Before ObamaCare, we had a huge Bush deficit and the beginning of the Great Repression. The recession continues to drag on under Obama, the even Greater Deficit Builder. In yesterday's Wall Street Journal, Peggy Noonan explained exactly how we got ourselves into this mess. Noonan cleverly, presented what should be the testimony of any of the Big Bank Chairman's before Congress:
"Let's be real. This is what happened the past 10 years. You, for political reasons, both Republicans and Democrats, finagled the mortgage system so that people who make, like, zero dollars a year were given mortgages for $600,000 houses. You got to run around and crow about how under your watch everyone became a homeowner. You shook down the taxpayer and hoped for the best.
"Democrats did it because they thought it would make everyone Democrats: 'Look what I give you!' Republicans did it because they thought it would make everyone Republicans: 'I'm a homeowner, I've got a stake, don't raise my property taxes, get off my lawn!' And Wall Street? We went to town, baby. We bundled the mortgages and sold them to fools, or we held them, called them assets, and made believe everyone would pay their mortgage. As if we cared. We invented financial instruments so complicated no one, even the people who sold them, understood what they were.
"You're finaglers and we're finaglers. I play for dollars, you play for votes. In our own ways we're all thieves. We would be called desperadoes if we weren't so boring, so utterly banal in our soft-jawed, full-jowled selfishness. If there were any justice, we'd be forced to duel, with the peasants of America holding our cloaks. Only we'd both make sure we missed, wouldn't we?"
Of course, the Politicians place all the responsibility on the banks and blame them. The truth is, the politicians shoulder 99% of the blame. The Democrats & Republicans created this disaster to buy votes, the same reason ObamaCare or any other Nanny State programs are created.
Term Limits would have kept us out of this Great Depression as well as leading us out of the so called Two Party System, which is in fact one Party of gypsies, tramps and thieves from both the left and the right.
God Help America!