February 13, 2009 Backwoods Home Magazine
By John Silveira
To understand how the recent meltdown and bailout came about, you have to know what brought them on. According to some, there are PhDs who have problems grasping what happened. I don't know if that's true, but I don't think it has to be made that difficult.
By John Silveira
To understand how the recent meltdown and bailout came about, you have to know what brought them on. According to some, there are PhDs who have problems grasping what happened. I don't know if that's true, but I don't think it has to be made that difficult.
.......This has been described as a failure of the free-market system and leaders from both parties, including John McCain and Barack Obama, made the charge that the meltdown came about because of corporate greed. Both refused to acknowledge that the seeds of the meltdown began in Washington, D.C., and, when measures could have been implemented that would have started undoing the bad government decision, members of Congress got in the way.
Many congressmen have proclaimed the meltdown occurred because there wasn't enough oversight and that it was preventable—but they had fought against any changes for years.
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