Posted by TomH in PA on March 10, 2009 at 16:17:03 from (67.142.130.17):
In Reply to: OT/Recessions? posted by Doggone42 on March 10, 2009 at 15:07:09:
No doubt emotions play a part in it. But the amount of money in circulation is the biggest contributor. This recession was brought on by the banks throwing way too much money at mortgages that they knew the borrowers couldn't afford, but they thought the investment banks would cover the bad ones. It worked okay, until the investment banks ran out of cash. When that happened there was no more money in circulation; construction stopped, business investment stopped, jobs were cut, and everything went swirling down the drain.
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