I think (to be fair), there is plenty of blame to go around. It's not just this conservative administration that caused the deregulation. It just seemed the culture of corruption was more pronounced in this one with the amount of greed and lack of oversight that was allowed (albeit even encouraged) under GW.
There are many areas of the economy that fed off of this and we see it from many different perspectives. The trillions missing from the Defense Department didn't just start yesterday.
And banks have been allowed to charge obscene rates for loans, interest and late fees and we have seen the results of brokerages and subsidies and dividends. I guess rather than pointing fingers at parties, we should all be getting a lesson in ethics.
The whole system needs to be redone.
And it touches everyone in society. While the markets fall and credit freezes and Congress gives bailout packages to the banks, insurance companies and the car industry, we have YET to see the bottom of the market as more and more of the common people default on their mortgages and credit cards.
Flame » in reply to re: "Socialism wore down the safeguards...."
re: "Socialism wore down the safeguards...."
The whole thread (33 posts)
- Another phrase headed for extinction in media political discourse...
- Scale, man, scale. Perspective. Think "Abramoff" and follow the links.
- Not to worry, we'll be talking about The Great Republican Depression for a long time (n/t)