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Originally Posted by blankall
I think we'll have to agree to disagree on this one. The American economy would have collapsed regardless of any terrorist attacks. The sub-prime mortgage crisis had its roots in the Clinton administration, and the Bush administration did nothing about it, and in fact encouraged it much further.
The sub-prime mortage crisis essentially turned the American economy into one big pyramid scheme with people making money off lending money to other people with no actualy assets to back up the loans. The problems caused by this were so widespread that "distractions" weren't really the issue. There simply was no way to rectify the problem without collapsing the house of cards.
By the time September 11 happened things were already out of control, and Bush was not about to plunge the economy into a recession before re-election to his second term.
Housing prices peaked in 2005/2006 and then began to drop. George Bush's second term commenced in 2005.
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I rarely argue economics because I'm pretty much a toothless moron when it comes to it.
But while the trouble may have been coming, the American Government was too focuses on other things to react to it in a apropriate time.
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My name is Ozymandias, King of Kings;
Look on my Works, ye Mighty, and despair!
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