Congratulations Mr.Change – 1 Year President Barack Obama!!

From "Badische Zeitung"

..as you all know the purpose of my blog “Change in the Word´s Policy – Subject Obama” is to summarize every week the latest news of Obama´s politics and *as you hopefully have recognized* it doesn´t pall because every week there´s enough “stuff” to talk about! …to be honest, SO MUCH stuff that I often can´t easily decide what are the MAIN NEWS to talk about in my next blog entry!  

Regardless the hundreds of news which would definitely worth to be discussed I want to post something like an “Out-of-order-entry” today! “Out-of-order” because it shouldn´t be discussed Obama´s politics of the last week but 

THE POLITICS OF “ONE YEAR OBAMA”!!

(“One year Obama”: January 20, 2010)

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Change in the World´s fiscal policy – Regulation of financial markets

 

The financial crisis of 2007–2010 is called to be the worst since the Great Depression of the 1930s. Many causes have been proposed years ago, only the dimension remained questionable among leading economists.    

What were the reasons for that global collapse? Let us have the cartoon speak for itself:

  

Just for reminding – the five most responsible facts a bit more precisely:

1.) Growth of housing bubble
    (Many homeowners refinanced their homes
     at lower interest rates by taking mortgages)

2.) Easy credit conditions
    (Encouragement to borrow money by lower interest rates)

3.) Sub-prime lending
    (Making loans that are in the riskiest
     category of consumer loans)

4.) Deregulation
    (Simplification of government rules which
     constricts the operation of market forces)

5.) Predatory lending
    (As the name implies: unfair, deceptive practices
     of loaning money in the hope the consumer will default
     and the lender will be able to take the collateral)

 

How did President Obama react on that global crisis? Could we expect a CHANGE in the World´s fiscal policy?

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