Economy: Who knew what and when?

[Gina.Maria]

Do you think our representatives and those in the financial markets are just stupid or were they riding a crashing wave as long as possible? I just can't understand how there can be so much information and qualified opinion and nothing was done before disaster hit. To be honest (and, let's face it, cynical,) politically, Democrats had no investment in stopping it from happening but Republicans should have been terrified of their future chances at reelection if it happened. Maybe that's too simplistic a view and maybe nothing could have stopped the inevitable but I just can't understand the "Ostrich" approach.

http://www.bloggingstocks.com/2008/01/23/george-soros-says-subprime-crisis-will-end-dollar-based-credit-e/

[kjbstevens]

They were getting all they could while they could and now are like oh crap we gotta cover ourselves since it's an election year. Let's make it look like we are working and care about people for a change. I'd say all of the junk and negativity about what happens when either of these guys are elected aren't help people calm down about it either. We're about to elect one of 2 guys that has no real budget or executive experience into a position to try to fix this. Great plan to fix America by our part during the primaries. Not saying we had the greatest choices but man. I don't see all that much too look positive about with either in this.

[Gina.Maria]

I wasn't actually specifically referring to the Executive Branch - more Legislative and those representatives that no one elected - the financial market. Though I understand how our next president, no matter who it is, will inherit the most challenging economy in our history.

[kjbstevens]

Well 3 of the 4 running are from the legislative branch so it does still ring true on them. You can warn and complain all you want but unless you place in terms like Al Gore with global warming that we're all going to die along with the polar bears and they'll lose their ocean front property then no one in Congress is going to listen to you. I think Kucinich is the closest to actually bringing real Americans into the problem, but he was still way way to late. They have to have the American people behind them pushing them and no one was doing it. Our legislative branch has to have it's hand held and kicked in the pants to get them to do anything requiring motivation. This time it was to late because a good amount of the population was also riding the wave or was obilivous.

[4noisyboys]

Greed?

I think those in the financial markets were making so much money, that they just couldn't stop! I have heard over the last six months from reputable sources that we were already in a recession, so they did know. It really is so sad, and what's even worse, is that it is affecting the market all over the world.

[Scorpiosue1102]

I can only hope that the next Secretary of Treasury isn't someone who when he left a company got over $100 million. I'd love the idea of Warren Buffet at Sec. of Treasury.

[Gina.Maria]

Mr. Buffet has been mentioned as a possible choice by both candidates, though McCain only mentioned him as Obama's choice. At least the guy really knows what to do with money.

[Microferk ~ Miki Ferkul]

NOW you're talking - William Buffet or Bill Gates.