What created the world economics prob?

[topdog]

no diss intended to anyone here, but who really cares about the why....since it's too late to go back. more important is how can we fix it....

It's a good question, because who wants to wade though economic history when you are out of a job or drowning in debt? And a lot of this happened in board rooms and at trading desks far away from our daily lives.

But here's the thing - people are lining up right now to sell you a solution:

• Lower taxes
• Higher taxes
• More regulation of the financial industry
• Less regulation of the financial industry
• Cutting government spending to lower public debt
• Raise government spending to increase economic stimulus
• Increase benefits for unemployed
• Cut benefits for unemployed
• Blame Wall Street and financial industry
• Blame bankrupt property owners
• Blame real estate agents
• Blame home mortgage companies
• Blame lax government regulation
• Blame excessive government regulation
• Blame hedge fund investors
• Blame current party in power
• Blame previous party in power

Unless you know how we got here, one solution is as good as another. If you can step back and see the big picture of how all this happened you won't become an easy mark for a politician that wants to sell you what he/she thinks you want to hear.

There is no question that the mistakes made by investment bankers and mortgage companies are hitting us right now in our paychecks, tax bills, and financial security (whether we understand what happened or not). Whatever solutions we choose (and we "the people", do have a say in this) will be with us for years to come.

All I can say is choose wisely. (And for god's sake don't hang back and let others make the decision for you.)

 

[johngwalter]

The very short answer is greed, lack of morals, and lack of humility.