The Ultimate Stupidity Of Bush's Economic Policies

[Demeter]

George Bush has done everything except set fires to destroy America's economic system. By removing all regulations set in place during the last Depression, he has set us up for the next one, and it will probably make 1929 look like a blip.

Bush's Recession (and he get full credit for it, even though he had lots of cronies and flunkies to help him in his quest for financial Armageddon) will segue right into Bush's World-wide Depression.

The irony is that Bush also broke the first rule of politics: Idle Hands Make Mischief!

Bush set out to create the largest pool of unemployed and under-employed citizens the country has ever known. Between "free Trade" treaties, illegal aliens, H-1B visas, outsourcing, and the rest, jobs are not to be had by anyone, regardless of education, experience, or any other qualification. All you have to do to get a job in this country is be related to somebody, work for sub-minimum wages and no benefits, live under threat of deportation, or go into crime.

With underemployment running epidemic not only through the lowest class, but also through the professional classes, Bush has set up the nation for a massive Revolution. Lots of educated and angry people will force change--and the longer they are angry, the more permanent a change will be.

The people living off the fat of the land are in great peril now. They may think that George with his Blackwater mercenaries will save them, but there is one great advantage to the 2nd Amendment.

George never touched it. It may be the only thing that stops the madness.

[leftofthedial]

1. To the barricades!

[twiceshy]

3. Not to impose the truth, but Clinton got the ball rolling

Bill Clinton's Repeal of New Deal Banking Regulations and his Role in Today's Mortgage Crisis

By Ralph Brauer | Progressive Historian | 11/27/2007

Many Democrats wish Bill Clinton still occupied the White House. However, before you put him in Mt. Rushmore, you might want to investigate his role in the mortgage foreclosure crisis...

When Franklin Roosevelt took office, both the President and Congress knew the banking crisis demanded immediate action. The result was one of the crown jewels of the New Deal: the Glass-Steagall Act, officially known as the Banking Act of 1933. Glass made sure the bill forbid banks from getting into the investment business. In addition, the bill established the Federal Deposit Insurance Company, which protects our bank deposits...

Billionaire Sanford I. Weill, who according to Louis Uchitelle made "Citigroup into the most powerful financial institution since the House of Morgan a century ago," has what I call the Wall of Me leading to his office, which he has decorated with tributes to him, including a dozen framed magazine covers. A major trophy is the pen Bill Clinton used to sign the repeal of the Glass-Steagall Act, a move which allowed Weill to create Citigroup. Fittingly, Citigroup is a major contributor to guess which current Democratic Presidential candidate?

When Bill Clinton gave that pen to Sanford Weill, it symbolized the ending of the twentieth century Democratic Party that had created the New Deal. Although the 1999 law did not repeal all of the banking Act of 1933, retaining the FDIC, it did once again allow banks to enter the securities business, becoming what some term "whole banks."

The repeal of one of the most important pieces of legislation in this nation's history came about as a result of another Clinton "triangulation," the wobbling attempt to find the middle of the road that has somehow managed to pass for a philosophy with many Democrats for over two decades. As former Clinton former campaign Richard Morris once described it, you move a little to the left, a little to the right. I'd love to hear Clinton give that explanation to a foreclosed home owner today...

Read the complete article at ProgressiveHistorians.com ...

[El Pinko]

2. Bush's policies are the worst, but they've been pretty much the same since Reagan...

Bush just took the Reagan playbook and went all the way with it, but in addition to the public debt, he and the fed stoked a mountain of private debt like the world has never seen, and now the fed is frantically devaluaing the currency in an apparent attempt to inflate away the debt, despite their claims to the contrary.

I don't think Reagan, Bush 1 or Clinton are blameless in this, but Bush 2's irresponsibility is unique in its magnitude.

This man has drained ONE TRILLION DOLLARS from our economy to squander on his idiotic war on Iraq. Just imagine how much stronger our economic foundation would be if he hadn't flushed all that wealth down the toilet...