The economy is an extremely dynamic system that depends on way too many variables, many of which can affect the economy drastically. Krugman and Stigltz, two Nobel Laureate economists, saw only gloom and doom about 6 months ago. Although the sun did come out fully yet, the skies have not fallen either. They didn't predict the economic behavior accurately. The reason is the dynamic and complex nature of the economy not the mistake calculations they performed.
Still you find people who lay the blame for the disaster at the feet of Clinton, Reagan, etc. Well, why not blame George Washington? Reagan was president almost 30 years ago. Clinton about 15 years ago. Bush was in charge for the last 8 long and perverted years. He and he alone can be blamed for market condition that caused the housing bubble and piped trillions of dollars into the pockets of the rich the banks included. Bush and his Fed could have easily prevent the housing bubble, the excesses of Wall Street and the collapse of industry.
Identifying the original sinner decades ago is a irresponsible and as intelligent as Bush was.
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