The conservative lawyer, economist, commentator and actor Benjamin Stein said that it's America's best interest to make sure that Greece, Spain, Ireland, Iceland among others do not fail. He places the the blame squarely at the feet of the previous administration for letting Lehman Brothers fail for which this country hasn't really recovered from.
I don't find much I can agree with Stein on but this is one. As much as Romney blames Obama for the mess we're in, that's not true.
Reagan had good plans to remove unnecessary and outdated rules and regulations and to modernized and rewrite necessary ones. Unfortunately, Congress felt the need to quietly write secret loopholes to help their lobbyist friends and large campaign contributors.
More damage was done when Clinton signed the bill that killed Glass-Stegall. The shock of 9/11 was felt, financially speaking, on Wall Street and Main Street. Bush hoped that two massive tax cuts for America's wealthiest would help spur positive increased economic activity. Federal government let Wall Street go down the road that led to the financial collapse in 2008.
Just the opposite happened. The tax cuts were banked by the wealthy. They're not stupid and listened to their advisers of a pending financial collapse. The collapse of 2008. It was a bubble much like the one of 1929.
(Paul) Krugman has bravely and correctly called this a depression, An entirely different set of economic tools are used in a depression than recession. Politicians are afraid of the public's reaction if the government called it for what it really is, a depression.
But, as every firefighter knows, you use the proper tool for the job otherwise the job doesn't get done in a timely fashion, if at all.