US Economic Crisis - The Worst Finanical Crisis Since The Great Depression

I’m sick of Washington rhetoric and politics. I read this post and the linked articles, they actually make sense. When a business is in a turnaround phase, investors look for outside experts with a new prespective to solve the problems, inside experts are too close to the problem to see it. Moreover they are limited by their alliances and their previous political obligations. American blogger makes a good point; their policies are what created this crisis in the first place. What happened to the conservatives in this country, we used to believe in smaller governments and free markets, republicans led by Bush inflated our government spending and the budget deficit, it looks like Obama is going to double them in the next few years. What happened to meritocracy? What happened to the core principle of America’s greatness, when the right person was assigned to the right job? Is it a surprise that we lost our global leadership? This slippery slope began when we started hiring people based on who they know instead of what they know! Obama’s administration will not be any better than Bush’s administration. He talks a great deal about openness and listening to the other side, but when it comes to action, I just want to know how will the spending millions on condoms is going to stimulate our economy? Obama economic stimulus plan is nothing but a payback for his liberal voters, just as Bush’s policies are payback for his big money supporters. Divided we fail. May God help America!

Do not blame Bush, blame Clinton for his 1999's Financial Services Modernization Act - better known under the names of its authors Gramm-Leach-Bliley - which, amongst other things, repealed the restrictions on banks affiliating with securities firms contained in sections 20 and 32 of the Glass-Steagall Act.

America will be always be Great!

Hi Michael, if you read the IIM policy paper you will realize that the financial crisis is one of the causes of the bigger economic crisis. Our economic problem is much more complex and caused by various interconnected global forces. It is not about Clinton or Obama or Bush. It is not about Republicans or Democrats. It is about our political system and outdated economic thinking. I'm conservative republican, but I'm not happy with our own performance in the government for the past 8 years. There is nothing wrong in taking responsibility for our own mistakes we are not perfect. No one is!

You've got to read the paper, man. It is simple to understand, it is not that complicated. I just can't see what is wrong with our policy makers

http://www.iim-edu.org/u.s.economyrisks/

You will see that all of our fundamental economic indicators are declining. It is not about the subprime lending and the banking sector, it is about our economic production. Med Yones, the expert mentioned in the blog, makes it clear; We are losing our manufacturing edge to China, our services edge to India.

What is left for us? We used to be a nation of producers, we are becoming more a nation of consumers.