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29 3 Bush's Wars
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the great recession began with the
bursting of a speculative bubble
throughout the 1990s and 2000s home
prices climbed
and financial service firms looked to
cash in and mortgage companies began
writing increasingly risky loans to
people who could not afford mortgages
but why loan people money for mortgages
that you know they're not going to be
able to pay back
well easy you then bundle those
mortgages together and sell them to
somebody else
as mortgage-backed securities and
because people really don't want to
default on a mortgage and lose their
home those are generally considered
pretty safe investments
except this time because they're selling
them to people who can't afford them
so they sold and resold these things so
quickly it actually became difficult to
turn to determine exactly who owned the
mortgages who owned those homes
and those risky mortgages had adjustable
interest rates meaning poor people were
able to afford them at first
but once those interest rates rapidly
increased they couldn't
when american homeowners began to
default on the loans the whole
system collapsed major financial service
firms like bear stearns and lehman
brothers disappeared overnight
in order to prevent the crisis from
spreading the federal government poured
billions of dollars into the industry
propping up hobbled banks massive
giveaways to bankers created resentment
throughout the rest of the nation and
yet much like the great depression with
the 1920s the great recession only magnified
magnified
already rising income and wealth
inequities in the united states
according to the chief investment
officer at jpmorgan chase the largest
bank in the nation
quote profit margins have reached levels
not seen in decades and reductions in
wages and benefits explain the majority
of the net
improvement so basically banks and
really wealthy people
are making lots and lots of money and
the way they're doing it is by making
the workers have even less and less and less
less
a study from the congressional budget
office found that since the late 1970s
after tax benefits of the wealthiest one
percent grew by over 300 percent
while the average americans had grown 35 percent
percent
so as we've said before in class most
americans generally do not care how much
the top 1
or 5 percent are making as long as
people who are willing to work are able
to put a roof over their heads and
send their kids to school and put food
on the table and afford health care and
all those things
and yet in this economy increasingly
working class people weren't able to do that
that
while the wealthy still accumulated a
lot more wealth than they had had previously
previously
that's when working class and middle
class americans start to get
upset at this economic trends had
disproportionately and objectively
benefited the wealthiest americans and
while american banks quickly recovered
after the great recession and recaptured
their steady profits
and the stock market climbed again to
new heights workers continued to lag behind
behind
job growth remained minuscule and
unemployment rates
remained stubbornly high wages froze and
well-paying full-time jobs that were
lost were too often replaced by
low-paying part-time work
which is also why a majority of college
classes are now taught by adjuncts
part-time labor
a generation of workers coming of age
within the crisis was savaged by this
economic collapse
and unemployment among young americans
hovered for years at rates nearly double
the national average by the 2008
election with iraq still in chaos
democrats embraced the anti-war position
and they nominated a candidate who
consistently opposed military action in iraq
iraq
senator barack obama of illinois had
been a member of the state senate in 03
but he had publicly denounced the war
and he predicted the sectarian violence
that ensued
he remained critical of the invasion
through his 2004 campaign for the u.s senate
senate
a former law professor and community
activist obama became the first black
candidate to capture the nomination of a
major political party
during the election obama won the
support of an increasingly anti-war electorate
electorate
when the fragile economy collapsed in
2007 and 2008 ahead of the election
bush's policies were widely blamed and
obama's opponent the republican
john mccain was tied to those policies
obama won a convincing victory in the
fall and came into office as the economy
continued to deteriorate
in the great recession he managed the
bank bailout that had begun under
president bush
and he launched a limited economic
stimulus plan to provide
counter-cyclical government spending to
spare the country from the worst
of the downturn similar to the
counter-cyclical government spending
during the new deal
and in recent months that congress has
passed in our time
i also noted that this was a limited
economic stimulus plan because even
after putting the war in iraq basically
on the credit card
republicans organized to argue against
any kind of spending that would add to
the deficit now that a democrat was in
office and now that it was
spending to get out of this downturn and
not military spending
so there you have it briefly explain the
history of american interventions in
afghanistan and iraq respectively
definitely needed to take notes on that
make sure you've kind of got those two things
things
separate in your brain and aren't
confusing them what reasons did the bush
administration give for going to war
with iraq
and what were the administration's
policies and the main events that occurred
occurred
during the bush administration if you've
got that hit the next button at the
bottom of the page and take the bush's
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