There is no question as to who is responsible for the right wing national socialist corporate bailouts, and the ruin brought to millions of Americans who are losing jobs, or homes, or both.
"A candid examination of right-wing policies and the Democrats who play along..."
In 1999, flush their their victories in the three prior congressional elections, the most extreme right wing element of the Republican Party deregulated the US financial system and allowed for the massive excesses that exploded in ruin and chaos.
Irony of ironies the Wall Street Journal wrote nine years ago:
With the stroke of the president's pen, investment firms like Merrill Lynch & Co. and banks like Bank of America Corp., are expected to be on the prowl for acquisitions.
The Wall Street Journal, which pushed the legislation from start to finish, never envisioned the blood in the streets as Bank of America devoured the wounded and crippled Merrill Lynch this week.
The FDR, Depression-era Glass-Steagall Act of 1933 was gutted as were the protective regulations that guarded innocent Americans from the excesses of the greedy and the stupid who manged billions of dollars of their own and other people's money.
Behind the plundering iin 1999 were such notables as Phil Gramm, Republican of Texas and James Leach, Republican from Iowa who, at the time, had their names proudly attached to the legislation.
Knowing that the Republicans, along with some right wing and moderate Democrats could override his veto, President Bill Clinton signed the legislation when the liberal democrats were able to negotiate some minor protections for consumers.
The dynamics of how it was adopted were simple. Caught up in the unproven Right Wing Republican demand for deregulation of all American industries, intimidated moderates of both parties went along, fearful that they too would be swept out of office by Newt Gingrich's Contract On (with) America and the general revulsion in the public mind with anything labeled 'liberal.'
When the bill was adopted in the Senate eight members, including Wisconsin's Russ Feingold, had the conscience and the good sense to vote. "No.'
In a display of total lack of leadership, John McCain of Arizona was the only Senator to refuse to vote either for or against the bill. He voted 'present.'
McCain should step aside and let Sarah Palin head the ticket.
For an analysis and understanding of what went wrong, check out the American Prospect and the work of Robert Kuttner, who called this correctly from the beginning.
Most recently from the Huffington Post: Wall Street Delivers. by Robert Kuttner on September 15, 2008.
Here is a post from none other than the website of right winger Sean Hannity. Economist Robert Kuttner has criticized the repeal of the Glass-Steagall Act as contributing to the 2007 subprime mortgage financial crisis.