Ronald Reagan and George W. Bush lacked/lack a real economic and fiscal policy and brought/bring financial disaster to our country and its people. Under Reagan, the Savings and Loan Industry collapsed and the federal government had to bail them out to the tune of $100 billion, which was, of course, paid for by the taxpayers.
Now under George W. Bush, the mortgage and financial industry has collapsed. The housing market has been devastated and foreclosure is at an all time high. And now one of the largest firms on Wall Street, Bear Stearns, has been taken over by J.P. Morgan that was engineered by the federal government with a $30 billion loan. The concern, we are told, was a possible meltdown in the financial market and a run on Bear Stearns trading commitments.
Make no mistake about these two huge problems under Reagan and Bush. They are the direct result of the conservative ideology that corporate America will police itself and that no oversight is needed. It's also the result of corporate America being in bed with conservative Republicans. They know if a problem arises, these so called conservatives will bail them out with taxpayers' money.
All of this and a economy that is going south, declining jobs, and the price of oil continuing to rise at record levels. The stock market is going south and guess who has the money to buy up stocks when they go down. Yea, you are right, the people who control wealth.
In my three part series, The U.S. Economy: Which Party Performs Best, it was pointed out how Reagan, Bush 41, and Bush 43 had/have no economic policy and how their reckless deficit spending has put our country at risk. These three Presidents have put the country and its people in so much debt, we may not be able to recover. The U.S. is now in a financial meltdown. Greed and Conservatism go hand and hand.
George W. Bush spoke before the New York Economic Club last week concerning the state of the economy. He showed his ignorance concerning the economy and what is taking place in America today. This nation and its people must elect a Democratic President in November. If our fiscal house is not put in order soon, we may witness something more than a depression. That will not be pretty.
Don't expect any conservative Republican to reverse the policies of these three presidents. Has anyone heard any Republican talk about the massive debt? They are silent. The only candidate I have heard talk about going back to fiscal responsibility is Senator Clinton. Journalists are so full of hype and caught up in the primaries, they fail to talk about the real issues that face and affect the taxpayers. Lou Dobbs is supposed to be an economic genius, but when is the last time any one heard him talk about deficit spending and debt created by the last three republican presidents? So much for the people who are supposed to be looking out for America. The American people need to start looking out for themselves by electing leaders who know how to solve this mess.
