Former President Carter, who oversaw gross inflation and an energy crisis during his term in office, joined the chorus of folks who saw the deregulation of credit markets as a horrible mistake.
Following the Dow’s 600-point drop, former President Jimmy Carter had some pointed words for the Bush administration on Friday, blaming the current economic crisis on the “atrocious” policies of the past eight years and declaring the economic situation to be an “entrenched problem” that will “take years to correct”.
Former President Jimmy Carter said on Friday the “atrocious economic policies” of the Bush administration had caused the worst global financial crisis since the Great Depression of the 1930s.
Carter told reporters on a stopover in Brussels that “profligate spending,” massive borrowing and dramatic tax cuts since President George W. Bush took office in 2001 were behind the market turmoil and economic crisis.
“I think it’s because of the atrocious economic policies of the Bush administration,” said the 84-year-old Democrat, who served in the White House from 1977-1981 during a period of high inflation and energy crisis.
Whoever wins next month’s U.S. presidential election would inherit economic problems that would force them to postpone implementing some of their proposed reforms, he said.