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Thread: The world pays the bill for US credit crisis?
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[quote=GEARBOX,343720]The US transitioned from an industrial power to a service industry back in the 80's hoping to sell our intellectual properties and financial prowless. Unfortunately, outside of the short lived internet/high tech boom of the early 90's, the economy was limping along. To prevent the country from falling into recession, the monetary policy was to increase money supply to keep the economic engine going which started back in the 80's and ramped up to high speed over the past decade. Needless to say, this caused the devaluation of the US dollar. Problems that I saw was the insatiable need to mortgage our future for current high profits by all of the CEO's making hundreds of millions of dollars in bonus monies, and this included the epic center, Fannie Mae and Freddie Mac. This resulted in the wholesale off shoring of all our technologies and jobs for the sake of lower costs and higher earnings. This in turn took away entry level jobs from our college grads and the experience they needed to create that new product and mitigated our long term viability. Fannie and Freddie was just shear fraud and if in China, they would be behind bars now or worse, but due to their political ties, they collected 90 million dollars in bonuses and resigned. The US is still a major power and strong trading partner for the world for now and will recover but need to clean house. And no, we did not have a party and stuck the world with the bill as everyone involved was a willing participant and profited. I see the long postponed reccession as a good thing and something that we need to reset the economy and get back on the right track.[/quote]
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