Politics

A friend in England wrote to me the other day suggesting that the current recession began quite a long time ago.  I gave it some thought and realized that like WWII, it's really hard to pin point exactly when it started.  Some historians put up a pretty convincing case that it was the signing of the punishing Treaty of Versailles that laid down the path to the invasion of Poland on September 1st, 1939.

I don't like to put forward nonsensical ideas, particularly to people outside the country, so I gave the matter a lot of thought.  After all it was the Reagan administration that allowed large deficits to build up; I well remember the squawks of disapproval at the time.

If I had to say what caused the blight, I would say it was the the housing bubble of lending money to those who could not pay it back. Bush knew about it but could not turn the Dems that ran Congress away from their dream. The left wants everyone to have a house even if they can't afford it, and the right wants to lend them the money if they can turn a profit, and pass the risk on elsewhere - Hey, everybody wins! Don't they?