Alternative history
I certainly don't think it's an exclusive cause, buy it could be argued that part of the economic response to 9-11, dropping interest rates through the floor, had a direct bearing on the housing bubble that stressed the weaknesses in the US financial markets.
posted by mikevotes at
6:50 AM
4 Comments:
I think that's part of it, sure. But remember, Bush's rallying cry to the American people -- his call to united arms and patriotism -- in fighting international terrorism was to shop-till-you-drop. And many Americans, filled with a sense of irrational exceptionalism, did exactly that. Refinancing homes; pulling equity out to buy pools, hummers, vacations...
It wasn't just the cheap rates. It was unbridled consumption in the name of the American Birthright.
By
-epm, at 8:26 AM
The difference would be that my proposed alternative history would give Al Qaeda some cause in the current mess.
No question the Bush folks made serious mistakes, but it would be a very different reading to say that Al Qaeda, through terrorism, created a tipping point that pushed the US towards the cliff.
I'm not sure I believe that, but I find it an interesting idea.
By
mikevotes, at 10:49 AM
Are you suggesting a Russia-in-Afganistan type situation, i.e. draw them into a war they can't win or afford?
By
Anonymous, at 12:39 PM
Sort of. Frankly, I would say that's a part, maybe a separate part of the same sort of argument.
What I'm saying is that it could be argued that 9/11, separate from the wars, forced an economic response that eroded into the base of the economy. I'm not saying Al Qaeda foresaw that, it just seems a plausible part of how we got here economically.
On the other hand, the Russia/Afghanistan strategy was somewhat explicitly intended by the terror act. And it's had a great effect, too. $1trillion down the Iraq/Afghanistan sinkhole over about 6 years off a $7trillion per year economy.
By
mikevotes, at 2:21 PM
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