Democrats and Republcans Share Equal Blame for the Economic Crisis

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sent by carolwhite since 250 days 20 hours 10 minutes, published about 250 days 14 hours 13 minutes
An interesting debate has emerged between Paul Krugman and William Grieder on the roots of the present economic crisis. Krugman lays the blame on Reagan for deregulation but as Grieder points out it all started when Jimmy Carter was president. I have included a revealing chart in with this post that clearly illustrates how the divide in income between the top ten percent and the rest of the country has grown since the 1920s. I particularly like Grieder's final paragraph: "Getting the history right still matters. It helps explain why contemporary Democrats are so reluctant to enact more serious reforms, like capping interests or restoring the usury law. That would require them to clean up the mess they made 30 years ago and finally acknowledge their costly errors. The Times should run a correction on Krugman's column, maybe with an apology to the Gipper."
tags: bipartisan economics, carter, reagan
5 commentscategory: Progressive Issues karma: 159

comments

  1. #1    In either case, it started when a centrist, corporatist was president. The Republican versus Republican lite (i.e., "new" Democrats) contests are just another way for The Money Party to prevail in every election. They should, they pay for both candidates. The debate is of real interest but they're both right. Deregulation (repeal of Glass-Steagall & the Commodity Futures bill) plus the wealth divide are BOTH contributors, as are Grieder and Krugman.
    written by MichaelCollins since 250 days 19 hours 31 minutesMichaelCollins
  2. #2    It does always come down to which set of shareholder proxies we're supporting, doesn't it seem that way?
    written by luaptifer since 250 days 16 hours 4 minutesluaptifer
  3. #3    A cynical old rage ball might see it that way, but I doubt that's what either of you are in your real non pseudonymous persons.
    written by ChrisWhite since 250 days 14 hours 5 minutesChrisWhite
  4. #4    CW, I think you know where I'm coming from on this issue. No matter who is 'in control of' the Executive and Legislative branches of US Government, the bulk of real control comes through the money that gets people elected and the access of the biggest contributors to those we elect from the so-chosen field of candidates.

    Why no single-payer option represented on Baucus's roundtables? I think it's cause us avg janes and joes, collectively, don't look like a single biggest contributor.
    written by luaptifer since 250 days 13 hours 2 minutesluaptifer
  5. #5    The politicians have become a class within themselves - they're the most effective interest group in this nation. The only way that the people are going to regain control of of this country is if we begin to systematically get rid of ALL incombents who show any sign of feathering their own nest as oppose to working in the interest of the people.

    Personally, I am sick and tired of politicians telling me that they have a better feel for what's in my interest than I do. As they used to say in the South, we need to put them back in their place - and their place is not to lead, but to follow.
    written by Wattree since 250 days 4 hours 37 minutesWattree
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