"How My G.O.P. Destroyed the U.S. Economy."

[txbo]

(MarketWatch) -- "How my G.O.P. destroyed the U.S. economy." Yes, that is exactly what David Stockman, President Ronald Reagan's director of the Office of Management and Budget, wrote in a recent New York Times op-ed piece, "Four Deformations of the Apocalypse."

www.marketwatch.com/story/reagan-insider-gop-destroyed-us-economy-part-2-2011-05-24#

[ed1066]

Dreamworld, dude. Meet reality, please, the Democrats destroyed and are continuing to destroy the US economy, while inviting every illegal alien and terrorist into our motherland...

[Opti]

Ed, meet reality. Both Bush and Obama have welcomed the illegals.

I liked the article although sadly Obama has continued making the problems worse. The last part:

10. Too-greedy-to-fail banks are creating another bigger meltdown
Before the crisis hit in 2007, “the top four banks in this country had $5 trillion of assets combined. After the whole crisis of too-big-to-fail and all of the bailouts, today the top four banks have $7 trillion of asset footings.” Simultaneously, fear has “been generated on Main Street, and the appropriate antipathy that’s developed towards the crony-capitalist policy of bailing out anybody that’s big and strong like GM and Goldman Sachs” has created a new “generation of workers that’s going to be turned into tax slaves … That will have to change … but it will only change when the crisis comes … it’s unavoidable.”

has had me concerned for awhile. This major collapse of housing, the credit markets, etc. should have been a big enough failure to prompt change, but it hasn't prompted near enough.

I thought what he wrote had a lot of merit and if Stockman ran against Obama I'd probably vote for him.
I think he was on target in that capitalism is no longer really practiced in this country.

Politicians have become the new economists. Politicians and their big money backers and lobbyists now rule the American economy like banana-republic dictators. Stockman calls this corrupt system the new “crony capitalism.” The old capitalist economics that made America the world’s greatest superpower no longer exist.

Today, professional economists are no more than hired guns for politicians with myopic ideologies and huge bankrolls that make it easy to justify lying, cheating and stealing from investors, workers, consumers, savers and taxpayers. Capitalism has morphed into a monopoly ruled by politicians who are serving a wealthy elite. Competition is a joke. Democracy is a farce. “We the People” no longer exists.

We the People didn't want TARP. I believe we the people would have been happy with our domestic auto makers restructuring themselves under bankruptcy with little to no help from the government. I bet most of we the people would have been happy to see the same happen to AIG and the big banks.

[privateinvestor]

How My G.O.P. Destroyed the U.S. Economy."


I actually agree with a lot of Stockman's idea...however too bad he doesn't include more answers or suggestions for all of his criticisms of our Federal Budgets... And the few suggestions he does present probably are ignored by the Congressional Budget Committees...they at least ought to give Stockman a chance to appear before them and quiz him on his concerns and proposals...