publiusvarus wrote:
Aripya,
Must I educate you on everything? Every now and then it's nice to have a liberal validate their response with something other than 'you're stupid and I don't have the time'. That's such a copeout. Maybe next time. In the mean time allow me to show you some numbers that further prove my point about the state of the economy (under liberal democrat control).
http://www.tradingeconomics.com/Economics/GDP-Growth.aspx?Symbol=USD
I particularly like the graphs. The democrats with the leadership of Obama have completely f*cked this economy up. But hey as long as we stop spending money now and promise to tax only the very rich we'll be ok.
Years ago the credit ratings agencies stopped rating some financial products at their true risk rating. Financial products were being sold around and around not at their true price. Wholesale banks and financial institutions were loaning out credit to other banks where there were no true assets and not enough guaranteed income to back the repayments of the loans. The chickens came home to roost in 2007. All the banks became frightened of loaning to each other any more.
This was a disaster for American retail banks because the savings of American customers in each bank did not cover the demand other customers, such as business customers, had for credit needs. Most modern businesses use monthly credit to turn over stock. Suddenly American banks could not extend all businesses more credit, credit necessary for their usual operation, since foreign banks were no longer loaning cash to American banks.
Money has been choked off and choked out of the American banking and business system since 2007. So many institutions were carrying massive debt to asset ratios. It's like huge rows of dominoes slowly and inevitably toppling over ever since.