Quote:
Originally Posted by Kiopa_Matt
It has everything to do with the people in power, and the law makers. I'm not going to say it was completely Bush's fault, but he definitely helped the process along by deregulating everything, helping pass laws that conformed to his rich buddies' interests, etc.
For example, take the 2008 crisis. If that should have devastated another economy, it should have been Canada's, due to our close ties. It didn't though. It hurt Canada's economy, but nowhere near on the scale as what it did to the US. And that's because Canada has a heavily regulated financial industry.
So yes, it can be easily blamed on whoever is in power, and writing the laws.
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Yes, but... And I can't believe I'm defending Bush... Holding Bush responsable isn't fair to him. Did he help the problem with deregulating everything? Yes. But so did all of Congress.
I still believe the American public is largely responsable. I laughed all the way to the bank when the value of my rather average house doubled in three years. That was a joke. In the back of our heads we all knew what was happening - The value of houses were over inflated, we were taking out money against our houses, and inflating the general economy by buying stuff and spending money that we didn't really have.