Oceania Wrote:
Jul 15, 2012 7:09 AM
Untrue, your statement underscores your ignorance of free market economics. The Housing bubble damaged the economy, which in turn led to a temporary rise in unemployment. It was Bush and even McCain who warned of the dangers with Fannie and Freddie Mac. Barney Frank assured congress that both institutions were financially sound ( a big lie). In a free market economy you will always have periods of prosperity (boom periods) with low unemployment to the point of creating a temporary downturn typically lasting 12-18 months where the marke self corrects. With Keynesian economics there is never a boom period, only sustained weak economic growth followed by eventual fiscal collapse (Grrece, Potugal etc)