How did the economy crumble? Are the citizens to blame? What's the difference f/ the yr. 2000 ...?
... (when it last was good) to date? If gov is to blame, why do we keep electing the same 2 parties that got us into this mess?
- CO the Old DogLv 710 years agoFavorite Answer
Mr Bush & his Secretary of the Treasury - Henry Paulson convinced our congress that the financial industry & General Motors needed a bailout. General Motors received massive amounts of money in exchange for stock that the American taxpayer now owns in the reorganized corporation. As far as the 800 billion + that was given to the financial industry, none of that has returned and during 2009/10, the financial industry paid out massive bonuses.
The deregulation and loosen restrictions of ultitlies & the financial & credit industry in the last 30 yrs have undermined the safeguards& protections for the ordinary taxpayer that were put in place by the congress approx 100 yrs ago. If One were to read about the presidencies during 1900 - 1920, more interest was there for the average citizen and now it is about special interest groups.
- Anonymous10 years ago
facilitated dangerous loans led to the conversion of the liquidity of the economy to a lot of homes that nobody really wantsSource(s): How an Economy Grows and Why It Crashes by Peter Schiff
- Book CheckLv 510 years ago
because the rest are radicals that can't be trusted. Its either the Dems or Repubs.