What is the other side of the story "BUSH" is not explaining on how they arrived to this financial meltdown?
Please detail your answers for best results.
I use the word they instead of we cause i & millions of other legal citizens had absolutely not part of this situation or any say about what should be done now!
Tapestry the question wasn't please parrot "bushes" blame game get real!
- Anonymous1 decade agoFavorite Answer
heck, where do I start?
First bush and co pay out billions of tax payers money to Israel and get nothing (that we the public can see) in return.
second bush and co pay out trillions of dollars for the military - equipment, uniforms, vehicles and wages - and we (the people) get nothing in return - even though we are told it is for security. The wars is still going on and the Iraqia are winning and there is NO al-qaeda and if there is, its just an israeli front group.
You see there has never been a second attack in USA so they say that means Bush is doing his job right. (say the repugs)
BUT what if there wont be a second attack because it was never planned. The perpetrators KNEW that just one attack would be all it took for the USA to start down the road to facism to martial law and eventually to dictatorship.
There were also attacks in London and in Spain. UK is cracking down just like USA. Soon UK will no longer be a monarchy - it will be a facist state as well.
Spain seems to be more liberal and less threatened and using more common sense.
Now the economy crisis started way back when Bush paid the companies money (subsidies) to MOVE their jobs off shore, so millions of jobs went to Asia.
WHY - I have no idea.
WAIT - yes I do.
The companies wanted bigger and bigger PROFITS and would do anything to pay out lower wages to make BIGGER profits.
Now back in 1999, JOHN MCCAIN pushed through a deregulation bill so that Wall street can now doing anything they like with other peoples money.
Because the jobs are now in asia and not in USA, the people who lost their jobs now have no money so they stop buying consumer items (clothes, appliances, cars, entertainment, computers etc etc).
And when people stop buying the companies have to downsize and lay off people. Which means they are unemployed and have no money so they stop buying consumer items and so the companies downsize again, and so on and so on.
The housing bubble means that the more people unemployed, the more people cannot pay their mortgages so the houses go into foreclosure.
The people no longer borrow money from the banks because they cant afford it, so the banks stop working, and the govt makes a $700 billion payout to the banks in the hopes that they can start lending to people again.
BUT the people still dont have jobs, still dont have income, so they do not borrow, so the money now just sits in the banks and does nothing.
The banks cant even sell the houses they have foreclosed on - because noone has any money to buy them. Wall street is mixed up in this somehow but I dont know the details.
The only way to get the economy moving again is to create JOBS and get the people working again. The companies needs to STOP thinking about profits and starts thinking about their employees.
Thats about it.Source(s): http://whatreallyhappened.com/ I learned all this from reading WRH http://biz.yahoo.com/ap/081016/meltdown_paulson.ht... paulson apologises for causing the crisis but says he is fixing it. LOL yeah right.
- Tapestry6Lv 71 decade ago
Go back 12 years, Congress and Clinton wanted everyone to have a house. The banks were against it since they knew that people that are just given homes are not apt to pay back the loan.
But Clinton signed the law and the race was on to get themselves in as much debt as possible, then they trash the house and skip out on all the money they owed.
Therefore we are in the mess we are in right now.
President Bush warned and warned this wasn't going to work and the Dems just blew him off.. the meltdown has been predicted for the last 8 years the media felt it the guy that was talking wasn't anyone they respected nor wanted to hear. But they are ready to put the blame on him when it finally happened.