About 'accounting services singapore'|...civilization. Dorai, Francis & Bell, Brian (2005) Insight Guides: Philippines. Singapore: Insight Print Services. A superb tourist guide which gives decent background on ...
Ｔｈｅ ｒｉｇｈｔ-ｗｉｎｇ ｍｅｍｅ ｍａｃｈｉｎｅ ｈａｓ ｂｅｅｎ ｐｒｏｍｕｌｇａｔｉｎｇ ｔｈｅ ｉｄｅａ ｔｈａｔ Ｐｒｅｓｉｄｅｎｔ Ｂｉｌｌ Ｃｌｉｎｔｏｎ ａｎｄ ｔｈｅ Ｃｏｎｇｒｅｓｓｉｏｎａｌ Ｄｅｍｏｃｒａｔｉｃ Ｐａｒｔｙ ａｒｅ ｔｈｅ ｔｒｕｅ ｃｕｌｐｒｉｔｓ ｉｎ ｔｈｅ ｃｕｒｒｅｎｔ ｅｃｏｎｏｍｉｃ ｃｒｉｓｉｓ. Ａｃｃｏｒｄｉｎｇ ｔｏ Ｗｉｋｉｐｅｄｉａ, "Ａ ｍｅｍｅ ｃｏｎｓｉｓｔｓ ｏｆ ａｎｙ ｉｄｅａ ｏｒ ｂｅｈａｖｉｏｒ ｔｈａｔ ｃａｎ ｐａｓｓ ｆｒｏｍ ｏｎｅ ｐｅｒｓｏｎ ｔｏ ａｎｏｔｈｅｒ ｂｙ ｌｅａｒｎｉｎｇ ｏｒ ｉｍｉｔａｔｉｏｎ. Ｅｘａｍｐｌｅｓ ｉｎｃｌｕｄｅ ｔｈｏｕｇｈｔｓ, ｉｄｅａｓ, ｔｈｅｏｒｉｅｓ, ｇｅｓｔｕｒｅｓ, ｐｒａｃｔｉｃｅｓ, ｆａｓｈｉｏｎｓ, ｈａｂｉｔｓ, ｓｏｎｇｓ, ａｎｄ ｄａｎｃｅｓ. Ｍｅｍｅｓ ｐｒｏｐａｇａｔｅ ｔｈｅｍｓｅｌｖｅｓ ａｎｄ ｃａｎ ｍｏｖｅ ｔｈｒｏｕｇｈ ｔｈｅ ｃｕｌｔｕｒａｌ ｓｏｃｉｏｓｐｈｅｒｅ ｉｎ ａ ｍａｎｎｅｒ ｓｉｍｉｌａｒ ｔｏ ｔｈｅ ｃｏｎｔａｇｉｏｕｓ ｂｅｈａｖｉｏｒ ｏｆ ａ ｖｉｒｕｓ." Ｔｈｅ ｒｉｇｈｔ-ｗｉｎｇ ｍｅｍｅ ｍａｃｈｉｎｅ ｉｓ ｃｌａｉｍｉｎｇ ｔｈａｔ ｔｈｅ ｃｒｉｓｉｓ ｉｓ ｔｈｅ ｒｅｓｕｌｔ ｏｆ Ｄｅｍｏｃｒａｔｉｃ ｅｆｆｏｒｔｓ ｔｏ ｅｘｐａｎｄ ｈｏｍｅｏｗｎｅｒｓｈｉｐ ａｍｏｎｇ ｍｉｎｏｒｉｔｉｅｓ ａｎｄ ｔｈｅ ｗｈｉｔｅ "ｌｏｗｅｒ ｍｉｄｄｌｅ-ｃｌａｓｓ" ｂｙ ｅｘｐａｎｄｉｎｇ ｔｈｅ ｍａｒｋｅｔ ｆｏｒ ｒｉｓｋｙ ｓｕｂ-ｐｒｉｍｅ ｍｏｒｔｇａｇｅｓ. Ｏｎｃｅ ｈｏｌｄｅｒｓ ｏｆ ｓｕｂ-ｐｒｉｍｅ ｍｏｒｔｇａｇｅｓ ｂｅｇａｎ ｄｅｆａｕｌｔｉｎｇ, ｔｈｅ ｉｎｃｏｍｅ ｓｔｒｅａｍ ｔｈａｔ ｂａｃｋｅｄ ｕｐ ｔｈｅ $55 ｔｒｉｌｌｉｏｎ ｉｎ ｆｉｎａｎｃｉａｌ ｄｅｒｉｖａｔｉｖｅｓ ｔｈａｔ ｈａｄ ｂｅｅｎ ｕｎｄｅｒｗｒｒｉｔｅｎ ｗｉｔｈ ｔｈｅ ｍｏｒｔｇａｇｅｓ ｄｒｉｅｄ ｕｐ, ｔｒｉｇｇｅｒｉｎｇ ｔｈｅ ｆｉｎａｎｃｉａｌ ｃｒｉｓｉｓ. Ｍａｎｙ ｓｕｂ-ｐｒｉｍｅ ｍｏｒｔｇａｇｅｓ ｗｅｒｅ ａｄｊｕｓｔａｂｌｅ ｒａｔｅ ｍｏｒｔｇａｇｅｓ (ＡＲＭｓ), ｏｎｃｅ ｋｎｏｗｎ ａｓ ｂａｌｌｏｏｎ ｎｏｔｅｓ. (Ｔｈｅｙ ｗｅｒｅ ｃａｌｌｅｄ ｂａｌｌｏｏｎ ｎｏｔｅｓ ｗｈｅｎ ｔｈｉｓ ｑｕｅｓｔｉｏｎａｂｌｅ ｐｒａｃｔｉｃｅ ｗａｓ ｃｏｎｆｉｎｅｄ ｔｏ ｍｉｎｏｒｉｔｙ ｃｏｍｍｕｎｉｔｉｅｓ.) Ａ ｂａｌｌｏｏｎ ｎｏｔｅ ｈａｓ ｅａｓｙ ｔｅｒｍｓ ｉｎ ｔｈｅ ｅａｒｌｙ ｐａｒｔ ｏｆ ｔｈｅ ｌｏａｎ, ｂｕｔ ｅｖｅｎｔｕａｌｌｙ, ｔｈｅ ｎｏｔｅ ｒｅｓｅｔｓ, ａｎｄ ｔｈｅ ｈｏｌｄｅｒ ｈａｓ ｔｏ ｍａｋｅ ａ ｍａｓｓｉｖｅ ｐａｙｍｅｎｔ ("ｔｈｅ ｂａｌｌｏｏｎ" ｈａｖｉｎｇ ｒｉｓｅｎ) ｔｏ ｒｅｔａｉｎ ｔｈｅｉｒ ｐｒｏｐｅｒｔｙ. Ｏｔｈｅｒ ｔｙｐｅｓ ｏｆ ＡＲＭｓ ｈａｖｅ ｌｏｗ ｉｎｉｔｉａｌ ｐａｙｍｅｎｔｓ ａｎｄ/ｏｒ ｉｎｔｅｒｅｓｔ ｒａｔｅｓ, ｂｕｔ ｒｅｓｅｔ ａｆｔｅｒ 2-5 ｙｅａｒｓ, ａｎｄ ｔｈｅ ｍｏｒｔｇａｇｅ ｈｏｌｄｅｒ ｈａｓ ｔｏ ｍｅｅｔ ａ ｍｕｃｈ ｈｉｇｈｅｒ ｐａｙｍｅｎｔ. Ｉｆ ｔｈｅｙ ｃａｎ'ｔ ｍｅｅｔ ｔｈｅ ｐａｙｍｅｎｔ, ｔｈｅｙ ｗｉｌｌ ｇｏ ｉｎｔｏ ｄｅｆａｕｌｔ. Ｂａｌｌｏｏｎ ｎｏｔｅｓ ｕｓｅｄ ｔｏ ｂｅ ｔｈｅ ｐｒｏｖｉｎｃｅ ｏｆ ｐｒｅｄａｔｏｒｙ ｌｅｎｄｅｒｓ, ｓｕｃｈ ａｓ ｔｈｏｓｅ ｓｅｒｖｉｎｇ ｔｈｅ ｍｉｎｏｒｉｔｙ ｃｏｍｍｕｎｉｔｉｅｓ. Ｔｈｅｙ ｗｅｒｅ ｖｅｒｙ ｐｒｅｖａｌｅｎｔ ａｍｏｎｇ ｌｅｎｄｅｒｓ ｓｅｒｖｉｎｇ Ａｆｒｉｃａｎ Ａｍｅｒｉｃａｎ ｃｏｍｍｕｎｉｔｉｅｓ ｉｎ ｔｈｅ ｓｏｕｔｈ. Ｔｈｅ ｉｄｅａ ｉｓ, ｆｒｏｍ ｔｈｅ ｌｅｎｄｅｒ'ｓ ｐｏｉｎｔ ｏｆ ｖｉｅｗ, ｔｈｅ ｂａｌｌｏｏｎ ｎｏｔｅ ｈｏｌｄｅｒ ｉｓ ｎｏｔ ｇｏｉｎｇ ｔｏ ｂｅ ａｂｌｅ ｔｏ ｍａｋｅ ｔｈａｔ ｂｉｇ ｐａｙｍｅｎｔ ｗｈｅｎ ｉｔ ｃｏｍｅｓ ｄｕｅ, ａｓ ｈｅ ｏｒ ｓｈｅ ｗｉｌｌ ｎｏｔ ｂｅ ａｂｌｅ ｔｏ ｈａｖｅ ｂｅｔｔｅｒｅｄ ｔｈｅｍｓｅｌｖｅｓ ｆｉｎａｎｃｉａｌｌｙ ｉｎ ｔｈｅ ｍｅａｎｔｉｍｅ, ｄｕｅ ｔｏ ｄｉｓｃｒｉｍｉｎａｔｉｏｎ. Ｔｈｅ ｌｅｎｄｅｒ ｔｈｅｎ ｒｅｐｏｓｓｅｓｓｅｓ ｔｈｅ ｐｒｏｐｅｒｔｙ, ｆｉｎｄｓ ａｎｏｔｈｅｒ ｐｉｄｇｅｏｎ, ａｎｄ ｔｈｅ ｐｒｏｃｅｓｓ ｂｅｇｉｎｓ ａｇａｉｎ. Ｉｔ ｉｓ ｉｍｐｏｒｔａｎｔ ｔｏ ｒｅａｌｉｚｅ ｔｈａｔ ｔｈｅ ｉｄｅａ ｏｆ ｔｈｅ ｂａｌｌｏｏｎ ｎｏｔｅ ｉｓ ｆｏｒ ｔｈｅ ｌｅｎｄｅｒ ｔｏ ｇａｉｎ ｂａｃｋ ｔｈｅ ｐｒｏｐｅｒｔｙ ａｔ ｔｈｅ ｅｎｄ ｏｆ ｔｈｅ ｐｅｒｉｏｄ ｏｆ ｅａｓｙ ｔｅｒｍｓ. Ｔｈｉｓ ｔｙｐｅ ｏｆ ｌｅｎｄｉｎｇ ｉｓ ｐｒｅｄｉｃａｔｅｄ ｕｐｏｎ ｒｅｐｏｓｓｅｓｓｉｎｇ ｔｈｅ ｈｏｕｓｅ, ａｎｄ ｓｅｌｌｉｎｇ ｉｔ ａｇａｉｎ. Ｉｔ ｉｓ ａ ｈｕｃｋｌｅ. Ｔｈｅ ｐｒｏｐｅｒｔｙ ｒｅｍａｉｎｓ ｉｎ ｔｈｅ ｈａｎｄｓ ｏｆ ｔｈｅ ｌｅｎｄｅｒ, ｔｏ ｂｅ ｒｅｃｙｃｌｅｄ ｅｎｄｌｅｓｓｌｙ. Ｔｈｉｓ ｉｓ ｈｏｗ ｓｕｂｓｔａｎｄａｒｄ ｈｏｕｓｉｎｇ ｃａｎ ｐｒｏｖｅ ｔｏ ｂｅ ｓｏ ｐｒｏｆｉｔａｂｌｅ ｔｏ ｔｈｅ ｕｎｓｃｒｕｐｕｌｏｕｓ ｌｅｎｄｅｒ. Ｗｈｅｎ ｔｈｅ ｐｅｏｐｌｅ ｂｅｉｎｇ ｅｘｐｌｏｉｔｅｄ ｗｅｒｅ ｍｉｎｏｒｉｔｉｅｓ, ｎｏ ｏｎｅ ｏｔｈｅｒ ｔｈａｎ ｔｈｅ Ｂａｒｎｅｙ Ｆｒａｎｋｓ ｏｆ ｔｈｅ ｗｏｒｌｄ ａｎｄ ｏｔｈｅｒ ｐｏｉｎｔｙ ｅｇｇｈｅａｄｓ ａｎｄ ｌｉｂｅｒａｌｓ ｓｅｅｍｅｄ ｔｏ ｍｉｎｄ. Ｄｅｓｐｉｔｅ ｒｉｇｈｔｗｉｎｇ ｗｅｔ ｄｒｅａｍｓ ｔｏ ｔｈｅ ｃｏｎｔｒａｒｙ, ｍｉｎｏｒｉｔｉｅｓ ａｒｅｎ'ｔ ｒｅａｌｌｙ ｔｈａｔ ｐｏｌｉｔｉｃａｌｌｙ ｐｏｗｅｒｆｕｌ. Ｂｕｔ ｗｉｔｈ ｔｈｅ ａｄｖｅｎｔ ｏｆ ｔｈｅ ＡＲＭ, ｐｒｅｄａｔｏｒｙ ｌｅｎｄｅｒｓ ｂｅｇａｎ ｔａｒｇｅｔｉｎｇ ｗｈｉｔｅ ｆｏｌｋ, ｗｈｏ ａｒｅ ｐｏｌｉｔｉｃａｌｌｙ ｐｏｔｅｎｔ ｄｕｅ ｔｏ ｔｈｅｉｒ ｓｈｅｅｒ ｎｕｍｂｅｒｓ. ＡＲＭｓ Ｒａｃｅ Ｔｈｅ ｎｅｗ ＡＲＭｓ ｒａｃｅ ｔｈａｔ ｄｅｖｅｌｏｐｅｄ ｗｉｔｈ ｔｈｅ ａｄｖｅｎｔ ｏｆ ｔｈｅ ｎｅｗ ｍｉｌｌｅｎｉｕｍ ｗａｓ ｊｕｓｔ ａ ｆａｃｅｔ ｏｆ ｔｈｅ ｐｙｒａｍｉｄ ｓｃｈｅｍｅ ｔｈａｔ Ａｍｅｒｉｃａ ｈａｓ ｂｅｃｏｍｅ. Ｔｈｅ ＡＲＭ-ｈｏｌｄｅｒ ｗａｓ ｔｏ ｅｎｊｏｙ ｅａｓｙ ｔｅｒｍｓ ｉｎ ｔｈｅ ｆｉｒｓｔ ｐａｒｔ ｏｆ ｔｈｅ ｍｏｒｔｇａｇｅ, ｗｈｉｃｈ ｗｏｕｌｄ ｒｅｓｅｔ ｉｎ 2, ｏｒ 5, ｏｒ 7 ｙｅａｒｓ, ｉｍｐｏｓｉｎｇ ｍｏｒｅ ｏｎｅｒｏｕｓ ｔｅｒｍｓ ｏｎ ｔｈｅ ＡＲＭ-ｈｏｌｄｅｒ, ｗｈｏ ｌｉｋｅｌｙ ｗｏｕｌｄ ｂｅ ｕｎａｂｌｅ ｔｏ ｍｅｅｔ ｔｈｏｓｅ ｔｅｒｍｓ ｉｆ ｈｅ ａｎｄ ｓｈｅ ｗｅｒｅｎ'ｔ ｐａｒｔ ｏｆ ｔｈｅ ｐｙｒａｍｉｄ. Ｆｏｒ ｙｏｕ ｓｅｅ, ｈｏｕｓｅ ｖａｌｕｅｓ ｗｅｒｅ ｇｏｉｎｇ ｔｏ ｉｎｃｒｅａｓｅ, ａｃｃｏｒｄｉｎｇ ｔｏ ｔｈｅ ｓｃｅｎａｒｉｏ ｔｈａｔ ｗａｓ ｔｈｅ "Ｃｏｍｅ ｏｎ" ｆｏｒ ｊｏｉｎｉｎｇ ｔｈｅ ｐｙｒａｍｉｄ. Ｈｏｍｅ-ｖａｌｕｅｓ ｗｏｕｌｄ ｉｎｃｒｅａｓｅ, ｆｒｅｅｄ ｆｒｏｍ ｔｈｅ ｂｕｓｉｎｅｓｓ ｃｙｃｌｅ ｔｈａｔ ｈｉｓｔｏｒｉｃａｌｌｙ ｓａｗ ｒｅａｌ ｅｓｔａｔｅ ｔｈｅ ｌａｓｔ ｓｅｃｔｏｒ ｏｆ ｔｈｅ ｅｃｏｎｏｍｙ ｔｏ ｇｏ ｂｕｓｔ. Ｓｉｎｃｅ ｙｏｕｒ ｈｏｍｅ ｖａｌｕｅ ｗａｓ ｇｏｉｎｇ ｔｏ ｉｎｃｒｅａｓｅ, ｙｏｕ ｃｏｕｌｄ ｓｅｌｌ ｙｏｕｒ ｈｏｍｅ ａｎｄ ｂｕｙ ａ ｎｅｗ ｏｎｅ, ｍｅａｎｗｈｉｌｅ ｒｅａｐｉｎｇ ａ ｈｕｇｅ ｐｒｏｆｉｔ ａｎｄ ｂｅｉｎｇ ａｂｌｅ ｔｏ ａｖｏｉｄ ｔｈｅ ｎｅｗ ｔｅｒｍｓ ｏｆ ｔｈｅ ｎｏｗ-ａｄｊｕｓｔｅｄ ＡＲＭ, ａｓ ｙｏｕ ｈａｄ ｇｏｔｔｅｎ ｒｉｄ ｏｆ ｉｔ. Ｉｎ ｔｈｉｓ ｓｃｅｎａｒｉｏ, ｙｏｕ ｌｉｋｅｌｙ ｈａｖｅ ｍｏｖｅｄ ｉｎｔｏ ａ ｎｅｗ, ｂｅｔｔｅｒ ｈｏｍｅ ｗｉｔｈ ｔｈｅ ｂｅｎｅｆｉｔ ｏｆ ａ ｎｅｗ ＡＲＭ, ｏｒ ｙｏｕ ｈａｖｅ ｍａｄｅ ｓｏ ｍｕｃｈ ｍｏｎｅｙ ｄｕｅ ｔｏ ｔｈｅ ｂｏｏｍ ｉｎ ｈｏｕｓｉｎｇ ｐｒｉｃｅｓ, ｙｏｕ ｃａｎ ａｆｆｏｒｄ ａ ｔｒａｄｉｔｉｏｎａｌ ｍｏｒｔｇａｇｅ. Ｔｈｅ ｐｒｏｌｉｆｅｒａｔｉｏｎ ｏｆ ＡＲＭｓ ｃａｕｓｅｄ ａ ｂｕｂｂｌｅ ｉｎ ｒｅａｌ ｅｓｔａｔｅ ｐｒｉｃｅｓ. Ｔｈｅ "ｍｏｎｅｙ" (ａｌｌ ｏｎ ｐａｐｅｒ) ｔｈａｔ ｆｌｏｏｄｅｄ ｉｎｔｏ ｔｈｅ ｍａｒｋｅｔ ｆｒｏｍ ｔｈｅ ＡＲＭｓ ｒａｃｅ ｂｏｏｓｔｅｄ ｈｏｍｅ ｐｒｉｃｅｓ, ｆｕｌｆｉｌｌｉｎｇ ｔｈｅ ｐｉｔｃｈ ｔｈａｔ ｗａｓ ｔｈｅ ｂａｓｉｓ ｏｆ ｔｈｅ ｐｙｒａｍｉｄ, ｔｈａｔ ｈｏｍｅ ｐｒｉｃｅｓ ｗｏｕｌｄ ｉｎｃｒｅａｓｅ ｂｙ ｌｅａｐｓ ａｎｄ ｂｏｕｎｄｓ ｆｏｒｅｖｅｒ. Ｂｕｔ ｎｏｔｈｉｎｇ ｌａｓｔｓ ｆｏｒｅｖｅｒ. Ａｎｄ ｔｈｅ ｒｅａｌ ｅｓｔａｔｅ ｍａｒｋｅｔ ｉｓ ｎｏｔ ｉｍｍｕｎｅ ｆｒｏｍ ｔｈｅ ｒｅａｌｉｔｙ ｏｆ ｔｈｅ ｂｕｓｉｎｅｓｓ ｃｙｃｌｅ. Ｔｈｅ Ｌｏｏｔｅｒｓ Ｔｈｅ ｂｉｇ Ｎｅｗ Ｙｏｒｋ ｍｏｎｅｙ ｃｅｎｔｅｒ ｂａｎｋｓ ｗｅｒｅ ｉｎ ｌｏｖｅ ｗｉｔｈ ｔｈｅ ｐｒｏｃｅｓｓ ａｓ ｉｔ ｃｒｅａｔｅｄ ｉｎｃｏｍｅ ｓｔｒｅａｍｓ ｔｈａｔ ｃｏｕｌｄ ｂｅ "ｓｅｃｕｒｉｔｉｚｅｄ" ａｎｄ ｓｏｌｄ ｏｎ ｔｈｅ ｍａｒｋｅｔ. Ｔｈｅ ｂｉｇ Ｎｅｗ Ｙｏｒｋ ｍｏｎｅｙ ｃｅｎｔｅｒ ｂａｎｋｓ ｕｓｅｄ ｔｏ ｇｅｎｅｒａｔｅ ｈｕｇｅ ｆｅｅｓ ｂｙ ｆｌｏａｔｉｎｇ ｂｏｎｄ ｉｓｓｕｅｓ ｓｅｃｕｒｉｔｉｚｅｄ ｂｙ, ｓａｙ, ｔｈｅ ｔａｘ ｒｅｃｅｉｐｔｓ ｏｆ ｔｈｅ Ｒｅｐｕｂｌｉｃ ｏｆ Ｃｕｂａ ｏｒ ｔｈｅ Ｄｏｍｉｎｉｃａｎ Ｒｅｐｕｂｌｉｃ. Ａ $300 ｍｉｌｌｉｏｎ ｂｏｎｄ ｉｓｓｕｅ ｗｏｕｌｄ ｂｅ ｍａｒｋｅｔｅｄ, ａｎｄ ｇｏ ｉｎｔｏ ｉｎｖｅｓｔｏｒｓ' ｐｏｒｔｆｏｌｉｏｓ, ａｎｄ ｗｈｅｎ -- ａｆｔｅｒ ａ ｃｏｕｐ ｏｒ ａｎ ｅｃｏｎｏｍｉｃ ｄｏｗｎｔｕｒｎ, ｔｈｅ ｉｎｃｏｍｅ ｓｔｒｅａｍ ｂｅｈｉｎｄ ｔｈｅ ｂｏｎｄ ｗｏｕｌｄ ｄｒｙ ｕｐ, ｗｅｌｌ..... Ｔｈｅ Ｍａｒｉｎｅｓ ｗｏｕｌｄ ｂｅ ｓｅｎｔ ｉｎｔｏ ｔｈｅ ｂａｎａｎａ ｒｅｐｕｂｌｉｃ, ｔｈｅ ｂｏｎｄ ｗｏｕｌｄ ｇｏ ｂｕｓｔ, ｐｅｏｐｌｅ'ｓ ｉｎｖｅｓｔｍｅｎｔｓ ｗｏｕｌｄ ｂｅ ｗｉｐｅｄ ｏｕｔ, ａｎｄ ｔｈｅ ｂｉｇ Ｎｅｗ Ｙｏｒｋ ｍｏｎｅｙ ｃｅｎｔｅｒ ｂａｎｋｓ ｗｏｕｌｄ ｒｅａｄｙ ｔｈｅ ｎｅｘｔ ｂｏｎｄ ｉｓｓｕｅ ｆｏｒ ｔｈｅ ｎｅｗ ｇｏｖｅｒｎｍｅｎｔ. Ｉｎ ｏｔｈｅｒ ｗｏｒｄｓ, ｉｔ ｗａｓ ｗｅｌｌ-ｋｎｏｗｎ ｔｈａｔ ｔｈｅ ｉｎｃｏｍｅ ｓｔｒｅａｍ ｔｈａｔ ｔｒｉｃｋｌｅｄ ｉｎ ａｎｄ ｂａｃｋｅｄ ｕｐ $55 ｔｒｉｌｌｉｏｎ ｉｎ ｍｏｒｔｇａｇｅ-ｂａｃｋｅｄ ｄｅｒｉｖａｔｉｖｅｓ ｗａｓ ｉｎａｄｅｑｕａｔｅ. Ｔｈｉｓ ｓｃｅｎａｒｉｏ, ｉｎ ｉｔｓ ｍａｎｙ ｐｅｒｍｕｔａｔｉｏｎｓ (ｓｏｖｅｒｉｇｎ ｄｅｂｔ ｏｆ ｂａｎａｎａ ｒｅｐｕｂｌｉｃｓ, ｒａｉｌｒｏａｄｓ ａｃｑｕｓｉｔｉｏｎｓ, ｍｅｒｇｅｒｓ, ｂａｎｋｒｕｐｔｃｉｅｓ, ａｎｄ ｒｅｏｒｇａｎｉｚａｔｉｏｎｓ, ｅｔｃ.) ｈａｓ ｐｌａｙｅｄ ｏｕｔ ｉｎ ｔｈｅ Ｕｎｉｔｅｄ Ｓｔａｔｅｓ ｆｏｒ ｏｖｅｒ ａ ｃｅｎｔｕｒｙ. Ｔｈｅ ｉｄｅａ ｗａｓ ｔｏ ｇｅｎｅｒａｔｅ ｐｒｏｆｉｔｓ ｆｏｒ ｔｈｅ ｆｉｎａｎｃｉａｌ ｍｉｄｄｌｅ-ｍｅｎ, ｎｏｔ ｔｏ ｐｒｏｖｉｄｅ ｄｅｍｏｃｒａｃｙ ｉｎ ｔｈｅ Ｃａｒｉｂｂｅａｎ, ｐｕｂｌｉｃ ｔｒａｎｓｐｏｒｔａｔｉｏｎ, ｏｒ ｅｘｐａｎｄｉｎｇ ｈｏｍｅ-ｏｗｎｅｒｓｈｉｐ. Ｉｔ ｗａｓ ａ ｍａｔｔｅｒ ｏｆ ｐｒｏｆｉｔｓ ａｂｏｖｅ ａｌｌ ｅｌｓｅ. Ｔｈｅ ｏｎｌｙ ｄｉｆｆｅｒｅｎｃｅ ｗａｓ ｔｈｅ ｓｃａｌｅ ｏｎ ｗｈｉｃｈ ｔｈｉｓ ｐｙｒａｍｉｄ ｗａｓ ａｌｌｏｗｅｄ ｔｏ ｂｅ ｅｒｅｃｔｅｄ. Ｄｅｓｐｉｔｅ ｔｈｅ Ｃｏｎｇｒｅｓｓｉｏｎａｌ Ｒｅｐｕｂｌｉｃａｎ Ｐａｒｔｙ'ｓ ｄｅｅｐ-ｓｅａｔｅｄ ｄｅｓｉｒｅ ｔｏ ｔｕｒｎ ｂａｃｋ ｔｈｅ ｃｌｏｃｋ ｔｏ 1928, ｗｈｅｎ Ｒｅｐｕｂｌｉｃａｎ Ｐｒｅｓｉｄｅｎｔ Ｃａｌｖｉｎ Ｃｏｏｌｉｄｇｅ ｐａｓｓｅｄ ｏｎ ｔｈｅ ｂａｔｏｎ ｈｅ ｈａｄ ｏｂｔａｉｎｅｄ ｕｐｏｎ ｔｈｅ ｄｅａｔｈ ｏｆ Ｒｅｐｕｂｌｉｃａｎ Ｐｒｅｓｉｄｅｎｔ Ｗａｒｒｅｎ Ｇ. Ｈａｒｄｉｎｇ ｔｏ Ｒｅｐｕｂｌｉｃａｎ Ｐｒｅｓｉｄｅｎｔ-ｅｌｅｃｔ Ｈｅｒｂｅｒｔ Ｈｏｏｖｅｒ, ｗｅ ｄｏ ｌｉｖｅ ｉｎ ｔｈｅ 21ｓｔ Ｃｅｎｔｕｒｙ. Ｈｏｗｅｖｅｒ, ｉｔ ｉｓ ｉｍｐｏｒｔａｎｔ ｔｏ ｒｅｍｅｍｂｅｒ ｔｈａｔ ｔｈｅｓｅ ｓｃａｍｓ ａｒｅ ａｓ ｏｌｄ ａｓ ｔｈｅ 20ｔｈ Ｃｅｎｔｕｒｙ, ｉｆ ｎｏｔ ｔｈｅ 19ｔｈ. Ｔｈｅ Ｕｎｉｔｅｄ Ｓｔａｔｅｓ ｗａｓ ｓｅｔｔｌｅｄ ｂｙ Ａｎｇｌｏ-Ｓａｘｏｎｓ, ａｎｄ ｔｈｅ Ａｎｇｌｏ-Ｓａｘｏｎｓ ｗｅｒｅ ａ ｗａｒｒｉｏｒ ｓｏｃｉｅｔｙ ｉｎ ｗｈｉｃｈ ａ ｓｍａｌｌ ｍｉｎｏｒｉｔｙ ｏｆ ｗａｒｒｉｏｒｓ ｌｏｒｄｅｄ ｉｔ ｏｖｅｒ ａ ｍａｊｏｒｉｔｙ, ｗｈｏｍ ｔｈｅｙ ｌｏｏｔｅｄ. Ｉｎ Ｎｏｒｔｈ Ａｍｅｒｉｃａ, Ｉｎｄｉａｎｓ ｗｅｒｅ ｅｘｔｉｒｐａｔｅｄ, Ａｆｒｉｃａｎｓ ｗｅｒｅ ｉｍｐｏｒｔｅｄ ａｎｄ ｂｒｕｔａｌｌｙ ｅｘｐｌｏｉｔｅｄ ｉｎ ｔｈｅ ｍｏｓｔ ｅｇｒｅｇｉｏｕｓ ｆｏｒｍ ｏｆ ｓｌａｖｅｒｙ, ｔｈａｔ ｏｆ ｃｈａｔｔｅｌ ｓｌａｖｅｒｙ, ａｎｄ ｔｈｅ ｗｈｉｔｅ ｕｎｄｅｒｃｌａｓｓ ｗａｓ ｊｕｓｔ ｐｌａｉｎ ｓｃｒｅｗｅｄ ｂｙ ｃｏｕｎｔｌｅｓｓ ｓｈａｒｐｉｅｓ ａｎｄ ｔｈｅ ｇｏｖｅｒｎｍｅｎｔ ｉｔｓｅｌｆ, ｗｈｅｔｈｅｒ ｉｔ ｗａｓ ｉｍｐｏｓｉｎｇ ｈｉｇｈ ｔａｒｉｆｆｓ ｏｎ ｆｏｒｅｉｇｎ ｇｏｏｄｓ, ｃｏｎｔｒａｃｔｉｎｇ ｔｈｅ ｍｏｎｅｙ ｓｕｐｐｌｙ, ｏｒ ｍｏｂｉｌｚｉｎｇ ｆｅｄｅｒａｌ ｔｒｏｏｐｓ ｔｏ ｐｕｔ ｄｏｗｎ ｓｔｒｉｋｉｎｇ ｗｏｒｋｅｒｓ. Ｔｈｅ "Ｐｅｏｐｌｅ" ａｒｅ ｓｅｅｎ ａｓ ａ ｐｒｏｆｉｔ ｃｅｎｔｅｒ, ｎｏｔ ａｓ ｔｈｅ ｂｅｄｒｏｃｋ ｏｆ ｄｅｍｏｃｒａｃｙ. Ｓｏｖｅｒｅｉｇｎｔｙ ｉｎ ｔｈｅ Ｕｎｉｔｅｄ Ｓｔａｔｅｓ ｉｓ ｖｅｓｔｅｄ ｉｎ ｔｈｅ Ｅｘｅｃｕｔｉｖｅ Ｂｒａｎｃｈ ｏｆ ｔｈｅ ｆｅｄｅｒａｌ ｇｏｖｅｒｎｍｅｎｔ, ｎｏｔ ｉｎ ｔｈｅ ｐｅｏｐｌｅ. Ｔｈｅ Ｕ.Ｓ. Ｃｏｎｓｔｉｔｕｔｉｏｎ, ａｓ ｉｎｔｅｒｐｒｅｔｅｄ ｂｙ ｔｈｅ Ｓｕｐｒｅｍｅ Ｃｏｕｒｔ, ｗｈｉｃｈ ｗａｓ ｔｈｅ ｃｕｌｍｉｎａｔｉｏｎ ｏｆ ｔｈｅ Ｗａｒ ｏｆ Ｉｎｄｅｐｅｎｄｅｎｃｅ, ｅｆｆｅｃｔｉｖｅｌｙ ｅｘｃｈａｎｇｅｄ ａ ｆｏｒｅｉｇｎ-ｂｏｒｎ, ｈｅｒｅｄｉｔａｒｙ ｋｉｎｇ ｗｉｔｈ ａ ｎａｔｉｖｅ-ｂｏｒｎ, ｅｌｅｃｔｅｄ ｋｉｎｇ, ａｓ ｓｏｖｅｒｅｉｇｎｔｙ ｉｓ ｎｏｔ ｉｎ ｔｈｅ ｐｅｏｐｌｅ ｂｕｔ ｉｎ ｔｈｅ ｆｅｄｅｒａｌ ｇｏｖｅｒｎｍｅｎｔ. Ｔｈｅ Ｏｗｎｅｒｓｈｉｐ Ｓｏｃｉｅｔｙ Ｔｈｅ ｆｉｒｓｔ ｔｈｉｎｇ ｔｈａｔ ｃｏｍｅｓ ｔｏ ｍｉｎｄ ｗｈｅｎ ｈｅａｒｉｎｇ ｔｈｅ ｃｈａｒｇｅｓ ｔｈａｔ ｉｔ ｗａｓ Ｂｉｌｌ Ｃｌｉｎｔｏｎ ａｎｄ ｔｈｅ Ｃｏｎｇｒｅｓｓｉｏｎａｌ Ｄｅｍｏｃｒａｔｉｃ Ｐａｒｔｙ ｔｈａｔ ｃａｕｓｅｄ ｔｈｅ ｆｉｎａｎｃｉａｌ ｍｅｌｔｄｏｗｎ ｂｙ ｐｒｏｍｏｔｉｎｇ ｈｏｍｅｏｗｎｅｒｓｈｉｐ ａｍｏｎｇ ｔｈｅ ｐｅｏｐｌｅ ｉｓ ｔｏ ｒｅｍｅｍｂｅｒ ｔｈａｔ Ｒｉｃｋ Ｄａｖｉｓ, ｔｈｅ ｃａｍｐａｉｇｎ ｍａｎａｇｅｒ ｆｏｒ Ｊｏｈｎ ＭｃＣａｉｎ'ｓ 2008 Ｐｒｅｓｉｄｅｎｔｉａｌ ｃａｍｐａｉｇｎ, ｗａｓ ｔｈｅ ｃｈｉｅｆ ｌｏｂｂｙｉｓｔ ｆｏｒ Ｆｒｅｄｄｉｅ Ｍａｃ. Ｓｉｎｃｅ ｔｈｅ ｆｉｒｓｔ ａｄｍｉｎｉｓｔｒａｔｉｏｎ ｏｆ Ｇｅｏｒｇｅ Ｗ. Ｂｕｓｈ, Ｒｉｃｋ Ｄａｖｉｓ ａｎｄ ｈｉｓ ｌｏｂｂｙｉｎｇ ｆｉｒｍ ｈａｖｅ ｒａｋｅｄ ｉｎ ｏｖｅｒ ｔｗｏ ｍｉｌｌｉｏｎ ｄｏｌｌａｒｓ ｆｒｏｍ Ｆｒｅｄｄｉｅ Ｍａｃ. Ｆｒｅｄｄｉｅ Ｍａｃ ｉｎｓｔａｌｌｅｄ Ｒｉｃｋ Ｄａｖｉｓ ａｓ ｔｈｅ ｈｅａｄ ｏｆ ｉｔｓ Ｈｏｍｅｗｏｎｅｒｓｈｉｐ Ａｌｌｉａｎｃｅ, ａｎ ｏｒｇａｎｉｚａｔｉｏｎ ｌｏｂｂｙｉｎｇ ｆｏｒ ｔｈｅ ｅｘｐａｎｓｉｏｎ ｏｆ ｈｏｍｅｏｗｎｅｒｓｈｉｐ ｖｉａ ｔｈｅ ｅｘｐａｎｓｉｏｎ ｏｆ ｓｕｂｐｒｉｍｅ ｌｏａｎｓ. Ａｎｄ ｔｈｅｎ ｔｈｅｒｅ ｗａｓ Ｐｒｅｓｉｄｅｎｔ Ｇｅｏｒｇｅ Ｗ. Ｂｕｓｈ ｈｉｍｓｅｌｆ. Ｄｕｒｉｎｇ ｈｉｓ 2004 ｒｅｅｌｅｃｔｉｏｎ ｃａｍｐａｉｇｎ, Ｂｕｓｈ ｏｆｆｅｒｅｄ ａ ｖｉｓｉｏｎ ｏｆ ｗｈａｔ ｈｅ ｃａｌｌｅｄ ｔｈｅ "ｏｗｎｅｒｓｈｉｐ ｓｏｃｉｅｔｙ." Ｂｕｓｈ'ｓ ｉｄｅａ ｏｆ ｔｈｅ Ａｍｅｒｉｃａｎ Ｄｒｅａｍ ｅｎｔａｉｌｅｄ Ａｍｅｒｉｃａｎ ｆａｍｉｌｉｅｓ ｏｗｎｉｎｇ ａ ｈｏｕｓｅ ａｎｄ ｈａｖｉｎｇ ａ ｓｉｇｎｉｆｉｃａｎｔ ｓｔｏｃｋ ｐｏｒｔｆｏｌｉｏ, ｗｉｔｈ ｈａｌｆ ｏｆ ａ ｔａｘｐａｙｅｒ'ｓ ｒｅｔｉｒｅｍｅｎｔ ｍｏｎｉｅｓ ｔｈａｔ ｎｏｒｍａｌｌｙ ｗｏｕｌｄ ｈａｖｅ ｇｏｎｅ ｔｏ Ｓｏｃｉａｌ Ｓｅｃｕｒｉｔｙ ｂｅｉｎｇ ｉｎｖｅｓｔｅｄ ｉｎ ｔｈｅ ｓｔｏｃｋ ｍａｒｋｅｔ. Ｐｒｅｓｉｄｅｎｔ Ｂｕｓｈ ｐｒｏｃｌａｉｍｅｄ ｔｈｅ ｖｉｒｔｕｅｓ ｏｆ ｔｈｅ ｏｗｎｅｒｓｈｉｐ ｓｏｃｉｅｔｙ, ｗｈｉｃｈ ｗａｓ ｍｏｒｅ ｓｔａｂｉｌｉｔｙ ａｎｄ ｐｒｏｓｐｅｒｉｔｙ. Ｈｅ ｐｒｏｐｏｓｅｄ ａ "ｚｅｒｏ-ｄｏｗｎ-ｐａｙｍｅｎｔ ｉｎｉｔｉａｔｉｖｅ" ｔｏ ｂｏｏｓｔ ｈｏｍｅ-ｏｗｎｅｒｓｈｉｐ ｖｉａ ａ ｇｏｖｅｒｎｍｅｎｔ-ｕｎｄｅｒｗｒｉｔｔｅｎ ｐｒｏｇｒａｍ ｅｎａｂｌｉｎｇ ｐｅｏｐｌｅ ｔｏ ｏｂｔａｉｎ ｈｏｍｅ ｍｏｒｔｇａｇｅｓ ｗｉｔｈ ｎｏ ｄｏｗｎ ｐａｙｍｅｎｔｓ. "Ａｍｅｒｉｃａ ｉｓ ａ ｓｔｒｏｎｇｅｒ ｃｏｕｎｔｒｙ ｅｖｅｒｙ ｓｉｎｇｌｅ ｔｉｍｅ ａ ｆａｍｉｌｙ ｍｏｖｅｓ ｉｎｔｏ ａ ｈｏｍｅ ｏｆ ｔｈｅｉｒ ｏｗｎ." Ｔｈｅ ｈｕｇｅ ｏｎｓｌａｕｇｈｔ ｏｆ ｓｕｂ-ｐｒｉｍｅ ｍｏｒｔｇａｇｅ ｌｅｎｄｉｎｇ ｆｏｌｌｏｗｅｄ. Ａｌｌ ｃｏｎｓｔｒａｉｎｔｓ ｗｅｒｅ ｔａｋｅｎ ｏｆｆ, ａｎｄ ｐｒｕｄｅｎｃｅ ｗａｓ ｉｇｎｏｒｅｄ ｉｎ ｔｈｅ ｉｎｔｅｒｅｓｔ ｏｆ ｇａｉｎｉｎｇ ｂｉｇ ｐｒｏｆｉｔｓ. Ｆｏｒ ｎｏ ｐｅｏｐｌｅ ａｒｅ ａｓ ｐｒｏｆｉｔａｂｌｅ ｔｏ ｔｈｅ ｌｏｏｔｉｎｇ ｃｌａｓｓ ａｓ ｔｈｅ ｐｏｏｒ. Ｙｏｕ ｏｗｅ ｔｈｅｍ ｎｏ ｏｂｌｉｇａｔｉｏｎ. Ｔｈｅ Ａｎｇｌｏ-Ｓａｘｏｎ Ｓｙｓｔｅｍ Ｔｈｅ ｈｏｕｓｉｎｇ ｂｕｂｂｌｅ ｗａｓ ｊｕｓｔ ｐａｒｔ ｏｆ ｔｈｅ ｅｃｏｎｏｍｉｃ ｉｎｓｔａｂｉｌｉｔｙ ｃａｕｓｅｄ ｂｙ Ｐｒｅｓｉｄｅｎｔ Ｇｅｏｒｇｅ Ｗ. Ｂｕｓｈ ａｎｄ ｔｈｅ Ｃｏｎｇｒｅｓｓｉｏａｎｌ Ｒｅｐｕｂｌｉｃａｎ Ｐａｒｔｙ, ｗｈｉｃｈ ｔｈｅ ｔａｌｋｉｎｇ ｈｅａｄｓ ａｔ Ｆｏｘ Ｎｅｗｓ ｓｅｅｍ ｔｏ ｆｏｒｇｅｔ ｃｏｎｔｒｏｌｌｅｄ ｔｈｅ Ｕ.Ｓ. Ｈｏｕｓｅ ｏｆ Ｒｅｐｒｅｓｅｎｔａｔｉｖｅｓ ｆｒｏｍ Ｊａｎｕａｒｙ 3, 1995 ｔｏ Ｊａｎｕａｒｙ 3, 2007. Ｔｈｅ Ｃｏｎｇｒｅｓｓｉｏｎａｌ Ｄｅｍｏｃｒａｔｉｃ Ｐａｒｔｙ ｈａｓ ｈａｄ ｃｏｎｔｒｏｌ ｏｆ ｂｏｔｈ ｈｏｕｓｅｓ ｏｆ Ｃｏｎｇｒｅｓｓ (ａｎｄ ｔｈｅ Ｓｅｎａｔｅ, ａｌｗａｙｓ ｂｙ ａ ｐａｐｅｒ-ｔｈｉｎｇ ｍａｒｇｉｎ ｉｎ ｔｈｅ ｆｅｗ ｔｉｍｅｓ ｉｔ ｗａｓ ｉｎ ｔｈｅ ｍａｊｏｒｉｔｙ ｓｉｎｃｅ 1995) ｆｏｒ ｌｅｓｓ ｔｈａｎ ｔｗｏ ｙｅａｒｓ, ｌｅｓｓ ｔｈａｎ ｔｈｅ ｔｉｍｅ ｉｔ ｗｏｕｌｄ ｔａｋｅ ｔｈｅ ｍｏｓｔ ｓｔｒｉｎｇｅｎｔ ａｄｊｕｓｔａｂｌｅ-ｒａｔｅ ｍｏｒｔｇａｇｅ ｔｏ ｒｅａｄｊｕｓｔ ｔｏ ｉｔｓ ｍｏｒｅ ｓｔｒｉｎｇｅｎｔ ｔｅｒｍｓ. Ｆｏｘ Ｎｅｗｓ ａｎｄ ｏｔｈｅｒ ｃｏｇｓ ｉｎ ｔｈｅ ｒｉｇｈｔ-ｗｉｎｇ ｍｅｍｅ ｍａｃｈｉｎｅ ａｒｅ ｌｉａｒｓ. Ｉｎ ｔｈｅ ｅｃｏｎｏｍｙ ａｓ ａ ｗｈｏｌｅ, ｔｈｅ Ｂｕｓｈ 43 Ａｄｍｉｎｉｓｔｒａｔｉｏｎ ｗｅａｋｅｎｅｄ ｏｒ ａｂａｎｄｏｎｅｄ ｉｎｔｅｒｎａｔｉｏｎａｌ ｐｒｏｇｒａｍｓ ｓｕｃｈ ａｓ ｃａｐｉｔａｌ ａｄｅｑｕａｃｙ ｓｔａｎｄａｒｄｓ, ｉｍｐｒｏｖｉｎｇ ｔｒａｎｓｐａｒｅｎｃｙ, ｅｔｃ., ｔｈａｔ ｔｈｅ Ｕｎｉｔｅｄ Ｓｔａｔｅｓ ｈａｄ ｂｅｅｎ ｃｏｍｍｉｔｔｅｄ ｔｏ ａｎｄ ｐｌａｙｅｄ ａ ｋｅｙ ｒｏｌｅ ｉｎ ｐｒｏｍｏｔｉｎｇ ｄｕｒｉｎｇ ｔｈｅ Ｃｌｉｎｔｏｎ ｙｅａｒｓ. Ｏｎｅ ｏｆ ｔｈｅ ｆｉｒｓｔ ｔｈｉｎｇｓ ｔｈｅ Ｂｕｓｈ 43 Ａｄｍｉｎｉｓｔｒａｔｉｏｎ ｄｉｄ ａｆｔｅｒ ｉｔ ｔｏｏｋ ｏｆｆｉｃｅ ｗａｓ ｔｏ ｔｅｒｍｉｎａｔｅ ａｎ ｉｎｔｅｒｎａｔｉｏｎａｌ ｐｕｓｈ, ｓｐｅａｒｈｅａｄｅｄ ｏｖｅｒ ｓｅｖｅｒａｌ ｙｅａｒｓ ｔｉｍｅ ｂｙ ｔｈｅ Ｃｌｉｎｔｏｎ Ａｄｍｉｎｉｓｔｒａｔｉｏｎ ａｎｄ ｔｈｅ Ｊｅａｎ Ｃｈｒéｔｉｅｎ ｇｏｖｅｒｎｍｅｎｔ ｉｎ Ｃａｎａｄａ, ｔｏ ｆｏｒｃｅ ａｎｔｉ-ｍｏｎｅｙ ｌａｕｎｄｅｒｉｎｇ ｒｅｇｕｌａｔｉｏｎｓ ｏｎ ｔｈｅ ｏｆｆｓｈｏｒｅ ｂａｎｋｉｎｇ ｉｎｄｕｓｔｒｙ ｉｎ ｔｈｅ Ｃａｒｉｂｂｅａｎ. Ｔｈｅ Ｃｌｉｎｔｏｎ ａｎｄ Ｃｈｒéｔｉｅｎ ｇｏｖｅｒｎｍｅｎｔｓ ｈａｄ ｂｅｅｎ ｔｒｙｉｎｇ ｔｏ ｓｔｏｐ ｔｈｅ ａｂｕｓｅｓ ｏｆ Ｎｏｒｔｈ Ａｍｅｒｉｃａｎ ｃｏｒｐｏｒａｔｉｏｎｓ ｕｓｉｎｇ ｄｏｍｉｃｉｌｅｓ ｌｉｋｅ ｔｈｅ Ｃａｙｍａｎ Ｉｓｌａｎｄｓ ｔｏ ａｖｏｉｄ ｔａｘｅｓ ａｎｄ ｔｏ ｌａｕｎｄｅｒ ｍｏｎｅｙ. Ｍａｊｏｒ Ｎｏｒｔｈ Ａｍｅｒｉｃａｎ ｃｏｒｐｏｒａｔｉｏｎｓ ｈａｖｅ ａｎ ｅｃｏｎｏｍｉｃ ｉｎｃｅｎｔｉｖｅ ｔｏ ｏｆｆｓｈｏｒｅ ｔｈｅｉｒ ｌｅｇａｌ ｄｏｍｉｃｉｌｅｓ ｔｏ ａｖｏｉｄｅｄ ｐａｙｉｎｇ ｔａｘｅｓ. Ｈｏｗｅｖｅｒ, ｔｈａｔ ｗａｓｎ'ｔ ｔｈｅ ｃｈｉｅｆ ｒｅａｓｏｎ ｆｏｒ ｔｈｅ ｐｕｓｈ: ａｌｔｈｏｕｇｈ ｔｈｅ ｆｉｎａｎｃｉａｌ ｃｈｉｃａｎｅｒｙ ｏｆ ｃｏｒｐｏｒａｔｉｏｎｓ ｗａｓ ａ ｍａｊｏｒ ｆａｃｔｏｒ ｉｎ ｔｈｅ ｃｒａｃｋｄｏｗｎ, ｍｏｒｅ ｉｍｐｅｒａｔｉｖｅ ｗａｓ ｔｈｅ ｋｅｙ ｒｏｌｅ ｔｈａｔ ｏｆｆｓｈｏｒｅ ｂａｎｋｓ ｉｎ ｔｈｅ Ｃａｒｉｂｂｅａｎ ｐｌａｙｅｄ ｉｎ ｔｈｅ ｉｎｔｅｒｎａｔｉｏｎａｌ ｎａｒｃｏｔｉｃｓ ｔｒａｆｆｉｃｋｉｎｇ ｉｎｄｕｓｔｒｙ. Ｔｈｅｓｅ ｂａｎｋｓ ｐｌａｙｅｄ ａ ｋｅｙ ｒｏｌｅ ｉｎ ｌａｕｎｄｅｒｉｎｇ ｄｒｕｇ ｍｏｎｅｙ, ｔｕｒｎｉｎｇ ｉｔ ｉｎｔｏ ｃａｐｉｔａｌ ｔｏ ｂｅ ｒｅｉｎｖｅｓｔｅｄ ｉｎ Ｎｏｒｔｈ Ａｍｅｒｉｃａ ａｎｄ ｅｌｓｅｗｈｅｒｅ. Ｔｏ ｔｈｅ ｃｏｒｐｏｒａｔｅ ｍｏｎｅｙｂａｇｓ ａｎｄ ｆｉｎａｎｃｉｅｒｓ ｓｕｐｐｏｒｔｉｎｇ Ｇｅｏｒｇｅ Ｗ. Ｂｕｓｈ, ｔｈｅ Ｃａｒｉｂｂｅａｎ ａｎｄ ｉｔｓ ｆａｓｔ ａｎｄ ｌｏｏｓｅ ｆｉｎａｎｃｉａｌ ｒｅｇｕｌａｔｉｏｎ ｒｅｇｉｍｅ ｏｆｆｅｒｅｄ ａ ｇｒｅａｔ ｄｅａｌ ｏｆ ｏｐｐｏｒｔｕｎｉｔｙ. Ｉｎ ｔｈｅ ａｒｅａ ｏｆ ｆｉｎａｎｃｉａｌ ｄｅｒｉｖａｔｉｖｅｓ, ｔｈｅ ｒｉｓｋｉｅｓｔ ｉｎｓｔｒｕｍｅｎｔｓ ｒｏｕｔｉｎｅｌｙ ｗｅｒｅ ｒｏｌｌｅｄ ｉｎｔｏ ｏｆｆｓｈｏｒｅ ｃｏｍｐａｎｉｅｓ ｄｏｍｉｃｉｌｅｄ ｉｎ ｐｌａｃｅｓ ｌｉｋｅ ｔｈｅ Ｃａｙｍａｎ Ｉｓｌａｎｄｓ ｔｏ ａｖｏｉｄ ｔｏｏ ｍｕｃｈ ｓｃｒｕｔｉｎｙ. Ｅｖｅｎ ｂｅｆｏｒｅ ｔｈｅ ｆｉｎａｎｃｉａｌ ｍｅｌｔｄｏｗｎ ｉｎ ｔｈｅ Ｓｉｎｇａｐｏｒｅ ｍａｒｋｅｔ ｉｎ ｔｈｅ 1990ｓ, ｔｈｅｒｅ ｗａｓ ａ ｐｅｒｃｅｉｖｅｄ ｎｅｅｄ ｆｏｒ ｍｏｒｅ ｔｒａｎｓｐａｒｅｎｃｙ ｉｎ ｔｈｅ ｉｎｔｅｒｎａｔｉｏｎａｌ ｆｉｎａｎｃｉａｌ ｓｙｓｔｅｍ ａｎｄ ａ ｐｕｓｈ ｔｏ ｐｒｏｍｏｔｅ ｉｔ ｖｉａ ａｃｃｏｕｎｔｉｎｇ ｒｅｇｕｌａｔｏｒｙ ｒｅｆｏｒｍ. Ｔｈｅ "Ａｎｇｌｏ-Ｓａｘｏｎ" ｍｏｄｅｌ ｏｆ ｔｒａｎｓｐａｒｅｎｃｙ ｗａｓ ｂｅｉｎｇ ｐｒｏｍｏｔｅｄ, ｔｏ ｂｅｃｏｍｅ ｔｈｅ ｓｔａｎｄａｒｄ ｆｏｒ ｔｈｅ ｗｏｒｌｄ. Ｆｏｒ ｔｈｅｒｅ ｔｏ ｂｅ ｒａｔｉｏｎａｌ ｃａｐｉｔａｌ ｍｏｖｅｍｅｎｔｓ, ｔｈｅｒｅ ｈａｄ ｔｏ ｂｅ ｒａｔｉｏｎａｌ ａｃｃｏｕｎｔｉｎｇ ａｎｄ ｒｅｇｕｌａｔｏｒｙ ｓｔａｎｄａｒｄｓ. Ｉｔ ｗａｓ ｆｅｌｔ ｔｈａｔ ｉｍｐｏｓｉｎｇ ｓｔｒｉｃｔｅｒ ａｃｃｏｕｎｔｉｎｇ ｓｔａｎｄａｒｄｓ, ｔｈｅ "Ａｎｇｌｏ-Ｓａｘｏｎ Ｓｙｓｔｅｍ" ｐｒｅｖａｌｅｎｔ ｉｎ ｔｈｅ Ａｕｓｔｒａｌｉａ, Ｂｒｉｔａｉｎ, Ｃａｎａｄａ ａｎｄ ｔｈｅ Ｕ.Ｓ., ｏｎ ｔｈｅ ｍａｒｋｅｔｓ ｏｆ ｔｈｅ ｄｅｖｅｌｏｐｉｎｇ ｗｏｒｌｄ ｗｏｕｌｄ ｐｒｅｖｅｎｔ ａｎｏｔｈｅｒ ｂｌｏｗ-ｏｕｔ, ｓｕｃｈ ａｓ ｔｈｅ Ａｓｉａｎ Ｔｉｇｅｒｓ ｅｘｐｅｒｉｅｎｃｅｄ. Ｔｈｅｉｒ ｆｉｎａｎｃｉａｌ ａｃｃｏｕｎｔｉｎｇ ｓｔａｎｄａｒｄｓ ｗｅｒｅ ｔｏｏ ｏｐａｑｕｅ, ｍａｋｉｎｇ ｉｔ ｄｉｆｆｉｃｕｌｔ ｔｏ ａｃｃｕｒａｔｅｌｙ ａｓｓｅｓｓ ｔｈｅ ｖａｌｕｅ ｏｆ ａ ｓｔｏｃｋ. Ｂｉ-Ｐａｒｔｉｓａｎ Ｓｕｐｐｏｒｔ ｆｏｒ Ｄｅｒｅｇｕｌａｔｉｏｎ Ｔｈｉｓ ｗａｓ ａ ｄｅｃａｄｅ ａｇｏ, ｂｅｆｏｒｅ ｔｈｅ ｏｎｓｌａｕｇｈｔ ｏｆ ｄｅｒｅｇｕｌａｔｉｏｎ ｔｈａｔ ｂｅｇａｎ ｗｉｔｈ ｔｈｅ Ｒｅｐｕｂｌｉｃａｎ Ｃｏｎｇｒｅｓｓ ｉｎ ｔｈｅ Ｂｉｌｌ Ｃｌｉｎｔｏｎ ａｄｍｉｎｉｓｔｒａｔｉｏｎ, ｗｈｉｃｈ ｂｅｃａｍｅ ａ ｔｓｕｎａｍｉ ｉｎ ｔｈｅ Ｂｕｓｈ 43 Ａｄｍｉｎｉｓｔｒａｔｉｏｎ. Ｔｈｅｓｅ ａｒｅ ｔｗｏ ｄｉｆｆｅｒｅｎｔ ｅｒａｓ. Ｗｈｏ ｃａｎ ｎｏｗ ｓａｙ ｔｈａｔ ｔｈｅ Ａｎｇｌｏ-Ｓａｘｏｎ ｓｙｓｔｅｍ ｉｓ ａ ｂｅｔｔｅｒ ｓｙｓｔｅｍ, ｏｒ ｉｓ ｎｏｗ ｅｖｅｎ ｖｉａｂｌｅ ｉｎ ｔｈｅ Ｕｎｉｔｅｄ Ｓｔａｔｅｓ ｏｒ ｏｔｈｅｒ ｆｉｒｓｔ ｗｏｒｌｄ ｃｏｕｎｔｒｉｅｓ? Ｔｈｅ ｌｏｏｓｅｎｉｎｇ ｏｆ ｆｉｎａｎｃｉａｌ ｒｅｇｕｌａｔｉｏｎ ｄｕｒｉｎｇ ｔｈｅ Ｂｕｓｈ 43 Ａｄｍｉｎｉｓｔｒａｔｉｏｎ ｈａｓ ｂｅｅｎ ａ ｍａｊｏｒ ｐａｒｔ ｏｆ ｓｏｗｉｎｇ ｔｈｅ ｓｅｅｄｓ ｏｆ ｔｈｅ ｃｕｒｒｅｎｔ ｍｅｌｔｄｏｗｎ. Ｉｔ ｉｓ ｔｒｕｅ ｔｈａｔ Ｐｒｅｓｉｄｅｎｔ Ｂｉｌｌ Ｃｌｉｎｔｏｎ ｓｉｇｎｅｄ ｏｆｆ ｏｎ ｄｅｒｅｇｕｌａｔｉｏｎ ｏｆ ｔｈｅ ｆｉｎａｎｃｉａｌ ｉｎｄｕｓｔｒｙ, ｂｕｔ ｉｔ ｍｕｓｔ ｂｅ ａｓｓｕｍｅｄ ｔｈａｔ Ｃｌｉｎｔｏｎ ｄｉｄ ｓｏ ｏｎ ｔｈｅ ｐｒｏｖｉｓｏ ｓｏｍｅ ｇｒｏｕｎｄ ｒｕｌｅｓ ｗｅｒｅ ｇｏｉｎｇ ｔｏ ｂｅ ｐｕｔ ｉｎ ｐｌａｃｅ. Ｔｈｅ Ｃｌｉｎｔｏｎ Ａｄｍｉｎｉｓｔｒａｔｉｏｎ ｗａｓ ａ ｆｏｒｃｅ ｆｏｒ ｐｒｏｍｏｔｉｎｇ ｓｔｒｉｃｔｅｒ ｆｉｎａｎｃｉａｌ ａｃｃｏｕｎｔｉｎｇ ｒｅｇｕｌａｔｉｏｎｓ ｉｎｔｅｒｎａｔｉｏｎａｌｌｙ. Ｉｔ ｗａｓ ｎｏｔ Ｂｉｌｌ Ｃｌｉｎｔｏｎ'ｓ ｆａｕｌｔ ｔｈａｔ ｔｈｅ Ｂｕｓｈ 43 Ａｄｍｉｎｉｓｔｒａｔｉｏｎ ｈａｍｓｔｒｕｎｇ ａｎｙ ｅｆｆｏｒｔｓ ｔｏ ｅｎｆｏｒｃｅ ｓａｎｅ ｂｕｓｉｎｅｓｓ ｐｒａｃｔｉｃｅｓ ｉｎ ｔｈｅ Ｕｎｉｔｅｄ Ｓｔａｔｅｓ. Ａｌｌｏｗｉｎｇ ｒｉｓｋｉｅｒ ｉｎｖｅｓｔｍｅｎｔ ｖｅｈｉｃｌｅｓ ｂａｎｎｅｄ ｆｏｒ ｎｅａｒｌｙ ｔｈｒｅｅ-ｑｕａｒｔｅｒｓ ｏｆ ａ ｃｅｎｔｕｒｙ ａｓ ｄｅｓｔａｂｉｌｉｚｉｎｇ ｓｐｅｃｕｌａｔｉｏｎ ｔｈａｔ ｔｕｒｎｓ ａ ｓｔｏｃｋ ｍａｒｋｅｔ ａｎｄ ａ ｆｉｎａｎｃｉａｌ ｓｙｓｔｅｍ ｉｎｔｏ ａ ｃａｓｉｎｏ ｗｏｕｌｄ ｒｅｑｕｉｒｅ ｍｏｒｅ ｔｒａｎｓｐａｒｅｎｃｙ, ｓｔｒｉｃｔｅｒ ｆｉｎａｎｃｉａｌ ａｃｃｏｕｎｔｉｎｇ ｓｔａｎｄａｒｄｓ. Ｔｈｅ Ｂｕｓｈ 43 Ａｄｍｉｎｉｓｔｒａｔｉｏｎ ｃｏｍｐｌｉｍｅｎｔｅｄ ｔｈｅ ｎｅｗ, ｒｉｓｋｉｅｒ ｅｎｖｉｒｏｎｍｅｎｔ ｂｙ ｈｅｉｇｈｔｅｎｉｎｇ ｔｈｅ ｒｉｓｋ ｂｙ ａｌｌｏｗｉｎｇ ａｃｃｏｕｎｔｉｎｇ ｒｅｇｕｌａｔｉｏｎ ｔｏ ｌａｐｓｅ. Ｂｉｌｌ Ｃｌｉｎｔｏｎ ｌｉｋｅｌｙ ｅｎｖｉｓｉｏｎｅｄ ｄｅｒｅｇｕｌａｔｉｏｎ ｏｆ ｔｈｅ ｆｉｎａｎｃｉａｌ ｍａｒｋｅｔｓ ｈａｐｐｅｎｉｎｇ ｈａｎｄ ｉｎ ｈａｎｄ ｗｉｔｈ ｔｈｅ ｅｎｆｏｒｃｅｍｅｎｔ ｏｆ ｂｅｔｔｅｒ ａｃｃｏｕｎｔｉｎｇ ａｎｄ ｄｉｓｃｌｏｓｕｒｅ ｓｔａｎｄａｒｄｓ ｔｏ ａｍｅｌｉｏｒａｔｅ ｔｈｅ ｈｅｉｇｈｔｅｎｅｄ ｒｉｓｋ ｉｎｈｅｒｅｎｔ ｉｎ ｔｈｅ ｆｉｎａｎｃｉａｌ ｉｎｄｕｓｔｒｙ ｂｅｉｎｇ ａｌｌｏｗｅｄ ｔｏ ｕｓｅ ｎｅｗ ｆｉｎａｎｃｉａｌ ｐｒｏｄｕｃｔｓ. Ｇｅｏｒｇｅ Ｗ. Ｂｕｓｈ, ａ ｍｅｎｔａｌ ａｎｄ ｍｏｒａｌ ｍｉｄｇｅｔ ｄｅｄｉｃａｔｅｄ ｏｎｌｙ ｔｏ ｔｈｅ ｏｂｔａｉｎｉｎｇ ａｎｄ ｋｅｅｐｉｎｇ ｏｆ ｐｏｌｉｔｉｃａｌ ｐｏｗｅｒ, ｗｈｏ ｗａｓ ｄｅｅｐｌｙ ｃｏｍｍｉｔｔｅｄ ｔｏ ｄｅｒｅｇｕｌａｔｉｏｎ ｉｎ ａｌｌ ｉｔｓ ｆｏｒｍｓ (ｓｕｃｈ ａｓ ｄｅｓｔｒｕｃｔｉｏｎ ｏｆ ｔｈｅ Ｆｏｏｄ & Ｄｒｕｇ Ａｄｍｉｎｉｓｔｒａｔｉｏｎ, ｔｈｅ Ｏｃｃｕｐａｔｉｏｎａｌ Ｓａｆｅｔｙ & Ｈｅａｌｔｈ Ａｄｍｉｎｉｓｔｒａｔｉｏｎ, ｅｔｃ.), ｄｉｄ ｎｏｔｈｉｎｇ ｔｏ ｅｎｓｕｒｅ ｔｈａｔ ｔｈｅ ｆｉｎａｎｃｉａｌ ｉｎｄｕｓｔｒｙ ｈｅｉｇｈｔｅｎｅｄ ｉｔｓ ｔｒａｎｓｐａｒｅｎｃｙ ｏｒ ｉｍｐｒｏｖｅｄ ｉｔｓ ａｃｃｏｕｎｔｉｎｇ ｓｔａｎｄａｒｄｓ; ｒａｔｈｅｒ, ｈｅ ｄｉｄ ｔｈｅ ｏｐｐｏｓｉｔｅ. Ｔｈａｔ ｔｈｅ Ｂｕｓｈ 43 Ａｄｍｉｎｉｓｔｒａｔｉｏｎ ｈｅｉｇｈｔｅｎｅｄ ｔｈｅ ａｌｒｅａｄｙ ｓｎｏｗｂａｌｌｉｎｇ ｒｉｓｋ ｉｎｈｅｒｅｎｔ ｉｎ ｔｈｅ ｎｅｗ ｐｒｏｄｕｃｔｓ ｂｙ ｉｎｔｅｒｐｒｅｔｉｎｇ ｄｅｒｅｇｕｌａｔｉｏｎ ｎｏｔ ｓｉｍｐｌｙ ａｓ ａｌｌｏｗｉｎｇ ｎｅｗ, ｒｉｓｋｉｅｒ ｐｒｏｄｕｃｔｓ, ｂｕｔ ｂｙ ｓｉｍｕｌｔａｎｅｏｕｓｌｙ ｌｏｏｓｅｎｉｎｇ ｆｅｄｅｒａｌ ｒｅｇｕｌａｔｉｏｎ. (Ｔｈｅ ｄｅｓｔｒｕｃｔｉｏｎ ｏｆ ｔｈｅ ｒｅｇｕｌａｔｏｒｙ ｅｎｖｉｒｏｎｍｅｎｔ ｏｎ Ｗａｌｌ Ｓｔ. ｉｓ ｉｒｏｎｉｃ, ａｓ Ｇｅｏｒｇｅ Ｗ. Ｂｕｓｈ'ｓ ｆａｔｈｅｒ ｔｏｏｋ ｔｈｅ ｏｐｐｏｓｉｔｅ ｔａｃｋ ｗｈｅｎ ｈｅ ｗａｓ Ｐｒｅｓｉｄｅｎｔ, ｔｉｇｈｔｅｎｉｎｇ ｕｐ ｓｔａｎｄａｒｄｓ ａｆｔｅｒ ｔｈｅ ｌａｘｉｔｙ ｏｆ ｔｈｅ Ｒｅａｇａｎ ｙｅａｒｓ. Ｍａｎｙ ａ ｆｉｎａｎｃｉｅｒ ｗｈｏ ｓｔａｒｔｅｄ ａｎ ａｕｄａｃｉｏｕｓ ｓｃｈｅｍｅ ｄｕｒｉｎｇ ｔｈｅ ｌａｔｔｅｒ Ｒｅａｇａｎ ｙｅａｒｓ ｗｏｕｎｄ ｕｐ ｉｎ ｊａｉｌ ｄｕｒｉｎｇ ｔｈｅ Ｂｕｓｈ 41 Ａｄｍｉｎｉｓｔｒａｔｉｏｎ, ｓｕｃｈ ａｓ Ｍｉｋｅ Ｍｉｌｋｅｎ.) Ｔｈｅ ｐｏｉｎｔ ｉｓ, ｔｈｅ ｆｉｎａｎｃｉａｌ ｉｎｄｕｓｔｒｙ'ｓ ｒｏｃｋｅｔ ｓｃｉｅｎｔｉｓｔｓ ｗｅｒｅ ｖｉｒｔｕａｌｌｙ ｇｉｖｅｎ ａ ｇｒｅｅｎ ｌｉｇｈｔ ｂｙ Ｂｕｓｈ, Ｓｅｎａｔｏｒ Ｐｈｉｌ Ｇｒａｍｍ (Ｃｈａｉｒ ｏｆ ｔｈｅ Ｓｅｎａｔｅ Ｂａｎｋｉｎｇ Ｃｏｍｍｉｔｔｅｅ), ａｎｄ Ｓｅｎａｔｏｒ Ｊｏｈｎ ＭｃＣａｉｎ (ｃｈａｉｒｍａｎ ｏｆ ｔｈｅ Ｓｅｎａｔｅ Ｃｏｍｍｅｒｃｅ Ｃｏｍｍｉｔｔｅｅ), ｓｏ ｔｈｅｙ ｗｅｎｔ ｏｎ ａ ｒａｍｐａｇｅ. Ｗｈｙ ｎｏｔ? Ｔｈｅｙ ｄｉｄ ｎｏｔｈｉｎｇ ｉｌｌｅｇａｌ. Ｅｖｅｒｙｔｈｉｎｇ ｗａｓ ｗｉｔｈｉｎ ｔｈｅ ｒｕｌｅｓ. Ｆｏｒ ｔｈｅｒｅ ｗｅｒｅ ｎｏ ｌｏｎｇｅｒ ａｎｙ ｒｕｌｅｓ. Ｉｎａｄｅｑｕａｔｅ Ｐｒｅｓｉｄｅｎｔ, Ｉｎａｄｅｑｕａｔｅ Ｏｖｅｒｓｉｇｈｔ Ｔｈｅ ｉｎａｄｅｑｕａｔｅ ｏｖｅｒｓｉｇｈｔ ｏｆ ｔｈｅ ｅｃｏｎｏｍｙ ｉｓ ｒｏｏｔｅｄ ｉｎ ｔｈｅ ｉｎａｄｅｑｕａｃｙ ｏｆ ｔｈｅ Ｃｈｉｅｆ Ｅｘｅｃｕｔｉｖｅ ｏｆ Ｕ.Ｓ.Ａ., Ｉｎｃ., ｗｈｏ -- ｉｒｏｎｉｃａｌｌｙ -- ｉｓ ｔｈｅ ｏｎｌｙ Ｐｒｅｓｉｄｅｎｔ ｔｏ ｅｖｅｒ ｈａｖｅ ａ Ｍａｓｔｅｒｓ ｏｆ Ｂｕｓｉｎｅｓｓ Ａｄｍｉｎｉｓｔｒａｔｉｏｎ ｄｅｇｒｅｅ. (Ａｓ Ｏｌｉｖｅｒ Ｓｔｏｎｅ'ｓ ｎｅｗ ｍｏｖｉｅ Ｗ ｐｏｉｎｔｓ ｏｕｔ, "Ｊｕｎｉｏｒ" ａｓ ｈｅ ｗａｓ ｔｈｅｎ ｃａｌｌｅｄ ｇｏｔ ｉｎｔｏ Ｈａｒｖａｒｄ Ｂｕｓｉｎｅｓｓ Ｓｃｈｏｏｌ ｄｕｅ ｔｏ ｈｉｓ ｐｏｗｅｒｆｕｌ ｆａｔｈｅｒ'ｓ ｃｏｎｎｅｃｔｉｏｎｓ.) Ｗｈｅｎ ａｓｓｅｓｓｉｎｇ ｔｈｅ ｒｏｌｅ ｏｆ Ｐｒｅｓｉｄｅｎｔ Ｂｉｌｌ Ｃｌｉｎｔｏｎ ａｎｄ ｔｈｅ Ｃｏｎｇｒｅｓｓｉｏｎａｌ Ｄｅｍｏｃｒａｔｉｃ Ｐａｒｔｙ ｉｎ ｔｈｅ ｒｅｃｅｎｔ ｃｒｉｓｉｓ, ｉｔ ｉｓ ｉｍｐｏｒｔａｎｔ ｔｏ ｒｅｍｅｍｂｅｒ ｔｈａｔ Ｃｌｉｎｔｏｎ ａｎｔｉｃｉｐａｔｅｄ ｔｈａｔ Ｖｉｃｅ Ｐｒｅｓｉｄｅｎｔ Ａｌ Ｇｏｒｅ ｗｏｕｌｄ ｔａｋｅ ｔｈｅ ｂａｔｏｎ ｆｒｏｍ ｈｉｍ ｉｎ 2001. Ｄｕｅ ｔｏ ｔｈｅ ｐｒｅｓｔｉｄｉｇｉｔａｔｉｏｎ ｏｆ ａ ｒｅａｃｔｉｏｎａｒｙ Ｓｕｐｒｅｍｅ Ｃｏｕｒｔ ｉｇｎｏｒｉｎｇ 200 ｙｅａｒｓ ｏｆ ｐｒｅｃｅｄｅｎｔ ｄａｔｉｎｇ ｂａｃｋ ｔｏ ｔｈｅ Ｅｌｅｃｔｉｏｎ ｏｆ 1800, Ｇｅｏｒｇｅ Ｗ. Ｂｕｓｈ ｂｅｃａｍｅ Ｃｈｉｅｆ Ｅｘｅｃｕｔｉｖｅ ｏｆ Ｕ.Ｓ.Ａ., Ｉｎｃ. Ｇｅｏｒｇｅ Ｗ. Ｂｕｓｈ, ｔｗｏ-ｔｉｍｅ ｂａｎｋｒｕｐｔ ａｎｄ ａｌｌ-ａｒｏｕｎｄ ｆａｉｌｕｒｅ, ｒｅｐｏｒｔｅｄｌｙ ｔｈｅ ｏｎｌｙ ｍａｎ ｅｖｅｒ ｔｏ ｄｒｉｌｌ ｎｏｔ ｏｎｅ ｂｕｔ ｔｗｏ ｄｒｙ ｈｏｌｅｓ ｉｎ Ｓａｕｄｉ Ａｒａｂｉａ, ｃｏｎｃｅｓｓｉｏｎｓ ｇｉｖｅｎ ｔｏ ｈｉｍ ｔｏ ｃｕｒｒｙ ｆａｖｏｒ ｗｉｔｈ ｈｉｓ ｆａｔｈｅｒ. Ｇｅｏｒｇｅ Ｗ. Ｂｕｓｈ, ｗｈｏ ｗａｓ ｇｉｖｅｎ ａ ｍａｊｏｒ ｓｔａｋｅ ｉｎ ａ ｂａｓｅｂａｌｌ ｔｅａｍ ｔｈａｔ ｍａｄｅ ｈｉｍ ａ ｍｕｌｔｉｍｉｌｌｉｏｎａｉｒｅ ｉｎ ｏｒｄｅｒ ｔｏ ｃｕｒｒｙ ｆａｖｏｒ ｗｉｔｈ ｈｉｓ ｆａｔｈｅｒ, ｔｈｅ Ｐｒｅｓｉｄｅｎｔ. Ｇｅｏｒｇｅ Ｗ. Ｂｕｓｈ, ｗｈｏ ｇｒｅｗ ｕｐ ｉｎ ｔｈｅ ｓｈａｄｏｗ ｏｆ ｈｉｓ ｇｒａｎｄｆａｔｈｅｒ (Ｕ.Ｓ. Ｓｅｎａｔｏｒ Ｐｒｅｓｃｏｔｔ Ｂｕｓｈ, ａ ｐａｒｔｎｅｒ ｉｎ Ｂｒｏｗｎ Ｂｒｏｓ. Ｈａｒｒｉｍａｎ), ｈｉｓ ｆａｔｈｅｒ (Ｇｅｏｒｇｅ Ｈ.Ｗ. Ｂｕｓｈ, ｗａｒ ｈｅｒｏ, ｓｕｃｃｅｓｓｆｕｌ ｂｕｓｉｎｅｓｓｍａｎ, ｔｗｏ-ｔｅｒｍ Ｃｏｎｇｒｅｓｓｍａｎ, Ｃｈａｉｒ ｏｆ ｔｈｅ Ｒｅｐｕｂｌｉｃａｎ Ｎａｔｉｏｎａｌ Ｃｏｍｍｉｔｔｅｅ, ｈｅａｄ ｏｆ ｔｈｅ Ｃ.Ｉ.Ａ., ｆｉｒｓｔ ａｍｂａｓｓａｄｏｒ ｔｏ ｔｈｅ Ｐｅｏｐｌｅ'ｓ Ｒｅｐｕｂｌｉｃ ｏｆ Ｃｈｉｎａ, Ｖｉｃｅ Ｐｒｅｓｉｄｅｎｔ ａｎｄ Ｐｒｅｓｉｄｅｎｔ ｏｆ ｔｈｅ Ｕｎｉｔｅｄ Ｓｔａｔｅｓ), ａｎｄ ｅｖｅｎ ｈｉｓ ｂｒｏｔｈｅｒ Ｊｅｂ (Ｐｈｉ Ｂｅｔａ Ｋａｐｐａ, Ｙａｌｅ Ｕｎｉｖｅｒｓｉｔｙ, ｗｈｅｒｅ "Ｗ" ｇｏｔ ｈｉｓ ｇｅｎｔｌｅｍａｎｌｙ Ｃ'ｓ). Ａ ｍａｎ ｗｈｏｓｅ ｒｅａｌ ｄｒｅａｍ ｗａｓ ｎｏｔ ｔｏ ｂｅ Ｐｒｅｓｉｄｅｎｔ ｏｆ ｔｈｅ Ｕｎｉｔｅｄ Ｓｔａｔｅｓ, ｂｕｔ ｔｏ ｂｅ ｔｈｅ Ｃｏｍｍｉｓｓｉｏｎｅｒ ｏｆ Ｂａｓｅｂａｌｌ, ａ ｐｏｓｉｔｉｏｎ ｈｉｓｔｏｒｉｃａｌｌｙ ｗｈｏｓｅ ｐｏｓｉｔｉｏｎ-ｈｏｌｄｅｒ ｅｓｓｅｎｔｉａｌｌｙ ｉｓ ａ ｄｕｐｅ ｆｏｒ ｂａｓｅｂａｌｌ ｔｅａｍ ｏｗｎｅｒｓ. Ｗ ｄｉｄ ｂｅａｔ ｈｉｓ ｂｒｏｔｈｅｒ Ｊｅｂ ｔｏ ｔｈｅ ｇｏｖｅｒｎｏｒ'ｓ ｍａｎｓｉｏｎ: ＩＮ 1994, ｗｈｅｎ Ｊｅｂ ｌｏｓｔ ｈｉｓ ｂｉｄ ｔｏ ｂｅｃｏｍｅ ｇｏｖｅｒｎｏｒ ｏｆ Ｆｌｏｒｉｄａ, Ｗ ｗｏｎ ｈｉｓ ｇｕｂｅｒｎａｔｏｒｉａｌ ｂｉｄ ｉｎ ｔｈｅ Ｌｏｎｅ Ｓｔａｒ Ｓｔａｔｅ. Ｈｏｗｅｖｅｒ, ｔｈｅ ｇｏｖｅｒｎｏｒ ｏｆ Ｔｅｘａｓ ｉｓ ａ ｖｉｒｔｕａｌ ｆｉｇｕｒｅｈｅａｄ ｐｏｓｉｔｉｏｎ, ｌｉｋｅ ｔｈｅ Ｐｒｅｓｉｄｅｎｔ ｏｆ Ｉｓｒａｅｌ. Ｔｈｅ Ｔｅｘａｓ ｌｅｇｉｓｌａｔｕｒｅ ｉｓ ｒｕｎ ｂｙ ｔｈｅ Ｌｉｅｕｔｅｎａｎｔ Ｇｏｖｅｒｎｏｒ. Ａｓ ｇｏｖｅｒｎｏｒ, Ｗ ｐｒｏｖｅｄ ｔｏ ｂｅ ａｎ ａｍｉａｂｌｅ ｂｏｏｂ ｗｈｏ ａｌｌｏｗｅｄ ｔｈｅ ｌｉｅｕｔｅｎａｎｔ ｇｏｖｅｒｎｏｒ, ａ Ｄｅｍｏｃｒａｔ, "ｍａｋｅ ｈｉｍ ｌｏｏｋ ｇｏｏｄ." Ｊｅｂ Ｂｕｓｈ, ｔｈｅ ｍｏｒｅ ｌｉｋｅｌｙ Ｐｒｅｓｉｄｅｎｔｉａｌ ｔｉｍｂｅｒ, ｆｉｎａｌｌｙ ｇｏｔ ｅｌｅｃｔｅｄ ｇｏｖｅｒｎｏｒ ｏｆ Ｆｌｏｒｉｄａ ｉｎ 1998, ｔｈｅ ｙｅａｒ ｈｉｓ ｂｒｏｔｈｅｒ Ｗ ｗｏｎ ｒｅｅｌｅｃｔｉｏｎ. Ｂｙ ｔｈｅ ｔｉｍｅ ｔｈｅ 2000 Ｐｒｅｓｉｄｅｎｔｉａｌ ｓｅａｓｏｎ ｗａｓ ｃｏｍｉｎｇ ａｒｏｕｎｄ, ｔｈｅ Ｐｏｗｅｒｓ-ｔｈａｔ-Ｂｅ ｉｎ ｔｈｅ Ｒｅｐｕｂｌｉｃａｎ Ｐａｒｔｙ ｗｅｒｅ ｌｏｏｋｉｎｇ ｆｏｒ ａ ｃｏｎｓｅｎｓｕｓ ｃａｎｄｉｄａｔｅ. Ａｎｄ ｔｈｅｙ ｔｕｒｎｅｄ ｔｏ ｔｈｅ ａｍｉａｂｌｅ ｂｏｏｂ ｆｒｏｍ Ｔｅｘａｓ, Ｇｅｏｒｇｅ Ｗ. Ｂｕｓｈ. Ｉｔ ｗａｓ ｆｅｌｔ ｔｈａｔ ｈｅ ｃｏｕｌｄ ｓｐａｎ ｔｈｅ ｂｌｏｃｋｓ ｏｆ ｔｈｅ Ｇｒａｎｄ Ｏｌｄ Ｐａｒｔｙ, ｔｈｅ Ｅａｓｔｅｒｎ Ｅｓｔａｂｌｉｓｈｍｅｎｔ ａｒｉｓｔｏｃｒａｃｙ ａｎｄ Ｓｕｎ Ｂｅｌｔ ｐａｔｒｉｃｉａｎｔｅ -- ｔｗｏ ｃａｍｐｓ ｔｈａｔ ｈｉｓ ｆａｔｈｅｒ, Ｇｅｏｒｇｅ Ｈ.Ｗ. Ｂｕｓｈ, ｈａｄ ｈａｄ ａ ｆｏｏｔ ｉｎ, ａｎｄ ｔｈｅ ｒｅａｃｔｉｏｎａｒｙ Ｅｖａｎｇｅｌｉｃａｌ Ｃｈｒｉｓｔｉａｎｓ ｔｈａｔ ｈｅ, ａｓ ｓｏｍｅｏｎｅ ｗｈｏ ｈａｄ ｂｅｅｎ ｐｕｂｌｉｃｌｙ "Ｂｏｒｎ Ａｇａｉｎ," ｃｏｕｌｄ ａｐｐｅａｌ ｔｏ. Ａｌｏｎｇ ｗｉｔｈ ａ ｂｏｏｓｔ ｆｒｏｍ ａ ｒｅａｃｔｉｏｎａｒｙ Ｓｕｐｒｅｍｅ Ｃｏｕｒｔ, ｉｔ ｗｏｒｋｅｄ. Ｔｈｉｓ ｉｓ ｔｈｅ ｍａｎ ｔｈａｔ ｄｉｄ ｎｏｔ ｐｕｔ ａｉｒｐｏｒｔｓ ｏｎ ｈｉｇｈ ａｌｅｒｔ ｉｎ ｔｈｅ ｆｉｒｓｔ ｗｅｅｋｓ ｏｆ Ｓｅｐｔｅｍｂｅｒ 2001, ｔｈｏｕｇｈ ｔｈｅ #2 ａｌ Ｑａｅｄａ ｏｐｅｒａｔｏｒ ｉｎ ｔｈｅ ｗｏｒｌｄ ｈａｄ ｂｅｅｎ ｂｕｓｔｅｄ ｉｎ Ｔｏｒｏｎｔｏ ａｔ ｔｈｅ ｅｎｄ ｏｆ Ａｕｇｕｓｔ ａｎｄ ＣＩＡ (ｗｈｉｃｈ ｌｉｋｅｌｙ ｈａｄ ｂｅｅｎ ｉｎ ｏｎ ｔｈｅ ｏｐｅｒａｔｉｏｎ ｗｉｔｈ ｔｈｅ Ｃａｎａｄｉａｎ ｓｅｃｒｅｔ ｓｅｒｖｉｃｅｓ) ｔｏｌｄ ｔｈｅ Ｏｆｆｉｃｅ ｏｆ ｔｈｅ Ｐｒｅｓｉｄｅｎｔ ａ ｍａｊｏｒ ｔｅｒｒｏｒｉｓｔ ｓｔｒｉｋｅ ｗａｓ ｉｍｍｉｎｅｎｔ. Ｙｅｔ, Ｂｕｓｈ ｄｉｄ ｎｏｔ ａｃｔ ａｓ ｉｔ ｗｏｕｌｄ ｈａｖｅ ｐｕｔ ａ ｆｉｎａｎｃｉａｌ ｂｕｒｄｅｎ ｏｎ ｔｈｅ ａｉｒｐｏｒｔ ｏｐｅｒａｔｏｒｓ, ｗｈｏ ｈａｄ ｌｏｂｂｉｅｄ ｈｉｓ ａｄｍｉｎｉｓｔｒａｔｉｏｎ ｆｏｒ ａ ｌｏｏｓｅｎｉｎｇ ｏｆ ｓｅｃｕｒｉｔｙ ｒｅｇｕｌａｔｉｏｎ ｂｅｃａｕｓｅ ｔｈｅ ｈｅｉｇｈｔｅｎｅｄ ｏｐｅｒａｔｉｎｇ ｅｘｐｅｎｓｅｓ ｗｅｒｅ ｒｅｄｕｃｉｎｇ ｐｒｏｆｉｔｓ. Ｉｆ ｂｒａｉｎｓ ｗｅｒｅ ｅｌｅｃｔｒｉｃｉｔｙ, Ｇｅｏｒｇｅ Ｗ. Ｂｕｓｈ ｃｏｕｌｄｎ'ｔ ｓｐａｒｋ ａ ｆｉｒｅｆｌｙ'ｓ ａｒｓｅ! Ｔｈｉｎｋ ｏｆ ｔｈｉｓ: Ｉｎ ｔｈｅ ｌａｔｅ 1990ｓ, ｔｈｅ ｆｉｎａｎｃｉａｌ ｐｒｅｓｓ ｗａｓ ｆｕｌｌ ｏｆ ｓｔｏｒｉｅｓ ａｂｏｕｔ ｔｈｅ ｐｏｏｒ, ｐｏｏｒ Ａｒａｂｓ, ａｎｄ ｈｏｗ ｔｈｅｉｒ ｏｉｌ ｒｅｖｅｎｕｅｓ ｗｅｒｅ ｆａｌｌｉｎｇ ａｎｄ ｔｈｅｉｒ ｐｏｐｕｌａｔｉｏｎｓ ｗｅｒｅ ｉｎｃｒｅａｓｉｎｇ, ａｎｄ ｈｏｗ ｔｈｅｙ ｈａｄ ｏｖｅｒｅｘｔｅｎｄｅｄ ｔｈｅｍｓｅｌｖｅｓ ｗｉｔｈ ｍａｓｓｉｖｅ ｉｎｆｒａｓｔｒｕｃｔｕｒｅ ｐｒｏｊｅｃｔｓ. ＯＰＥＣ ｗｏｎｄｅｒｅｄ ｉｆ ｉｔ ｃｏｕｌｄ ｂｏｏｓｔ ｔｈｅ ｐｒｉｃｅ ｏｆ ａ ｂａｒｒｅｌ ｏｆ ｏｉｌ ｔｏ ｎｏｒｔｈ ｏｆ $30. Ｔｈｅｙ ｗｅｒｅ ｔｈｒｅａｔｅｎｉｎｇ Ｅｕｒｏｐｅ ｔｈｒｏｕｇｈｏｕｔ ｔｈｅ 1990ｓ ｔｈａｔ ｉｆ ｔｈｅｙ ｉｍｐｏｓｅｄ ａ ｃａｒｂｏｎ ｔａｘ, ａｎｄ ｔｈｒｅａｔｅｎｅｄ ｔｏ ｃｕｔ ｔｈｅｉｒ ｏｉｌ ｃｏｎｓｕｍｐｔｉｏｎ, ＯＰＥＣ ｗｏｕｌｄ ｍａｋｅ ｔｈｅｉｒ ｌｉｖｅｓ ｈｅｌｌ ｉｎ ｔｈｅ ｓｈｏｒｔ-ｔｅｒｍ ｂｙ ｂｏｏｓｔｉｎｇ ｐｒｉｃｅｓ ａｒｔｉｆｉｃｉａｌｌｙ. (Ｔｈｉｓ ｗａｓ ｓｏｍｅｔｈｉｎｇ ＯＰＥＣ ｎｅｖｅｒ ｃｏｕｌｄ ｄｕｅ, ｅｘｃｅｐｔ ｆｏｒ ｖｅｒｙ ｓｈｏｒｔ ｐｅｒｉｏｄｓ, ｄｕｅ ｔｏ ｑｕｏｔａ-ｂｕｓｔｅｒｓ.) Ｇｅｏｒｇｅ Ｗ. Ｂｕｓｈ ｈａｓ ｓｅｅｎ ｔｈｅ ｍｏｓｔ ｍａｓｓｉｖｅ ｄｉｖｅｒｓｉｏｎ ｏｆ ａｓｓｅｔｓ ｔｏ ｔｈｅ Ａｒａｂｓ ａｎｄ ｏｔｈｅｒ ＯＰＥＣ ｐｒｏｄｕｃｅｒｓ ｉｎ ｈｉｓｔｏｒｙ. Ｒｕｓｓｉａ'ｓ ｅｃｏｎｏｍｙ ｈａｓ ｂａｌｌｏｏｎｅｄ ｆｒｏｍ $900 ｂｉｌｌｉｏｎ ｉｎ ａｎｎｕａｌ ＧＤＰ ｔｏ $1.7 ｔｒｉｌｌｉｏｎ, ｓｐａｗｎｉｎｇ ａ ｐｌｅｔｈｏｒａ ｏｆ ｏｉｌ ｂｉｌｌｉｏｎａｉｒｅｓ ｏｖｅｒｎｉｇｈｔ ａｎｄ ａ ｒｅｓｕｒｇｅｎｔ Ｃｏｌｄ Ｗａｒｒｉｏｒ ｎａｔｉｏｎ, ｔｈａｔ ｈａｓ ｂｏｏｓｔｅｄ ｉｔｓ ｍｉｌｉｔａｒｙ ｂｕｄｇｅｔ ｂｙ ａ ｆａｃｔｏｒ ｏｆ ｆｏｕｒ. Ｉｆ ｔｈｅ Ａｒａｂｓ ｈａｄ ａｃｔｕａｌｌｙ ｐｒｏｇｒａｍｍｅｄ Ｂｕｓｈ ａｓ ａ Ｍａｎｃｈｕｒｉａｎ ｃａｎｄｉｄａｔｅ, ｔｈｅｙ ｃｏｕｌｄ ｎｏｔ ｈａｖｅ ｄｏｎｅ ｂｅｔｔｅｒ. Ｓｏｕｒｃｅｓ: Ｎｅｗｓｗｅｅｋ, "Ｅｎｄ ｏｆ ｔｈｅ 'Ｏｗｎｅｒｓｈｉｐ Ｓｏｃｉｅｔｙ'" |
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