Jeff Rubin, Chief Economist at CIBC World Markets said that this recession was caused by high oil prices. (The Oil Drum blog, November 5, 2008) “Defaulting mortgages are only a sympton of the high oil prices. These high oil prices caused Japan and the Eurozone to enter a recession even before the most recent financial problems hit. (US events: Bear Stearns, AIG, Lehman) Higher oil prices started four of the last five world recessions.”
The Bush administration did all it could to keep America prosperous. As former Vice President Cheney stated correctly they tried to rein in Fannie and Freddie but the Democrats blocked them. But more importantly, the Bush Administration made every attempt to find oil in the States and develop ANWR, but on the latter the Democrats blocked them. ANWR is expected to provide 800,000 barrels of oil per day. Congress opened up ANWR in 1995 for energy development. But, President Clinton sustained a veto of the law. Had ANWR development commenced in 1996, that oil would have been available in 2006.
Now people are losing their homes, livelihoods, families are breaking apart due to the economic stress. Those of us who know the truth, are we going to take it to the people?
Fellow RedStaters, Members of Congress and other elected officials let us stop our misdirected focus on bailouts, mortgage modifications and spending. Tell the people the true cause of our calamity and retake the House!