What has Congress done in the past 15 months to help remedy these problems? Who cares when they started. The more important part is to address them and to resolve them. I just don't see the Dem's taking charge the way Republicans took charge in '95. You disagree?
The Democrat Congress has performed exactly as expected - they’ve done next to nothing. But all that was priced into the market when they won, and they haven’t done anything substantial to change that. The current crisis is not due to the Democrat Congress, its origins lie long before that time.
This latest boom-and-bust cycle started in 2002. The rise of housing prices and the practice of tapping home equity for consumer expenditure resulted in real price inflation, that, measured under the original CPI formula ran in excess of 10%. All that extra money chasing no extra goods didn’t make us any wealthier, it was just a short term loan on the future.
The future is now. Suddenly, this guy doesn’t look so crazy any more, does he?
http://www.youtube.com/watch?v=gldETRlhiXk
By the time November runs around people around here will be kicking themselves for not choosing this guy as the nominee.
What do you suggest Congress should have done? BTW: Fed pumping billions into the banking system, fed lowering interest rates, feds /bear sterns deal etc etc. There was alot of gov't internvention.