$700 Billion is nothing to sneaze at. To put this amount of money in some sort of perspective, the entire GNP of Bolivia is $13 billion.
From a US government perspective the Carter Administration were the first major de-regulators. Reagan and Bush consolidated the orthodoxy and Clinton got the major legislation passed with the overthrow of Glass-Steagal. Bush Jr. wanted to cap it all off by dumping the last vestige of the New Deal, Social Security, but the ederly are still too powerful for that move.
Our current position is summed up well by Alex Cockburn here:
"By all rights, this last crisis has brought us to the crossroads where neoliberalism should be buried with a stake through its heart.
We’ve had thirty years worth of deregulation – the loosening of government supervision. This has been the neoliberal mantra preached by both major parties, the whole of the establishment press and almost every university economics department in the country. It is central to the current disasters. And if you want to identify symbolic figures in the legislated career of deregulation, there are no more resplendent culprits than the man at McCain’s elbow, Phil Gramm, and the man standing at Obama’s elbow at his press conference, Robert Rubin."
Rubin and Gramm (the implementer and author) of the de-regulation of our financial system are poised to rule. Little will change with these two characters in charge.
Read the entire article here.
Even liberals like Robert Kutner know this to be a collosal rip-off.
And some good old fashion red baiting:
The Socialists have taken over!!!!