Who is most to blame for America’s current economic crisis?
1) Who is most to blame for America’s current economic crisis?
Clinton Administration and the Democrats in Congress
The Bush Administration
Banks and sub-prime lenders
Real estate and mortgage professionals
2) Do you agree government bailouts are the answer to America’s financial crisis?
3) Do you believe the American taxpayers should have to foot the bill for our financial systems mistakes?
Yes, we have to or we’ll end up in a prolonged recession or worse a depression.
No, America is too far in debt already.
Absolutely not, the American people should never be responsible for bailing out the private sector.
4) Do you believe the government bailouts will ultimately rescue our country's financial system?
5) Do you believe Barack Obama was the best choice to handle the country's future economic policy?
- fineDayguyLv 41 decade agoBest Answer
Q 1. The blame does not rest completely on one person or institution. But the Clinton Administration had a lot to do with it when they started requiring banks to make risky loans to people who could not afford a house. Problem was that when Bush took over, he did nothing to stop the banks from doing this. Then the banks greed took over because there were huge paper profits for writing those loans and gave the CEO huge bonuses. Unfortunately for the shareholders the CEO's took the money and ran and then the stock fell when those loans started defaulting.
Q2. I will answer with another question. Look at the downtown of any major city in the US and tell me who's names are on the tallest skyscrapers, and the Stadiums. Give up? Ok I will tell you. BANKS and INSURANCE Companies for the most part. And if you feel that the taxpayers should bail out these rich fat cat companies you are just as crazy as the Congress who voted for it and Obama who said over and over that it is a crisis and nearly a catastrophy if we don't do something fast. All that stimulus money must be approved before the bill is even read by the Congress and to date, less than 10 % of the money has been put into the economy even though we are paying interest on the total amount to the Fed. Reserve Bank on the full amount. That is the biggest bunch of bull I have ever heard.
Q.3 NO! Taxpayers liable for financial conglomerates mistakes? only because we have a Congress that does not Represent the People! They represent the Lobbiest hired by the Financial Conglomerates instead.
Q.4 NO! It will help to further Bankrupt our country and send the dollar into a hyper-inflationary tailspin. The exact thing Obama was warning us would happen if we did nothing.
Q.5 B. Obama the best choice to handle our Economic Policy? LOL YES! IF your goal was to Bankrupt the Coal Industry AND Bankrupt Small Businesses, AND Bankrupt Small Farmers, AND Bankrupt the Country THEN YES Obama was the best choice. Otherwise NO! Absolutely NOT! He was the absolute worst choice.
- ElizabethLv 44 years ago
First of all, he'll enlist the support of the best and brightest economic leaders in the country. He already counts Warren Buffet as a top adviser, unlike McCain who was working with Carly Fiorina until she had the nerve to tell the truth about him. McCain's campaign manager is Rick Davis who was getting handsome payoffs from Fanny & Freddie even as the crisis was unfolding ($15,000/month) He has made examination of the $700b rescue bill a priority, so the money will be best spent to develop and repair our economy. He will put money into development of alternative fuels, which will reduce our reliance on foreign oil, and also create many new jobs domestically. The reduced need for foreign oil will reduce our dependency on rogue nations, and reduce their power over us. He will cut taxes for the majority of the country, and provide tax credits to companies that keep jobs in the US, vs those that ship jobs overseas. It's not a quick and easy fix. I don't expect it to be done in the first 100 days, but starting to address the problems will help restore the confidence of the American people and the world. The problem in the stock market right now is a crisis of confidence, which has been brought about by the administration's weak and frightened response to the credit crunch. The companies are all still there; they still have value. But if this credit crunch is not addressed immediately, soon they won't.
- RoadkillLv 61 decade ago
I don't think it serves much of a purpose to place blame when there's plenty to go around all the way back to the New Deal or as someone put it today all the way back to when they killed Davey Crockett.
There's a hazard when you put most of the tax burden on a small percentage of the population. Whether you realise it or not you've automatically given them even more power. If you watched the Market fall as Obama went up in the polls (before the election) the market started falling. Once he was elected it crashed.
We've lost about 6 million jobs since the Obama era began and I've seen nothing to give me hope that the change he is bringing is for the good. Nothing, everything move made will make the recession deeper and longer.
When you have about 15% unemployed people with nothing to do but cause trouble its going to get ugly.
- 1 decade ago
Well, our enemies seem to like him. Even those like the leaders of Iran and North Korea are greatly encouraged that we elected Obama. I know they may argue like brothers somewhat, but that will happen in any family. I see very few differences between them. I think they will eventually work things out. Some of us will of course have serious misgivings about what they work out, and what happens to us after that. Since we (conservatives) are no longer the majority, we can no longer serve that greater good Obama goes on about. Even the guidelines in Yahoo Answers increasingly remove questions and answers like mine here from the site for violating those guidelines.
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- Anonymous1 decade ago
Clinton and the me first politicians the business in America were destroyed by daddy Bush to begin with and Clinton later. it was called free trade free for everyone but AmericaSource(s): history
- 1 decade ago
Carter, Clinton and Obama.
Never in the history of the United States has a president worked so actively against the interests of his own people.
- Pretty_gloriesLv 51 decade ago
1) Banks (especially the Federal Reserve, the central bank) and sub-prime lenders
3) Absolutely not
5) NO!!Source(s): a student of Austrian economics
- DudeLv 61 decade ago
The American public. It was a lack of personal responsibility on their part that caused this mess. Obama claimed he would get us out of this mess, so he will take ownership.
- 1 decade ago
With Clinton We has a surplus in the national debt.
Bush Dragged us into two wars (That were unnecessary and unaffordable)
Obama has only been in office for 6 months.
I believe we have a winner BUSH!!!
- Anonymous1 decade ago