Mini-ed (from my recent Huffington Post comment):
The collapse was a two-decade bipartisan collaborative effort in partnership with private enterprise. The root of the collapse of the economy and average family wealth also goes, causally but perhaps coincidentally, back to 1992, the year to which family net worth was reset. That was also the year the real estate bubble really started to take off. We all said, “this can’t last.” Remember?
On paper, homeowners were worth more. Republicans and Democrats alike clapped and cheered. Relaxed and ultimately crazy lending requirements fueled a genuine American Tulip Mania. The whole economy became dependent on future growth for today’s prosperity. ARM’s, derivative speculation and toxic assets were the icing on the cake.
The $1.3 trillion war debt would certainly have helped our recovery effort. Once again, a divided America supported that effort on both sides of the aisle.
It’s time to stop the finger-pointing, roll up our shirtsleeves, and work together to fix this thing. That may require political compromise, something we used to be good at. The only thing that’s stopping us is ourselves.
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