have stuck to his guns initially when he told Bush no tax cuts, but he capitulated to Republican politics as usual.
--by Yahoo! Finance User (via Yahoo)
Anyone who has taken an entry-level financial-markets class knows that the good times cannot always last. The current downslide of the economy was brought about by financial innovations but not one single person can be to blame. The economy will go up and then later go down. Most of us have lived in a period that has seen record levels of growth, and now the economy has to slide down a bit to readjust. Politicians can't fix it; the Fed can't fix it; only time can fix it. Blaming people gets us nowhere.
--by rickjamesb05 (via Yahoo)
Bankers and savings-and-loan executives knew many years ago that a home loan's value was based upon the homeowner having equity in the home. With that we saw good maintenance and pride of ownership. The idea that every American should own his or her own home is madness. Not every American should own his or her own business. Home loans have recently been treated the same way as auto loans. No one has voiced concerns about the high rate of auto repossessions we have witnessed for many years. I have little sympathy for a foreclosed homeowner who paid no down payment, has no equity, then quit making the payments. They have lost nothing. Why should they be rescued with taxpayers' money? This is only good for politicians who are grubbing for votes.
--by msb1929 (via Yahoo)
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