PrintApril 8, 2012
Government-Caused Depression?
During the Vietnam conflict, a common complaint of soldiers was that you could never tell who the enemy really was.
In this current economic recession, too, I am beginning to wonder who the enemy of our recovery really is.
The president, Congress, the Federal Reserve, and the regulators are all telling us why so many others are to blame. The big banks have done it to us! shouts one group. Wall Street did it, claims another. Homebuyers who bought homes they could not afford are the real culprit! claims another.
Perhaps those who have been charged with the responsibility for managing the fiscal and monetary policy of our nation should look inward for their responsibility in this continuing crisis.
For example, the major banking crisis in 2008 -- as seen with the Lehman Brothers disaster, the Bear Stearns crisis, the Wachovia Bank crisis, the National City bankruptcy, the Countrywide fiasco, and the virtual meltdown of Fannie Mae and Freddie Mac -- caused Congress to...(Read Full Article)
