"The United States suffered its first recession back in the years between 1797 and 1800. It was called the panic of 1797, and it was primarily caused by the deflating effects of the Bank of England as they crossed the Ocean to American soil. This disrupted commercial real estate markets in the U.S. Britain’s economy was in a strained state already, because it was fighting France in the French Revolutionary wars at the time. This is just one example of how the effects of recession on one country can travel quickly to another. Economists all agree that what effects one country, especially a key country, will affect the rest of the world in at least one way, shape, or form, before the recession is over. Recession history has shown that U.S. economic recession history is full of trials that have helped bring about many other recessions since the Panic of 1797. Luckily though, the Panic of 1797 was the last recession of the 1700s."
"The Panic of 1857 followed not long after. With the failure of the Ohio Life Insurance and Trust Company (which at the time was one of the biggest in the United States) came the explosion of a European confidence bubble in the U.S. This greatly affected the railroads and U.S. banks, causing over 5,000 businesses in America to fail in the first year of the panic alone. Unemployment rose, and protest meetings became popular."
"In the year 2001, the early 2000s recession hit America. The collapse of the dot.com bubble was truly the cause of these recessions, as well as the attacks that occurred on September 11th on the World Trade Center Towers in New York City. Accounting scandals also ran rampant, contributing to the overall downward financial spiral that America faced. Everyone remembers the attacks on America’s soil, and nobody will forget how, despite economic trouble, the attacks brought Americans together, more united than ever. And with that kind of perseverance, America was led out of that struggle to a new future of prosperity."
We have a MIXED economy. Therefore, I will concede that its only natural that government policy sometimes plays a role in economic crisis. But the governmnt is also part of the mixed economy that produces the good times. After all, our MIXED economy is the greatest in the world. To blame the government for every financial crisis is just CRAZY. Capitalism is a wonderful thing. But thr capitalism arm of our economy is not perfect, and neither is government.
Re: Hmmm........
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