Sunday, December 13, 2009

Should we blame big oil companies and OPEC for this recession?

Recessions are always caused by many factors so it's almost impossible to pinpoint one person who is to blame.





At the same time, the most criticism, internationally, has been directed at President Bush. His ill-advised, poorly planned and exceedingly expensive war has bled billions upon billions from US coffers. His ill-advised, poorly planned and exceedingly expensive tax cuts for the rich have had the same effect.





The US has (and has had for decades) a large trade and budget deficit (though the budget deficit was fixed, however temporarily, by President Clinton). Neither of these things are good for an economy, but since foreign investment in the ever-stable US has always been high, it's always offset the imbalance.





Now however, confidence in the US among international investors is at an all-time low. The investors are backing out but the deficits continue. The system, as it is, is unsustainable.





Thank your lucky stars that Bush is headed out! ';Worst President Ever'; is rather an understatement.





I don't really care if it's Hillary or Barack in the White House. Either will do a thousand times better than the current brainless resident. Even McCain couldn't possibly do any worse (not that he has my vote by any stretch of the imagination).

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