Is the US government is responsible for our Economic wows today; Or is it our Greedy rich people?

Similar questions: government responsible Economic wows today Greedy rich people.

The government is. Yes, the government is responsible. First, it repealed the Glass-Steagall Act in 1980 that kept banks out of the investment business.

Then it passed the Gramm–Leach–Bliley Act in 1999 that allowed investment institutions to own banks. These acts basically repealed legislation passed during the Depression to prevent another Depression. On top of this Congress pushed Freddie Mac and Fannie Mae in the 1990s and 2000s to make high-risk loans to low-income people as a way of increasing minority home ownership.

Investment banks turned around and repackaged these loans into investment instruments, and then turned around and repackaged the investment instruments into other instruments, and further repackaged them, while insuring them as Triple-A rated through AIG. When the country started into a recession, the whole house of cards of bad loans started falling when people who couldn't afford these loans started defaulting. This snowballed quickly into an international economic collapse.So, yes, if the government and Congress had not removed several important key regulations, this recession would have been a minor problem probably over with in 12-18 months, rather than the worldwide problem it is today.

It's not one or another; it's a combination of these and other things. Seldom is something a simplistic as choosing one or another. Yes, greedy rich people contributed.

Yes, the various shenanigans that the oil producing countries pulled has hurt us. Yes, our national psyche of 'consume consume consume' contributed. Yes, our economic success for the last 40 years made us as a nation arrogant and made us think we were immune to problems.

Yes, we have been involved in too many stupid wars - Vietnam, IraqII, Afghanistan, etc. -- which has cost us huge amounts of moeny. Yes, we have cut taxes when we should have been investing in our country and our infrastructure. ALL these reasons combined have put us where we are today.

1 One leaves, another arrives. Sigh. Whats on tv this evening?

One leaves, another arrives. Sigh. Whats on tv this evening?

Rhine44 replied to post #1: 2 Playboy Channel for us old timers.

NormanL replied to post #1: 4 Nothing, this is better. The answer is both.

Nothing, this is better. The answer is both.

I cant really gove you an answer,but what I can give you is a way to a solution, that is you have to find the anglde that you relate to or peaks your interest. A good paper is one that people get drawn into because it reaches them ln some way.As for me WW11 to me, I think of the holocaust and the effect it had on the survivors, their families and those who stood by and did nothing until it was too late.