@georgeob1,
It was under his watch; he deregulated the financial industries that allowed it to go where it did. His tax cuts caused our deficit to grow while our unemployment increased. Those factors reduced tax revenue while trying to fund two wars; a stupid decision. They were unnecessary wars; Iraq was never a threat to US security.
Yes, there were many local factors, but that's why any government who understands economics knows they must establish controls against fraud and stock manipulation of derivatives that was essentially grossly over-valued while wall street went to sleep.
Greenspan's low interest rates also inflated equity prices, but especially real estate; a balloon that was being encouraged by the low interest and GW Bush for home ownership.
FYI, Germany has had social benefits for their citizens long before our country contemplated any. They also happen to be the third strongest economy in the world. We all understand their demographic problems that are facing them, but that doesn't mean that their having taken care of the citizens was the wrong decision.
Economics works in cycles, but this Great Recession has impacted all countries around the world. It's a world economy today; something not contemplated when Germany and other developed and not so developed countries implemented their social benefits programs.
Stupid and unsustainable actions by GW Bush is legendary now. The whole world suffered - including the many tens of thousands of innocent Iraqis killed by our "shock and awe" campaign.
Now, that's stupid!
