The story is the quintessential “American” tale of ingenuity and "exceptionalism." The 2008 “meltdown” didn’t start in 2008.
No, not even “American” ingenuity and exceptionalism can work that fast.
While Bubba Clinton was in office, then Texas US Senator Phil Gramm a disgusting and repugnant excuse of a human being, spent the Bubba decade with his spouse, Wendy a lobbyist, lobbying against the Glass-Steagall Act.
Glass-Steagall was a firewall law put in place after the Great Depression to keep egregiously avaricious bankers from using our money to gamble.
Late December 1999 on his way out of office Bubba Clinton signed the death warrant on Glass-Steagall ushering in the rapacious and totalitarian first decade of the 21st Century, the decade of 9/11, the decade of the 2008 meltdown; the decade of "w."
The aught decade that “w” reigned, was the no holds barred rape, pillage and plunder of all things of value by “w’s” buds. Until the music stopped that is.
In September 2008 the music stopped and it all came crashing down due to the excesses of capitalist extremists. According to really smart, educated and experienced people that meltdown cost us as a nation approximately $23.7 trillion dollars. That’s a whole lot of money especially when you consider the US economy is about $16 trillion dollars annually.
So we the people lost our savings, investments, jobs, homes and futures in order to balance the books of the one-percent. Nice, no?
In January 2008 the five big brokerage houses each paid their CEOs a $1 billion dollar bonus---for a job well done, I suppose.
Five years later things are not much better for “we the people.” Meanwhile the one-percent have taken home 95% of the income of the last five years.
That brings us to today, 2013. The “government” is “shut down, ” but Speaker of the House, John Boehner will be paid $612.00 every day. And we’re the beacon for the world?
So try to imagine how little he cares. The US is supposed to be the beacon for the world and still only 3% of the population earns $300,000 or better per year. Since 2008 more than 12 million citizens of this nation have lost their homes. Today, 21 million US citizens are unemployed and another 10 million are underemployed. But for the1% business is humming.
We're supposed to be the beacon for the world and yet we allow the millionaire's club we call a congress and who act as if they are important, act as if they were rock stars, arrogant, self-important and untouchable. The founders didn’t intend it that way.
We're supposed to be the beacon for the world and the richest 10 percent own 90 percent of the value of all shares of stock (including 401(k)s and IRAs).
We're supposed to be the beacon for the world and the top 1% is worth more than the bottom half of the population combined. Half the US population that’s more than 150 million people
In the US there are two distinct classes. The oligarchs and us.
The one-percent are willing to sacrifice all of us to maintain their lofty perch. Consider the BP oil spill and the damage done to the environment and people of the region and their way of life.
If that weren’t bad enough in 2010 the petty lapdogs of the one-percent on the Supreme Court basically made legal the bribing of “elected officials.”
Meanwhile the mad dog segment of the GOP is on a rabid dog campaign to infect as many people as they can.
There are people of excellent character and intent, Robert Reich, for example who are doing their best to stop the lapdogs of the one-percent but it is likely to be, not enough.
2014 is just around the corner but in political terms, no pun intended, that’s like centuries away. The majority population would seem to be upset with their GOPer, Blue Dog, and Tea Party darlings over the shutdown of our system of governance (there’s no such thing as “government”) but the 2014 elections are a long, long way off. The 2014 mid-term elections will be yet another let down.
Historically the party that wins the presidential election loses the mid-term elections. It appears more likely than not at this juncture that the sleeping dog public that GOPers, Blue Dogs and Tea Partyers have been jabbing with a stick are waking up and will bite the wrong people and GOPers, Blue Dogs and Tea Partyers will win the 2014 elections and usher in a modern Dark Ages.
Then the rest of the nation will know what it is like to live in Texas red….
From Texas Red: a cratered landscape of for profit prisons, deplorable apartheid public education, lack of healthcare and politicians and majority population intent on keeping it that way…