Republicans are trying to blame Democrats for the financial meltdown. They’re emailing around this analysis, with a video, blaming Clinton and his Dud from HUD, Andrew Cuomo, for “the entire financial meltdown.”
Here’s the reply I emailed back:
Entire? No, some of it.
The majority of the problem stems from Bush-Greenspan-Bernanke inflating the dollar by 200%, from a $300 gold price to a $900 price. This induced “malinvestment,” as the Austrian economists call it, which now must be flushed out of the system by letting malinvestments — bad investments — go bankrupt in a recession.
Instead, Bush-Paulson-Bernanke-Reid-Pelosi-McCain-Obama have supported more than $1 trillion in “bailouts” that only are making matters worse, and could give us a depression. Do you realize that the housing sector’s loans now mostly are owed to the federal government? That’s pure socialism and can’t be good.
Inflation this big always wrecks an economy. No way to get around that.
Democrats’ real guilt is that they went along with this nonsense, and have done nothing to stop it.
Oh, and the inflation was ignited to pay for all Bush’s wars on the cheap.
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