Wry Catcher
Diamond Member
- Banned
- #21
How did businesses moving cause the housing crisis and other bubbles?
The burst of the housing bubble was caused by greed. The real estate/banking/investment industries set up a ponzi scheme; all ponzi schemes fail.
Business moving off shore, and the wealthy setting up foreign accounts to evade taxes are all examples of greed.
Joe six pack, and even Carl Cabernet suffer, they pay their share of taxes and go to work everyday, rarely engaging in schemes and under the table profit taking (i.e. insider trading, fraud, and theft).
How much pain did the aforementioned industries suffer? Today they and their fellow travelers are engaged in a full court press defending their greed as the 'American way'; only fools believe regulation enforced by elected officals is the cause of any bubble bursts - it is the failure of regulation to regulate which caused the financial meltdown in 2008.