White House to Accept Some Blame for Economic Crisis
An interesting article was published in the Wall Street Journal this week. http://blogs.wsj.com/economics/2009/03/31/white-house-to-accept-some-blame-for-economic-crisis/?mod=rss_WSJBlog?mod=marketbeat. It is entitled Real Time Economics, White House to accept blame for Economic Crisis. This is a surprising article to find in our day and time. It talks about a statement that a White House Official made. He stated how the White House was accepting some of the responsibility for the economic situation that we are currently in. The article does not specify exactly for how much they find themselves at fault for, but just the fact that they are accepting any at all and actually admitting it is quite amazing! He tells how part of the problem is believed to be in the weakness of the regulatory system of our country. This confession came about due to accusations by other large Economy countries that the US is running some sort of a "free-wheeling style capitalism" that led to the crisis crushing their economies, and they are now looking to punish the US for this. Prime Minister Gordon Brown of Britain said, "This crisis was caused by no black man or woman or by no indigenous person or by no poor person. This crisis was fostered and boosted by irrational behavior of some people that are white, blue-eyed. Before the crisis they looked like they knew everything about economics, and they have demonstrated they know nothing about economics." Plans have been made to expand the scope of regulations to any institution, market or product that's important to the international financial system.