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"I suspect when analysts and economists study the fundamental causes of this crisis, they will point to the enormous U.S. trade deficit as one of the main underlying culprits. Over an eight-year period, the United Sates ran a trade deficit of $3 trillion. This means that Americans bought $3 trillion more than they sold overseas. Dollars were used to pay for the goods. Foreign countries took these dollars and purchased, for the most part, U.S. Treasuries and mortgage-backed securities. It also is likely that this process kept U.S. interest rates very low, even beyond Federal Reserve policy, for an extended period of time."
"I suspect when analysts and economists study the fundamental causes of this crisis, they will point to the enormous U.S. trade deficit as one of the main underlying culprits. Over an eight-year period, the United Sates ran a trade deficit of $3 trillion. This means that Americans bought $3 trillion more than they sold overseas. Dollars were used to pay for the goods. Foreign countries took these dollars and purchased, for the most part, U.S. Treasuries and mortgage-backed securities. It also is likely that this process kept U.S. interest rates very low, even beyond Federal Reserve policy, for an extended period of time."
I suspect we'll here alot more of the blame Bush game from the very banks that helped perpetrate this mess. Why blame the bank and the CEO when you can point fingers in the other direction? It's always easy to take the path of least resistance isn't it? Afterall, Obama will jump right in and start pointing down to Texas quite willingly! Follow the leader!
And the net effect of pouring trillions in money and blood into the middle east would have a positive effect on the American economy? Only for those people holding stock in defense companies or prosthetic limb manufacturers. Our allegedly liberal media that helped sell the war in Iraq, employed ex-generals reimbursed by the Pentagon and the total lack of our war costs when discussing the abysmal economy all share equal blame.
I totally agree with View From The Peak, and Aeroguy DC don't believe and react to everything you hear in the media
Bush was just the puppet, now let's look at the real culprits. International Bankers hummm.......smells like a fish.
And the net effect of pouring trillions in money and blood into the middle east would have a positive effect on the American economy? Only for those people holding stock in defense companies or prosthetic limb manufacturers. Our allegedly liberal media that helped sell the war in Iraq, employed ex-generals reimbursed by the Pentagon and the total lack of our war costs when discussing the abysmal economy all share equal blame.
With a small outlook on the future I would agree. In terms of allies in a location where nuclear proliferation is spreading like **** roaches you will need allies to install massive missile defense systems. That is unless you would rather have dictators set the terms.
"I suspect when analysts and economists study the fundamental causes of this crisis, they will point to the enormous U.S. trade deficit as one of the main underlying culprits. Over an eight-year period, the United Sates ran a trade deficit of $3 trillion. This means that Americans bought $3 trillion more than they sold overseas. Dollars were used to pay for the goods. Foreign countries took these dollars and purchased, for the most part, U.S. Treasuries and mortgage-backed securities. It also is likely that this process kept U.S. interest rates very low, even beyond Federal Reserve policy, for an extended period of time."
Did you actually read the Dimon's letter? He cited 6 reasons for the financail collapse - all related housing, fiscal & monetary policy, regulatory mistakes & the trade deficit. (see pg 14 of Dimon's letter, link is in the article). Then Dimon throws in:
"Many other factors may have added to this storm -- an expensive war in Iraq, short-selling, high energy prices, and irrational pressure on corporations, money managers and hedge funds to show increasingly better returns."
So Dimon includes Iraq among 5 other secondary factors to the six main factors he cites as the real problem and suddenly some liberal hack on HuffPo - and apparently on C-D as well - claims the CEO of a wall st bank is blaming the Iraq war for the economic crisis.
Nice Try.
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