- The Iraq War did not cause this problem
- The Bush tax cuts also did not cause this
- Being on the gold standard would also not have prevented this mess
- Among the many other things that did not cause the current crisis was the repeal of Glass-Steagall
- The collapse of Bretton Woods--also not a cause of the current crisis!
- The long twilight of American economic might is not yet upon us
the rise of the American financial-services industry's share of total corporate profits, from 10% in the early 1980s to 40% at its peak last year. Its share of stockmarket value grew from 6% to 19%. These proportions look all the more striking—even unsustainable—when you note that financial services account for only 15% of corporate America's gross value added and a mere 5% of private-sector jobs.(via Instapundit)
source: The Economist