IS ALLAN GREENSPAN TO BLAME FOR THE HOUSING CRISIS
HARDLY!
In 2002 Greenspan restarted the economy by relaxing mortgages requirements. This easing (Liars Loans) bought time and gave the economy some breathing room. If the housing industry hadnt been proped up the economy would have collapsed then.
The problem was that the disfunctional George Bush didnt know how to take the ball and run with it. As usual Bush ran to the wrong goal line.
Instead of using the time Greenspan gave him to fix the economy he made things worse by making it even easier for American companies to manufacture outside the U.S.
The U.S. government subisdizing corportations who moved their manufacturing to foreign countries was the cause of the current depression. Jobs that workers once earned a living wage at were exported to other countires with the help of the American government.
Workers earning far less money began living off the equity in their house. And once the money was gone the crash came.
The Reagan-Bush-Bush years were deadly for the American economy not only for releaxing standards governing Wall Street but also for the loss of manufacturing jobs. The only blame Greenspan gets is that he endorsed the so-called world economy. People listened to him. The loss of manufacturing jobs caused the current depression.
In 2002 Greenspan restarted the economy by relaxing mortgages requirements. This easing (Liars Loans) bought time and gave the economy some breathing room. If the housing industry hadnt been proped up the economy would have collapsed then.
The problem was that the disfunctional George Bush didnt know how to take the ball and run with it. As usual Bush ran to the wrong goal line.
Instead of using the time Greenspan gave him to fix the economy he made things worse by making it even easier for American companies to manufacture outside the U.S.
The U.S. government subisdizing corportations who moved their manufacturing to foreign countries was the cause of the current depression. Jobs that workers once earned a living wage at were exported to other countires with the help of the American government.
Workers earning far less money began living off the equity in their house. And once the money was gone the crash came.
The Reagan-Bush-Bush years were deadly for the American economy not only for releaxing standards governing Wall Street but also for the loss of manufacturing jobs. The only blame Greenspan gets is that he endorsed the so-called world economy. People listened to him. The loss of manufacturing jobs caused the current depression.
posted by thedetroittimes at 5:09 PM
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