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What Caused the Financial Meltdown?
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<blockquote data-quote="The Other Side" data-source="post: 408524" data-attributes="member: 17969"><p>The simple reality check for us all in this matter, is what caused this mess?</p><p> </p><p>There is plenty of blame to go around begining with the President. The thing that really is to blame is this goverments willingness to allow the oil companies, the oil refiners and the oil speculators to run OIL to record levels and think that it would not have an effect on the economy as a whole.</p><p> </p><p>Taking the record profits all the way to the end of the second quarter was the nail in the coffin for us all.</p><p> </p><p>Those of you on this board who Ive read your support for the oil business and capitalism in these topics are also to be blamed. You supported a scam on the country that will set us back for years and cost us millions of jobs. The Bush administration believed the price of oil would merely be accepted into every americans life and no harm would come to the country. There plan to run oil up till the end of the second quarter and then gradually reduce it prior to the election turned out to be a death blow on wall street.</p><p> </p><p>A simple miscalculation? I think not. More like a complex screw up.</p><p> </p><p>Bringing down oil prior to this election is not having an effect on the economy. People are still losing confidence in the economy and cutting back spending. If the Bush administration had taken steps to reduce the price of oil at the begining of 07, this economy would still be kicking today.</p><p> </p><p>If the price of a gallon of gas was $1.25 today, americans would still stay home and save there money. You couldnt say that last year.</p><p> </p><p>The real lesson for us all is to never again place OIL MEN in the White House for ANY reason.</p></blockquote><p></p>
[QUOTE="The Other Side, post: 408524, member: 17969"] The simple reality check for us all in this matter, is what caused this mess? There is plenty of blame to go around begining with the President. The thing that really is to blame is this goverments willingness to allow the oil companies, the oil refiners and the oil speculators to run OIL to record levels and think that it would not have an effect on the economy as a whole. Taking the record profits all the way to the end of the second quarter was the nail in the coffin for us all. Those of you on this board who Ive read your support for the oil business and capitalism in these topics are also to be blamed. You supported a scam on the country that will set us back for years and cost us millions of jobs. The Bush administration believed the price of oil would merely be accepted into every americans life and no harm would come to the country. There plan to run oil up till the end of the second quarter and then gradually reduce it prior to the election turned out to be a death blow on wall street. A simple miscalculation? I think not. More like a complex screw up. Bringing down oil prior to this election is not having an effect on the economy. People are still losing confidence in the economy and cutting back spending. If the Bush administration had taken steps to reduce the price of oil at the begining of 07, this economy would still be kicking today. If the price of a gallon of gas was $1.25 today, americans would still stay home and save there money. You couldnt say that last year. The real lesson for us all is to never again place OIL MEN in the White House for ANY reason. [/QUOTE]
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