Who's To Blame?

If you followed the G-20 talks you heard how we, the United States, have been blamed for leading the world into an economic recession. The fingers of foreign nations are pointing at American banks and the housing markets as the cause of the global economic crisis. But it turns out that may not be the case after all if actual facts are used. As this article points out blaming the US is wrong for several reasons. First, our nations economy was one of the last in the world to slow down. Nearly every other country was in recession before we were. Second, nearly every other country that was in deep decline before the US had no economic ties to our housing system and banks. But that didn't stop President Obama from accepting full responsibility for the economic malaise. It turns out that every single postwar recession, save one, has coincided with a huge spike in crude oil prices. In no way am I implying we give the banks and easy money from the Fed a free pass, but it doesn't appear they caused the global meltdown.

• We Are Not To Blame - NY Post