US recession

Well the world is perplexed. How could this happen? Didnt the country, which is 15 yrs ahead of the world, saw this coming? What were the banks thinking before getting into this mess? ..... So many queries so many emotions came to the fore when Lehman Brothers AIG Washington Mutual collapsed. Well i think the Fed knew what was coming and when i pondered upon it for some time i thought what if the whole think was deliberate. I mean how can a country so advanced not see such a thing coming.

The oil was over 150$/barrel. OPEC was convinced to push it to 200$/barrel. The world would hv been in deep trouble had the oil reached that level. Inflation would have increased in many countries and apart from that the common man would have suffered no end. Well how does that relate to US recession. US is the biggest consumer of oil and a recession in US would trigger downfall of oil prices. Thats exaclty whats happening ... oil has come down below 100$/barrel. A recession in US would buy them some time to find alternate source of energy. Bush bill to give tax breaks to alternative sources of energy confirms that. A financial recession would not have caused the damage as much the price of oil would have caused. Moreover US reaffirms its position with OPEC nations who thought they were bigger than the most powerful nation in the world.

I think this recession has been positive for the world. I think we would have been in a bigger mess because of oil had there not been a US recession.