I was reading about how shocked Greenspan is at the global financial cancer that developed during his leadership of the world economy. Now the worse part of this is that I believe him. The problem with conspiracy theories against the Bush administration is that they fail to explain why would anyone in the Bush administration would want America to collapse the way it did and drag the world along with it.
This was not a conspiracy. This was just incompetence. A blind belief in markets. A conviction that if government just got out of the picture everything would self adjust in the end. The result? Bush established socialist America, in which the US government is the largest home owner and bank owner in the world.
The only good news is that if this had to be done, I am very pleased that Obama will come to power after this disaster. If Obama had had to start his presidency nationalizing everything he would have been accused of being a communist.
Now one current development that is very unfair is that even though the current crisis is the result of USA mismanagement and at the beginning US markets were affected more than others, currently the dollar is king and foreign markets are down more than USA. And this is when the rest of the world saved and USA squandered.
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