Deregulation fever wrecked the American economy
I've been saying for years that the deregulation fever that broke out during the Reagan administration would eat this country alive one day, and here those chickens are coming home to roost. Deregulation was blunted by a Democratic-controlled Congress in the 1980s, but when the Republicans took over in 1994, things got way out of control.
Is it really fair to blame President Clinton in part for all this mess? Sure is. Congressional Republicans pushed for excessive deregulation, and President Clinton was morally obliged to veto those bad bills. Things got bad in the 1990s. Of course, when President Bush took over, things got worse. And when President Bush got a Republican House and Senate to play with in 2003, things got far, far worse.
We've had a string of conservative presidents: Reagan, Bush, Clinton and Bush. They all pushed for more deregulation. I watched it from inside the financial industry, where I used to work, but jumped that ship when it became all too apparent it was taking on water. I don't enjoy saying that I told you so, since the wreck of the markets and our economy has hurt us all and will continue to do so, but there it is.
What we're seeing is the fallout of conservative economic philosophy. Blame can largely be placed at the foot of the Republicans, but the conservative Democrats who played ball with the Reaganites and their disciples are just as guilty.