I am no expert but I will try to sum it up for the "average joe's"
There is not one person responsible. It has been a trickle effect that was started in the 90s with a housing boom. It was also started in the 70s when we were taken off the gold standard and set the dollar on an imaginary roller coaster of value. When a country thrives on credit, eventually it will tank no matter what type of economic system it is on. The housing market collapse started the "current" downturn because people bought houses to expensive for them to own. That lost people equity which hurt the credit systems; which hurt the car manufactures; which hurt the stock market numbers; which hurt everyday buisness owners which started the layoffs.
With every action there is an equal and opposite reaction, basically right now were getting the reaction to the boom....a bust.
With talk of nationalizing the banking industry, the big 3, and every other major company in the US that hurts the confidence of the consumer, which hurts the confidence of the stock holders, which hurts the confidence of the markets itself.
If anyone has a better explanation let me know...I probably missed out a few steps along the way, and we all know more steps are to be added.
71 Camaro 355sbc 6.472 @ 104mph/10.311 @ 128
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NHRA Super Street-4040
IHRA Hot Rod-404
How am I supposed to get my own T-Shirt with all those different numbers?