Both parties are responsbile.

But the common modern liberal narrative is that Bush was wholly responsible for not regulating the banks.

The little tidbit about Schumer and Dodd pushing for the repeal of Glass Steagall is virtually unreported.

The fact that in 1998 there was an opportunity to regulate derivatives and the Clinton administration opposed it.

Bush wanted Fannie and Freddie reformed, but Frank and the CBC played the race card.


Welcome to the forum...

TY...I've been a registered Independent for a long - long time and as such I grow painfully aware and nauseated by consistent 'he said/they said' that has been going on for the past 15+ years by our 2 party system! We are in such a dire need of a complete and total overhaul --- it's almost hopeless and this is causing so much apathy that that alone is what is to blame for our piss poor voter turn out at election time! IMHO But it does make for interesting conversation and since I'm surrounded by a voting block of humans in this state {where our current gov. can't grasp how heinous his fiscal ineptitude has made our states budget crisis and our education situation}...and they had just re-elected this moron; I'm feeling really over whelmed! LUDICROUS that people will vote a straight ticket even when their choice is going to RUIN their state!

Welcome 2O2
Might as well caution you that folks here in Mingle consider me as the regular Dr. Gloom Doom

Anyway, putting the situation in perspective:

US Debt is 18.17 Trillion
GDP 17 Trillion
Interest 2.5 Trillion
Foreign share holding is 46%
Population 318 million


Japanese Debt is 10 Trillion
GDP 5 Trillion
Interest 1.29 Trillion
Foreign share holding is 25%
Japanese population
Population: 128 million (stable)


India’s Debt is below 1 Trillion
GDP 1.8 Trillion
Interest 69 Billion
Population 1.27 Billion (growing)


Greece Debt 375 Bn
GDP 192 Billion
Interest 28 Billion
Population: 11 million

If we consider Greece as benchmark then the ratio of Debt to GDP has to be 2:1 for any serious crisis. The Japanese have hit this ratio but their debt is internal (less than 30% overseas). This means there could be inflation within Japan with no serious reduction in their currency exchange rates.

That is not the situation in the US. Any inflation within and the historically stable dollar takes a lower position and this does not help anybody.

The one man who probably knows how to come out of this and who can motivate the country, Mr. Ross Perot, is 84.

Tough road ahead; for all of us.

The Republican medicine as we know it is like the antidote for snake bite; reduce taxes, start a new investment cycle and don’t allow it to grow to a bubble.

But somehow the initial successes grow out of control.

I think you have valid points and a interesting POV and I enjoy listening to what people that are able to view this quagmire from the outside of this bubble that we dwell in - rather refreshing! And we need to hear your opinion too!
We {Americans} forget that our Imperial Opinion of ourselves in the world isn't always as we THINK IT IS received and as we've most recently shoved our military prowess into Iraq & Afghanistan against the recommendation from the United Nation it has left us with a very tainted image around the world. Hence the very reason that so many of our most recent attempts to play parts in any negotiations about arms/nuclear weapons --- other countries just do not trust us and they really have zero reason to do that too! And it's got nothing to do with the current administration but more to do with the arrogant prior administration and the horrors of Abu Graib prison and the subsequent torture {waterboarding} that we've done to prisoners {we have slid the slippery slope of humanitarian responsibility and there is no turning back! We can't hardly dictate to another country their heinous/foul deeds once we crossed that barrier and we signed off on it via the POTUS and his advisors that he put in charge! We proved we are not TRUST WORTHY to the WORLD...and yet many just can't grasp that concept!
Yes, I want to know more about you and I appreciate you taking the time to clarify your opinion; it may take me some time to grow accustomed to your way of speaking/typing but that too shall come! TY...this hasn't been boring at all, at least to me!