Who should we blame for this ridiculous downturn in our economy?

1. 59

   ShortSalesMVPposted 14 years ago

   Who should we blame for this ridiculous downturn in our economy?

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2. 62

   Lisa HWposted 14 years ago

   I don't think one can blame any one person or thing.  To me, what it has looked like is a matter of the "chickens coming home to roost" after a couple of decades of businesses and individuals having too often made too many misguided and/or short-sighted choices/moves.
   
   There has often been a widespread set of values that have grown increasingly away from values that contribute to solid financial foundations.  (For example, people are hired/elected into positions for superficial reasons, and they often don't have the integrity and or type of intelligence needed to make solid decisions/moves.)
   
   I tend to think that what has gone on with the economy is a "re-setting" of the whole picture, which was bound to happen after too long a time of having things so out of control when it comes to "financial foundations" (in individuals, companies, and/or the government).

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3. 60

   dabeanerposted 14 years ago

   Blame the stupidity of the average voter.  They elected the politicians, who by their laws, have set the economy on a downward spiral.  That is both Democrats and Republicans.
   
   Look up "The Law" by Frederic Bastiat, "Economics in one Lesson" by Henry Hazlitt, "The Creature from Jekyll Island" by Griffith, and "Atlas Shrugged" by Ayn Rand.

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4. 69

   puppascottposted 14 years ago

   I agree with Lisa HW in some aspects. This is a much wider scope than just big, corrupt business. We need to look at ourselves first. Big business would not be big business if not for people willing to part with their money. We have become a cultrue of instant gratification, with little regard for future responsibility.

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   walk the lineposted 14 years ago

   Lots of good answers. I would just like to add that often economic downturns are often somewhat orchestrated as well. It is sometimes difficult to remember the facts accurately after time has passed but I do recall a lot of negative media coverage concerning the economy before we were actually in a recession. As we all know consumer confidence plays a huge part in overall economic performance, so by slowly instilling fear in the consumers the outcome becomes inevitable. During the Great Depression rumors of insolvency caused runs on banks and depositors began to withdraw their savings which started a chain reaction and banks were no longer able to meet the demand. While many were financially ruined by this many others made their fortunes. Unfortunately there is a lot of money to be made in a falling economy for knowledgeable investors which therefore provides an incentive to occaisionally give a slight push to a weakened economy to send it 'off the cliff' so to speak.

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