The government is the cause of the financial meltdown, not business. The govt forced these loans by setting policy and making banks loan the money. Also the federal reserve for making money too cheap and allowing credit to be attained too easy.
Govt is the problem, always has been and always will be. Period.
You're about as lost as one can be on the causes of the current economic crisis.
However, I only blame you half-way for your misperception. Of course there are those who have mistakenly and in some cases purposely attributed this crisis to a couple foreclosures. Foreclosures certainly had a role in deepening the crises but that was as a symptom not a cause.
This current economic crisis was brought on subtly over time by the explosion in oil prices and it's effect on gasoline price. That's the reason why the world is in economic malaise and not just the US.
When consumers adjusted their spending behavior around exorbitant gasoline pricing...it should be clearly obvious what would happen to various other business sectors dependent on the money consumers used to spend with them that was now going in their tank. The results are right there for everyone to see....
Virtually every other business sector were brought to their knees except for 1, the oil industry which contrastingly enjoyed quarter after quarter and year after year of record profits. We would be in great shape economically if the majority of workers in the US worked in the oil industry. There wouldn't be scrolls and scrolls of foreclosures..in fact you'd probably have trouble finding a house to buy.
I mean honestly, some of you actually believe a few US foreclosures is the cause of mostly all the major economies in the world nose-diving???
So what caused oil pricing to skyrocket?? Well, before the proposition was thoroughly debunked by the reality...oil apologists attributed skyrocketing oil pricing to increased demand...That obviously should have been laughed off since the price for a bbl of oil was about $25 when GWB took office..From there it reach a high of about $147 per bbl. in the span of GWB's presidency. There is no logical way for demand to account for that pricing difference in that short span of time.
Then speculators were to blame. That's partly correct but speculators did what they were supposed to do under the circumstances. When you have a conflict with a raging insurgency blowing up pipelines, beheading people and blowing up markets left and right in a place like Iraq..speculators are suppose to speculate the pricing higher even if the impact on supply is minimal.
So then the question becomes could this economic disaster have been averted? Likely so had we done things differently with respect to Iraq.
There went your economy sir.:2 cents: