30 Dec 2020 1:02 pm
Actually no. The reality is even worse than this. The 2008 recession was engineered.Zeets2 » 30 Dec 2020, 12:05 pm » wrote: ↑ Not true. We were in a typical, cyclical recession in 2008 which would have lasted the average length of time (11 months) as any other recession. All that happened when McCain suspended his campaign was an opportunity for a photo-op of a political decision that the McCain campaign made to try to show the world how much he cared about the country and gain votes by doing so. He intended to show the country how he could rise above the election campaign to instead work toward resolving the minor crisis of a bank closure. He failed miserably in that grandstanding attempt.
There was NO "collapse" of the economy until AFTER Obama was elected in November. Not only that, there wasn't a single reference anywhere to the country being in a "great recession" PRIOR to that election!
Are you seriously trying to add your "expertise" in economics or business ownership to your minimal knowledge of spelling, punctuation, reading comprehension, and history? That's an awfully long list of ignorance, don't you think?
Under the Clinton administration changes were made to the CRA (community reinvestment act) to make it explicity racial.
Basically the assumption was that banks don't give loans to vlacks because of racist redlining. Therefore banks were forced to give more loans to more blacks regardless of credit score.
Obviously there were people who knew from the start exactly what the outcome of this would be. In fact they made good money from short selling financial stocks.
I do not really agree with the 'General wisdom' that recessions are some inevitable cycle. They are always caused by something. And many of the people who create the conditions that cause a recession know damn well what they are doing.