There's plenty of blame to go around: Reagan started the move toward to deregulation and privatization, although it goes back to Nixon really, but he wasn't able to get much off the ground. Bush and Clinton continued many of Reagan's policies, which they were able to do because the economy was basically strong, esp during Clinton's years. But make no mistake about it - the economy was weakened from a macro perspective the minute Reagan started to set all this in motion. Bush - or rather Cheney and Rumsfeld (two Reagan/Nixon proteges)- had basically the same economic philosophy as Reagan, but the economy had been so weakened he presided over the ultimate collapse.
Complete deregulation and privatization only helps the very wealthy corporations and politicians, because it perpetuates greed like rabbits breed.

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