Those are the words of President George W. Bush who gave a remarkable address to the nation last night (Read more). After weeks of saying otherwise, Bush has raised the financial crisis to a new level.
For months (years?), independent economists have said there were problems in banking, investment banking and insurance industries.
Huge profits have been made by these corporations, while the quality of service and output have shrunk. Look at the fee structure at banks and the high interest rates of credit card companies. State Farm raises its premiums and has record profit years.
Investment banks create a security based on subprime mortgages and get the elderly to buy the security which have lost 90-percent of its value. This started impacting companies like Bear Stearn, Morgan Keegan and Merrill Lynch last year.
The oil crisis started years ago, as did the real estate collapse. What did we get from the Bush Administration? An economic stimulus package that put the federal government further in debt and did nothing.
It appears the Republicans are failure at running our economy….and don’t blame this on 18 months of a Democratic majority in Congress. Jeff Miller likes to do that, but these issues that are surfacing now began in the first part of this decade and Pres. Bush has done little about them.