Full Title: Creating An American Infrastructure Investment Strategy
Author(s): Henry M. Goldberg
Publication Date: March 1, 2009
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The U.S. economy during the Bush administration years was driven by frenzied spending and borrowing in the housing sector. This masked major structural problems from the huge transfer of wealth to Asia accruing from large trade surpluses and to the oil exporting countries from consumption of high-priced oil imports. Inevitably, massive numbers of homeowners defaulted on inappropriately-originated mortgages, the artificially-created housing bubble burst, and the U.S. and world economy fell into a deep, potentially long-term, recession.