I don't want to get into a big political debate and have no problem with social programs that are fully paid for and funded and not by debt. I am very much a fiscal conservative by nature with a socialist bias when costs and needs are properly addressed like low cost higher education and universal healthcare of a reasonable nature. I absolutely despise and have no use for social engineering by politicians and bureaucrats while maintaining strong support for equal rights for all and no racism whatsoever with minimalist laws, the less the better as things have run amock and are out of control now.

The six keys things that caused the latest huge monetary crisis are fairly simple and straight forward in my view: repeal of Glass Steagall by Rubin, Clinton and Greenspan, et al.; total lack of any regulation and transparency on derivatives; the advent of cumputer driven trading programs and their now complete control of markets; uncontrolled political driven growth and lack of accountability of Freddie and Fannie; lack of adequate credit standards and ultra low interest rates for an extended period which by the way has destroyed savers who rely on making some interest on savings and forced them into markets and into risky investments to chase yield; run away spending and debt generation as a result.

Which political party has little to do with where we are as they are all corrupt and totally irresponsible leading to today's present situation. I have never seen a period of time more lost or directionless as the last 15 years with almost no leadership whatsoever, a truly sad statement to be sure.