A lot of analysts, authors, and regulators are trying to assign blame for all our economic woes. They look at all the corruption in the mortgage business and the leverage on Wall St. But it really all comes down to one thing – price. The free price of debt made it irresistible to everyone. Who do we blame for that .. one man :
And there was a second (virtual) freebie. The price of new imports from China (Asia in general). When goods are produced by workers who earn $3 a month, flat screen TV's suddenly get awfully cheap from the perspective of a first world earner. It especially helps if those 3rd world countries manage to block their own purchases of anything we sell. Who do we blame for this? One man :
Bill Clinton ..
-who sprinkled MFN status on every country in the world in 1994 like it was pixie dust.