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How did it all go wrong? - "The Unwisdom of Elites"

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How did it all go wrong? - "The Unwisdom of Elites" Empty How did it all go wrong? - "The Unwisdom of Elites"

Post by Guest Mon May 09, 2011 8:51 am

The past three years have been a disaster for most Western economies. The United States has mass long-term unemployment for the first time since the 1930s. Meanwhile, Europe’s single currency is coming apart at the seams. How did it all go so wrong?

The answer is, three main things. First, there were the Bush tax cuts, which added roughly $2 trillion to the national debt over the last decade. Second, there were the wars in Iraq and Afghanistan, which added an additional $1.1 trillion or so. And third was the Great Recession, which led both to a collapse in revenue and to a sharp rise in spending on unemployment insurance and other safety-net programs.

http://www.nytimes.com/2011/05/09/opinion/09krugman.html?src=recg

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Post by suri Mon May 09, 2011 12:12 pm

I am so tired of the facts of the beginnings of the crisis, which are well established by now, hashed over and over but no repairs made!! We, the unemp, know first-hand the harm done to our ability to earn our livihoods by GREED which has paid off handsomely for the corporates and banks! Mad

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Post by Springflowers Mon May 09, 2011 12:15 pm

They WANTED it to go WRONG.

They wanted and planned for this country to fail.

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Post by Guest Mon May 09, 2011 3:38 pm

Greed, greed, greed, and more greed. Banks to big to fail with all the insurance and pension plans wrapped into their products and services. The banks know that they have the gov't by the you know whats.

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