What has caused the current financial crisis?

Bush's tax cuts for the rich, which caused the rest of us to pay a larger proportion of our income toward all taxes. Then, along came the Iraq War (unnecessary), and military spending in Afghanistan (necessary). Then, with falling tax revenues, the government began to borrow money from China and other countries to meet it's obligations. Then, with incomes declining, people began to use credit to maintain the same standard of living they were used to during the 90s. People began to pay their surplus incomes toward debt rather than toward present consumption. Then, declining consumption caused inventories began to build up, and businesses began to lay workers off. Unemployment began to rise, causing consumption to fall even further. People who bought Adjustable-rate mortgages were suddenly hit with doubling payments, eating up a majority of their disposable incomes. Foreclosures began to rise as those homeowners found out that the "housing bubble" (unrealistically-inflated prices of new homes) burst, causing many to be unable to sell their homes, and even if they found a buyer, they owed more than the house was worth. Banks started falling short of funds, so they tightened up credit, causing businesses to be unable to meet payroll. Businesses started laying off more workers. Meanwhile, this being an election year, both the present administration and the incoming president-elect began to argue about what, if anything, should be done. Out of all the disagreement out what should be done, no one is looking out for the "little man" the middle class. At present, this situation is still unresolved.



May God bless us this barren Christmas season.

What has caused the current financial crisis?
Freemasonry is a fraternal organisation that arose from obscure origins in the late 16th to early 17th century. Freemasonry now exists in various forms all over the world, with a membership estimated at around 5 million (including around 480,000 in England, Scotland and Ireland alone, and just under two million in the United States).[1][2] The various forms all share moral and metaphysical ideals, which include, in most cases, a constitutional declaration of belief in a Supreme Being.[3]



The fraternity is administratively organised into Grand Lodges (or sometimes Orients), each of which governs its own jurisdiction, which consists of subordinate (or constituent) Lodges. Grand Lodges recognise each other through a process of landmarks and regularity. There are also appendant bodies, which are organisations related to the main branch of Freemasonry, but with their own independent administration.



Freemasonry uses the metaphors of operative stonemasons' tools and implements, against the allegorical backdrop of the building of King Solomon's Temple, to convey what has been described by both Masons and critics as "a system of morality veiled in allegory and illustrated by symbols."[4][5]



What has caused the current financial crisis?
first the american goverment,and second the american people......experts have been warning us this was about to get real ugly,but people didnt want to listen,the goverment knew this was going to happen,but instead just prepared with camps and troops ready for deploymentWhat has caused the current financial crisis?
the USA Capitalist Democracy