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What actually caused the recession? watch
- 03-04-2011 04:50
(Original post by Smilingsam)
- 03-04-2011 04:52
Sorry I just dont see why people would think that robotic workforce and cheap labour in third world countries would not cause the recession.. its so blatently obvious that anyone with an ounce of braincells can understand thats what caused it.
- 03-04-2011 12:49
Basically a lot of people with ideas above their station borrowed a lot of money which they could never afford to pay back so they could pretend to be middle class.
(Original post by CandyFlipper)
- 03-04-2011 15:22
Artificially low interest rates which encouraged bankers to overlend, the artificial expansion of credit. Government policy of expanding home ownership to the poor, look into the community reinvestment act for example. Bankers knowing they'd be bailed out if they failed, again encouraging overlending.
It can really all be explained by the Austrian school of economics.