Cause of the recession?

[Beerzerker]

Hi all, this discussion came up at work, and no one really agrees as to the cause of the current recession. I figured I would ask the collective minds and see what comes up.

So the question is: What are the causes of the current recession?

Thanks

 

[Biggsly]

Many, many, many things.
It did not help that the libs wanted to give everyone a house, even if they could not pay for it.

The constent threat of higher taxes. That make business owners hang on to their money.

This will be a never ending thread, until someone's butthurt gets it locked.

 

[BadgeBunny]

Obama ... or Bush ... depends on who you talk to ...

And Biggsley is right ... much, much butthurt to be had ... right around the corner ... this might even be better than the "Pot Smoker Beware" thread ...


GAHHH!! My popcorn eating kitty has not has his coffee this morning!! Blah!!View attachment 18174


Sigh ... there ... FINALLY!!! After 49574385729345734 edits ...

 

[soonersfan]

There are many issues that have contributed to the recession, most notably;

1. An era of entitlements -- Everyone should own their own home, everyone should go to college, everyone should have health care, etc.
2. Greed -- Wall St. was strong armed into making bad home loans to those who shouldn't be buying homes. Then they chose to buy and sell risky mortgage backed securities because they could not because they should. This is only one example of their greed and dishonesty but it was one of the biggest recently.
3. Irresponsibility -- This mentality goes from the President's office (notably for the last 18 years) to the person working the drive thru at your local fast food restaurant. Everyone spends more than they have and thinks they will somehow, eventually catch up, even though they have less of their paycheck every week because more and more of it is going to cover things they've already spent their money on. Buying houses you can't afford is just one example. It contributed to inflated home prices, a false housing boom and set us up for the current correction.
4. Disintegration of the American work ethic -- We used to take pride in our work. We now take pride in not working. A 40 hour week is now the max instead of the baseline, blue collar jobs are regarded as a consequence for not being "over educated" instead of noble professions, factory unions reduced efficiency while increasing wages and put our manufacturing facilities at a disadvantage. Their are still people who take pride in their work, but sadly there are fewer and fewer of them.

I find myself thinking our economic recession is the result of a moral recession. I don't believe our society holds dear the same values that made us great in the first place. I am not just being a moralist here. I am talking about basic things we should all agree on like individual responsibility, a strong work ethic and honesty. These issues are not unique to America.

When I heard this talk when I was younger, I always thought it was just older people over reacting, not keeping up with the times, etc. Maybe that is what I'm doing now. It just frustrates me because I don't think this train can be stopped or slowed and that it will lead to our eventual demise. It likely won't happen in my lifetime or my kids' lifetimes but I think it is inevitable.

 

[Biggsly]

There are many issues that have contributed to the recession, most notably;

1. An era of entitlements -- Everyone should own their own home, everyone should go to college, everyone should have health care, etc.
2. Greed -- Wall St. was strong armed into making bad home loans to those who shouldn't be buying homes. Then they chose to buy and sell risky mortgage backed securities because they could not because they should. This is only one example of their greed and dishonesty but it was one of the biggest recently.
3. Irresponsibility -- This mentality goes from the President's office (notably for the last 18 years) to the person working the drive thru at your local fast food restaurant. Everyone spends more than they have and thinks they will somehow, eventually catch up, even though they have less of their paycheck every week because more and more of it is going to cover things they've already spent their money on. Buying houses you can't afford is just one example. It contributed to inflated home prices, a false housing boom and set us up for the current correction.
4. Disintegration of the American work ethic -- We used to take pride in our work. We now take pride in not working. A 40 hour week is now the max instead of the baseline, blue collar jobs are regarded as a consequence for not being "over educated" instead of noble professions, factory unions reduced efficiency while increasing wages and put our manufacturing facilities at a disadvantage. Their are still people who take pride in their work, but sadly there are fewer and fewer of them.

I find myself thinking our economic recession is the result of a moral recession. I don't believe our society holds dear the same values that made us great in the first place. I am not just being a moralist here. I am talking about basic things we should all agree on like individual responsibility, a strong work ethic and honesty. These issues are not unique to America.

When I heard this talk when I was younger, I always thought it was just older people over reacting, not keeping up with the times, etc. Maybe that is what I'm doing now. It just frustrates me because I don't think this train can be stopped or slowed and that it will lead to our eventual demise. It likely won't happen in my lifetime or my kids' lifetimes but I think it is inevitable.

I agree with alot of that. We are having trouble finding good help. We have a guy that has been here for 3 weeks, and has not made a full week yet. If his wife calls, he thinks he should be able to leave at his own free will. Its about to cost him his job, but I don't think he cares. His last boss fired him for the same reason.

 

[rhodesbe]

1. Greed
2. Sloth
3. Apathy
4. Gluttony
5. Vainglory
6. Lust
7. Hubris

 

[steelhorse]

George Bush!!!!!!.............lol

so many theories including sub-prime lending.

 

[cjjtulsa]

1. Greed
2. Sloth
3. Apathy
4. Gluttony
5. Vainglory
6. Lust
7. Hubris

Absolutely. And more.

 

[Beerzerker]

1. Greed
2. Sloth
3. Apathy
4. Gluttony
5. Vainglory
6. Lust
7. Hubris

I was looking for specifics, but this list seems to hit the nail on the head IMO

 

[okie98]

In one word, GREED!