VIDEO: CNN Warns Americans A New Great Depression Is Coming
Published on 2008-03-05 00:00:00
The spending on Iraq was a hidden cause of the current credit crunch because the US central bank responded to the massive financial drain of the war by flooding the American economy with cheap credit.
"The regulators were looking the other way and money was being lent to anybody this side of a life-support system..."
That led to a housing bubble and a consumption boom, and the fallout was plunging the US economy into recession...