In order for us to establish just what brought America to the very brink in the recent years we need to develop a retrospective on the chain of events that caused the decline of this great nation. There are many investment advisors and TV show hosts who will tell you to live your life and don’t worry about what the government does, but it is federal policy and counterproductive regulations that often hamper industry and the individual as well.
An ominous start
After the Clinton years President George W.Bush took the oval office. One of the first tasks of the new administration was to serve notice to Bill and Hillary to return a number of rare artifacts that been removed from the White House when the Clinton’s moved out. One might also recall the famous midnight fax machine that issued hundreds of pardons to convicted felons and even killers and provided the Clinton’s with quite a windfall for their generosity. One of those pardoned felons was the Eric Holder, who would later become US Attorney General and a scourge of corruption at the Department of Justice.
It was not long before the seemingly calm beginning of the G.W.Bush White House was shattered by the events of 9-11. Amidst the rash of conspiracy theories and devastation the 9-11 attack forever transformed the face of American politics, it’s foreign affairs, and national security forever. The dreaded images of the Twin Tower collapse are etched into the minds of Americans of all ages from that time. While the Patriot Act that had been underway after the first World Trade center attack and the Oklahoma City bombing, forces within the US government and from those operating unseen were drafting a new set of draconian rules that would not only violate our Constitutional rights but put the average citizen on a new footing with law enforcement as being a potential detainee, a domestic terrorist threat.
With the formation of the Department of Homeland Security and the TSA a new security state apparatus was erected to monitor citizens as they entered airports and embarked on flights. Little did the American public realize that their own world as they knew it was about to change once again and become more inundated with security measures that rivaled the most fascist of regimes. The United States quickly became the most heavily surveillanced nation on the face of the earth. Always with the reassurances from the government that it was for our own good, and many bought into it.
Economic recovery from 9-11 was nothing short of amazing and as America mourned the loss of so many innocent victims commerce, employment, and opportunity soon flourished again. A young junior senator by the name of Barack Obama criticized President Bush for the 5% unemployment rate at the time. That same junior senator also called President Bush unpatriotic for allowing an 8 trillion dollar deficit to accumulate even though spending had been reduced and the deficit would further diminish as tax cuts eased pressure on consumers and allowed more spending to stimulate the economy and the resulting taxes from sales kicked in.
From the past darkly
However, a stab from the past came back to haunt the US as millions of mortgages began to default due to unqualified buyers finding themselves insolvent and unable to hold onto their homes. A flood of bad loans that were sanctioned under the CRA had been highly leveraged by real estate backed investment packages sold widely by Wall Street. Add to that Democrats voting to abolish the Glass Steagall Act, and a financial disaster was waiting just around the corner! As the accumulating losses began to bankrupt financial institutions many fund managers implored their brokers to continue selling bad investments which they did. The unthinkable happened and banks began to fail. Fannie Mae and Freddie Mac the two federal loan guarantors who had backed many of these defaulted mortgages took on unsustainable losses and the American financial system appeared to be in doubt.
Deck of cards
A chain reaction of job losses as the fallout spread through the ranks of the building industry, retail, bank employment, real estate jobs, all came crashing down as a repercussion to the bubble that had been created by a political agenda that had been concocted by a Democratic administration as a federal hand out program to gain votes for the Democrats. However, as few people can fathom and look to government to create the illusion of utopia, little did they see that the federal government creates nothing, it only confiscates wealth, it hampers prosperity, while creating chaos with ill advised laws and regulations.
Propaganda wins votes
Where as Democratic failure and social engineering had guaranteed a financial disaster it became a rallying cry of blame upon the Bush Administration and with the addition of more false narratives, aided the ascendance of one inexperienced and controversial Barack Obama from the state of Illinois to rise up as the newly elected candidate signed in under very questionable circumstances of background, ID, and conflicting Constitutional qualification, yet he was appointed none the less. With a string of murders of young gay black men connected to his name and an ill fated inner cities renewal project of more than 400 million corrupted and under investigation by the FBI, Barack Obama took to the presidential campaign trail!