Though the Obama administration clearly has responsibility for the extremely slow economic recovery and the massive spending programs related to stimulus and health care, I think voters have forgotten too quickly that the financial crisis of 2008 was a systemic issue with many different causes.
My take is that a combination of false business value and too much consumer debt caused the 2008 meltdown. Ultra low interest rates were a major driver of the crisis. There is plenty of blame to go around. Trying to pin responsibility on a single cause is a tricky business.
I have observed many practices first hand between 2000 and 2008 that were well outside the norm of business and responsible behavior. Collectively, these types of practices have led to the ongoing crisis that America experiences today.
Unfortunately I do not see much of a turnaround in unreasonable behavior and greed, and I do not think the Republican party has articulated a plausible way to get America back on track.
I very much hope that Republicans form a vision of the future soon or else many moderates in the party, and perhaps some conservatives, are going to bolt.
I think the Republicans will win the Senate and House in Oct. However, the problems America faces are large. Winning might not be a good thing for the party!
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