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Where we are right now is corporate greed allowed to run unchecked. That's what the bush/cheney/McCain type of republican has done for America. I know it's all Clinton's fault for not racking up a huge deficit, and that really, really sticks in the right's craw, but I'm still amazed how you guys can just shine on the last 7 1/2 years as being good for the country.
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The govt has done an excellant job of deflecting who is really responsible for the economic mess we are currently in. Its not business, its govt. Unchecked, unregulated, unaccountible govt. On paper, the banks were deregulated, however, the reality was just the opposite. Banks were told who to loan money to. Banks were threatened with discrimination lawsuits and redling if their loans did not included certain percentages of subprime loans. Govt forced the banks hand. Freddie and Fannie would then purchase these loans and as a GSE, would NOT subject to SEC over sight (run by BHO adviser Frank Raines at the time). Feddie and Fannie then, cooked the books (very similar the what Enron did) to get massive bonues.
Working Group on Extreme Inequality » Fannie, Freddie, and Failure Quote:
Fannie Mae CEO James Johnson was soon pulling in $5 million a year. His successor, Franklin Raines, took just four years to accumulate stock worth $17.4 million and stock options worth an additional $113 million.
To keep these lucrative gravy trains running, Fannie and Freddie execs were willing to do anything, even cook their corporate books to a burnt cinder. At Freddie Mac, CEO Leland Brendsel’s creative accounting manufactured $4.5 billion in phony earnings. At Fannie Mae, $9 billion of accounting “errors” would eventually have to be corrected.
The Fannie and Freddie book cooking would eventually flame into the headlines in 2003 in 2004. Both Freddie’s Brendsel and Fannie’s Raines would end up getting axed. Gently, of course. Brendsel took up retirement residence in a $4.1-million country estate on Maryland’s Eastern Shore. Raines retired with $25 million in pension benefits.
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Looking at your 7 1/2 year premise, look at when things really started to go bad. It was after the Dems took control of congress in 2007. Energy prices skyrocketed and the economy started to unravel. Since them, what has congress (the people that actually write the laws) done about it? Nothing. They let America slip into deeper and deeper economic turmoil. Pelosi, Hoyer and Reid are quick to point fingers, but have done nothing to prevent or help the situation. Why? they want to wreck the economy to get BHO elected. The worse things get, the better BHO is.
So, you have a party willing to wreck the greatest economy the world has ever known, for anticipated political gain. People like to point out that McCain voted 90% with Bush, however, BHO has voted 100% with the Dem party, the party that is responsible for wrecking the economy.
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