That’s what Republican economics will do. We know Republicans prefer to burn books rather than read them, but had they read history they would have known that their theories had all been proven to be false in the 1920s. But no, deregulation and let business be business is all we heard out of them for decades. How do they like the end result now that’s not that different from the last time they tried? By failing to provide the most basic oversight and regulation, the McCain-Bush economic theory has managed to topple a once proud and strong system. It’s no wonder McCain is running for cover and avoiding a debate.
“The world will never be as it was before the crisis,” Steinbrueck told parliament. “The United States will lose its superpower status in the world financial system. The world financial system will become more multi-polar.”
In stark language, Steinbrueck lay the blame for the crisis squarely on the United States and what he called an Anglo-Saxon drive for double-digit profits and massive bonuses for bankers and company executives.
“Investment bankers and politicians in New York, Washington and London were not willing to give these up,” he said. “Wall Street will never be what it was,” Steinbrueck added.