The People Who Lost their Country

Economic Populist shares a rant:

Yes, it is possible to destroy a nation in just eight years. Less, actually.

By 2006 the US economy was finally broken beyond all repair and, for the first time since 1913, the Federal Reserved stopped telling the world how much money they were printing. Then Bush and Greenspan proceeded to rip all wealth out of the hands of the middle class through interest rate manipulation and easy schemes of mortgage equity withdrawal, which fueled consumer spending and hid the robbery of our national treasures.

The most depraved economic position the US took, however, was to allow the real estate asset class to collapse in value, dragging down with it all other US asset classes, which decimated pension funds. This, in turn, bankrupted the banks and brokerage houses, who were trading globally and misrepresenting themselves as regulated, when they were not.

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The reality, however, is that there is nothing that Obama can do to change the trajectory of the nation toward economic collapse — beyond what he is doing.

Most importantly, he is keeping all of us afloat during a time when the nation has staggering obligations, a thin trickle of revenue, and no liquid assets or reserves whatsoever. At the same time, he did not see this economic crisis coming, and thus he made promises to the people which are difficult to achieve, even in the best of times.