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<blockquote data-quote="JimJimmyJames" data-source="post: 634790" data-attributes="member: 11425"><p>A quick search of the internet can provide all the evidence that is needed that poor people did not cause the financial meltdown, so it is ridiculous for all of us to get into a pissing match about it.</p><p> </p><p>When Bush got into office and the economy tanked, the Fed responded by lowering interest rates. Cheap money led to a housing boom that drove up speculation and inflated real estate values way beyond what they were really worth. </p><p> </p><p>Everyone bought bigger or borrowed more and went on a spending spree which falsely grew the economy. But as we all know what goes up must come down, and since no real value to the economy was added during the Clinton/Bush years, this house of cards was going to fall. </p><p> </p><p>Remember, we offshored our economy since Reagan. We import almost every finished product we consume. What we do export now is mostly raw materials...just like a third world country. And now we have the credit to match.</p><p> </p><p>Also, and this cannot be forgotten, every penny we devote to our empire (in the form of our military industrial complex), is a penny that must be confiscated from our economy. And since we are loathed to pay for it, our government must borrow, destroying our dollar and driving up inflation. Do you think that might have something to do with our recession?</p><p> </p><p>The truth is, the goverment, both Republicans and Democrats have gotten us in the mess we are in, all <a href="http://www.lewrockwell.com/reese/reese494.html" target="_blank">545 people</a> who run the joint.</p></blockquote><p></p>
[QUOTE="JimJimmyJames, post: 634790, member: 11425"] A quick search of the internet can provide all the evidence that is needed that poor people did not cause the financial meltdown, so it is ridiculous for all of us to get into a pissing match about it. When Bush got into office and the economy tanked, the Fed responded by lowering interest rates. Cheap money led to a housing boom that drove up speculation and inflated real estate values way beyond what they were really worth. Everyone bought bigger or borrowed more and went on a spending spree which falsely grew the economy. But as we all know what goes up must come down, and since no real value to the economy was added during the Clinton/Bush years, this house of cards was going to fall. Remember, we offshored our economy since Reagan. We import almost every finished product we consume. What we do export now is mostly raw materials...just like a third world country. And now we have the credit to match. Also, and this cannot be forgotten, every penny we devote to our empire (in the form of our military industrial complex), is a penny that must be confiscated from our economy. And since we are loathed to pay for it, our government must borrow, destroying our dollar and driving up inflation. Do you think that might have something to do with our recession? The truth is, the goverment, both Republicans and Democrats have gotten us in the mess we are in, all [URL="http://www.lewrockwell.com/reese/reese494.html"]545 people[/URL] who run the joint. [/QUOTE]
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