This isn't just about America, the whole global economy was teetering on the verge of collapse. Albeit the United States does uphold the global economy to an extent.
You cannot point a finger at anyone or anything, there were many factors which contributed to this whole fiasco. Wall Street screwed up, the Banks screwed up, Congress screwed up, and President Bush Screwed up. The people who were supposed to be in charge and protect us simply did nothing while the economy was taken advantage of by the greedy pigs on Wall Street and the banks who were giving loans to people who simply couldn't pay them back. If people continue on with this mentality that Government is just going to bail you out if you come up against any trouble, this country is in serious trouble.
Now with the United States' economy close to crashing, I really don't see how imposing Global Health Care and increasing taxes in general is going to do to help turn the economy down at this point. Not to say those are bad things, but they do put a strain on the economy, and we are already on the tipping point.
If only my friend, if only :(
Well...Obama's Healthcare and Education plan's might pay off in the Long-term but it has a large upfront cost in the short term, so it won't fly right now. Why can't both candidates admit that both their campaign promises can't be implemented because their hands are tied to the Economy for the next 4 years? Eh probably because it's the home stretch of the election and they have to stick to the smears and campaign points. D=
You left out the people who bought houses just to refinance it and then sell it for a higher price. Also what about our addiction to debt.(aka eating more than we could chew) >_> so everyone's to blame....
Now that I think about it, we were very lucky for not buying a house during the housing boom. I mean we are still living in the same apartment for around 8 years now. I was like, just buy a house already, but I guess it was for the better that my parents were in a dead-lock on where, how big a house to buy.
So now during this economic crisis we might be more able to weather it and keep our lower-middle class lifestyle.
Communism: If only so that it practically works. But were humans...Were easily corrupted by power...
So realistically I prefer a social democracy with responsible oversight on the free-market system.
Edit: With the economy as it is...We could finally put President Bush in the Dollar Bill! (Joke)!
Also I've heard that the Philippines and the Asian markets are able to weather this Financial crisis since they learned their lesson on the 1990's Asian Financial crisis and became more conservative (and frugal)