Former President Jimmy Carter said on Friday the "atrocious economic policies" of the Bush administration had caused the worst global financial crisis since the Great Depression of the 1930s.Carter told reporters on a stopover in Brussels that "profligate spending," massive borrowing and dramatic tax cuts since President George W. Bush took office in 2001 were behind the market turmoil and economic crisis.
"I think it's because of the atrocious economic policies of the Bush administration," said the 84-year-old Democrat, who served in the White House from 1977-1981 during a period of high inflation and energy crisis.
Whoever wins next month's U.S. presidential election would inherit economic problems that would force them to postpone implementing some of their proposed reforms, he said.
"The economic situation is an entrenched problem. It is going to take years to correct what has been done economically," Carter said, adding he hoped Democrat Barrack Obama would win and immediately improve Washington's image in the world.
It's kind of interesting that Jimma showed up on this article.
Friday, I had lunch with a client who's business went down the toilet in the late 1970's when the interest rate on his business property shot up to 28%. Thanks for the memories Jimma.
1 comment:
Carter has no clue. There is one thing that is behind the credit collapse. Too much unsecured debt all over the globe. And the centerpiece of this is the mother of all signature loans, $10 trillion dollar US federal deficit. The mortgage collapse was just the catalyst. No one is blaming the deficit yet because it implies that the fix will be a balanced budget. Politicians are still in denial. The year 2009 will be the day of reckoning. Califinia is the tip of the iceberg. Just watch,
Post a Comment