Question by chacalaka: Did the housing slump or oil prices play a greater role in causing the recession?
How does the rise in unemployment and the state of other economies in the world contribute?

Best answer:

Answer by oldtimer
The United States Congress bears the biggest burden of the recession. Regulation and legislation forcing mortgage companies to loan money to people with no hope of being able to afford the homes, making it mandatory to loan to anyone considered a minority whether they were credit worthy or not.
Two names are at the root: Chris Dodd and Barney Frank.
The very temporary oil price spike should again be lain at the feet of our congress. Were they halfway competent and knew anything about trade and commerce, drilling in the “US would have prevented the runup.

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