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Who is at fault for our Economic Turmoil?

.im not familiar with economics and politics. but i feel that we as a nation and people caused this recession. i might be wrong but i feel like greed and corruption obviously caused this but Who caused this? Investors? Gov. Offcials? Banks? Who?


  1. There's probably enough blame for everybody, but for the most part it's due to us becoming a consumer economy instead of a manufacturing economy. I saw a TV program that said in the 1960s, we had 6% of the world's population but produced 50% of the world's goods. Now we're probably lucky if it's 10%. Think about it - how many of the things you buy are actually made here? Once the manufacturing base (and jobs) disappeared, the only thing left was consumer and service industries. To keep the spending cycle going, people started living beyond their means with credit cards and home equity loans. When that finally dried up, it became a situation of, as Warren Buffett put it "borrowers who shouldn't have borrowed from lenders who shouldn't have lent". Now we're stuck in a cycle where government is basically printing money to keep the economy going.
  2. Government for no oversight of big businesses. Big businesses for greediness.
  3. We are the fault. The buck stops here. I am guilty. You are guilty. And our neighbors are guilty. Through the crippling plague of insatiable greed that has infected us, with the aid of the other seven deadly sins that command our lives, we have tolerated the sources of our economic downfall worldwide. Our competition to have has left a lot of have nots falling into pitfall poverty and a one way fate that will only get worse. What's worse is it does not have to be... The petroleum industry has been allowed to run rough shoed over everyone, every business, and every government for too long. To make things worse, while we fail to develop cleaner and healthier energy alternatives--that are avasilable, the pollutions caused by the petroleum based energy resources are plaguing us with black tea deaths that are becoming as deadly as the black plague--at a profit for the petroleum industry. Mankind must change worldwide before the ultimate irony occurs; we could become extinct because of our insatiable greed for the by-products of extinct pre-historic plants and animals--that became extinct because of a reason that is a mystery to us. And, oh yes... Hisrory does repeat itself quite frequently.
  4. I think it is a combination of greed and short-term thinking coupled with inadequate governmental controls/application of those that were already on the books. For example, I am old enough to remember that back in the day, business schools and models placed great emphasis on gathering profits for the company, longetivity, and how one could make their business a three generation, 100 year old company rather than a single generation 20-50 year company. I am also old enough to remember reading little bits and pieces in the development of the model advocating the creation of companies for the sole purpose of re-sale while the market demand for their product was hot. I also remember the business anaylists' demand for companies to turn geometrically progressive double digit profits on a quarterly basis. Business leaders, and their value, began to be judged upon their own personal wealth. Labor became a curse word as an unbearable cost and as a way of life to the point that even low and middle income folks sought to hire out traditional yard maintenance and house keeping labor chores. Business leaders responded by stripping off company profits, assets and longetivity prospects, and labor's improvements into their personal portfolios. The concerns of becoming an economy with few if any source products, either manufactured or raw goods, were present in the early 1980's; one theory is that after a while, all an economy has to offer is cheap labor for use by other economies. Socially, we began to impress upon ourselves to make choices that involved personal responsibility towards our own financial health at a time that we either reduced govenmental oversight, When legislated requirements were instituted, we allowed them to be under funded to the point of being non-existant. "We" were pleased withour selves because in the process we were reducing government, government interferance with the conduction of business, and reducing our taxes in the process. Instead, we increasingly relied on the moral compass of business and business partnerships. Some how in the process, we came to believe that we all could reap sustained, unbelievable profits while reducing our materials and labor. On the individual home front, houses got huge with little more usable floor space. In part as fewer houses were being built for a variety of reasons, the profit on a single $500,000 house was larger and took less cost than to earn profit on five $100,000 houses. But also, because the "standard" house simply became more and larger. The same is true for all things related to clothing our selves and our houses. I like to pick on shoes: In the 1980's or so, Imedia Marcos fled the Phillapeans with some 200 pairs of shoes. Much of the world, including the US press, were agast at the number of shoes she owned. Pre-current economic times, it was not uncommon for many of us to own 20-50 pairs of shoes; it was not unheard of for simple, middle income folks to own more than 100 pairs. Further, we believed that we "needed" this number as it was "expected" for us to have a pair of shoes, or more, for each wardrobe combination. For this to occurr, we needed to increase our shoe budgets, (sometimes beyond our means, but often beyond what would elsewise be economically prudent), be willing to accept cheaper quality for afordability, and seek cheaper production costs at the expense of other considerations. On the home front, we have adopted the 5 year plan with respect to home furnishings, remodels, and complete re-landscaping of yards. Yes, in reading some real estate magazine about 2 years ago, a kitchen is considered in need of updating for re-sale if it has not been remodeled within the previous 5 years; the same was true of bathrooms, molding, and other interior decor features, and the exterior landscape design complete with vegetation and hardscapes. One realator wouldn't even consider taking on a house for selling unless it had such updates; this was when houses were selling and before our current housing woes. Just two years ago, I watched a national news article in which is was suggested that it was negligent for a parent to not equip their kindergardeners with cell phones so that they could be in contact with their parents as needed, in an emergency, or for rough days at school when they felt the need to talk with their parent. As consumers, we've accepted these expectations. As laborers, including those once safe white-collar jobs, we accepted these expectations of reduced materials, reduced labor, and increased top-level profits. In turn, we expect the sellers of the good and services we purchase to follow the same principles. As citizens, we endorse smaller government and fewer taxes while expecting the same levels of service of the types we rely on; we're a little less particular about those that others rely on and/or those we're unaware of. (Take the broom closet lab of the folks who test toys and the