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View Diary: Brilliant Campaign Video : I Remember and I'm Not Voting Republican (162 comments)

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  •  The Crisis of 2008 - What We Faced (9+ / 0-)

    Sometimes to know where you need to go, you need to look back at where you've been.  Our Nation faced a crisis in 2008 - a crisis of potentially unprecedented impact on both our economy and our country. A crisis that would likely have spread through the global economy.  

    Candidates who now attempt to demonize the remedies we were forced to use to avoid a depression while ignoring their own role in the deregulation that allowed financial misdeeds that caused the problem are playing a self-serving game with the American people and by failing to face and fix the real causes are making another such catastrophe more likley.

    Just a few examples:

    1.  Bush Stimulus Bill as The Recession Looms: February 2008 (almost a year before Obama takes office).  The  Bush Stimulus Act is passed by bipartisan vote in House and Senate. (Interesting to note that Michele Bachmann and a number of others who now say they hate stimulus bills voted for this bill - showing that their opposition to stimulus bills is not driven by principle but by politics.)

    Bush Stimulus Bill's  purpose:  to lessen the economic impact of the housing downturn and looming credit crisis - an attempt to avoid the recession that was already beginning.

    1. Money-Market Funds Start Failing - Sept 18, 2008 (4 months before Obama's first term begins):  Putnam Investments closes a $12 Billion money-market fund to equally distribute the losses of investors principle - a virtually unprecedented "breaking the dollar" event on a money-market fund which led to massive withdrawls from money-market funds, serious negative ripples throughout the financial system and shocks to investor confidence.

    1. Sept 20, 2008:  President Bush's Treasury Secretary Paulson and Fed Chairman Bernanke briefed congressional leaders were told "that we’re literally maybe days away from a complete meltdown of our financial system". This hastily called late night meeting of the Congressional leadership from both parties led to consensus calls for emergency legislation to address the crisis.   This is the origin of the TARP bill, Auto-Industry Rescue and the later Stimulus Bills.

    And that crisis, which we are still struggling to recover from, came on top of a decade of flatlined earnings for the bottom 98% and increasing financial stress created by the income distribution created by those economic, trade and "look-the-other-way" regulatory policies.  

    Attempts to downplay the serious nature of the crisis that was faced and avoided by government action is neither responsible nor reasonable.  

    To elect people (or re-elect) who would sit on their hands and let the chips fall where they may will place into power people who would have ignored the warnings of these top Republican economists and financial experts and say they both would have played (and are willing in the future to play) a game of roulette to determine whether a depression even greater than the 30s would rain down on our country and our world.

    You may not feel warm enough. That does not entitle you to burn our house down. Instead, go out and get some wood for the stove.

    by Into The Woods on Mon Nov 01, 2010 at 11:48:31 AM PDT

    [ Parent ]

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