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Politics : Foreign Affairs Discussion Group -- Ignore unavailable to you. Want to Upgrade?

To: Lou Weed who wrote (252332)	12/26/2007 9:38:40 AM
From: michael97123	Read Replies (1) \| Respond to of 281500

Iraq war and/or big domestic spending post 9/11 pushed the dollar lower. Bush counted on euros and china paying for the war in this way. The china miracle goes away without the US consumer--same for euro growth. But this game is getting long in the tooth. There are only so many times one can go to the well. HOWEVER if the US is to become fiscally more respnsible, the euros and asians need to encourage their domestic spending (discourage saving) to offset US fiscal responsiblity. And one more caveat and forget iraq for a sec--what bush did with tax cuts and ignoring the inevitable log jam caused by fighting on spending with the dems, we pulled out of 9/11 with a boom rather than a whimper. If it werent for the subprime mess which didnt have to happen, growth would have been more sustainable and lasted longer. Greenspan is the father of subprimism and variable loans. Fed messed up--rules were needed then more than now. Can u imaging loaning money and NOT considering ability to repay???