clipped from: www.islandpacket.com   

Republicans seem to forget that for the past eight years, they controlled the House, Senate, presidency and the Supreme Court. In that time, they managed to start a war under false pretenses, cause our country to sink into a severe recession and spend a $500 billion surplus handed to them by President Bill Clinton and spend an additional $1.2 trillion, which left a monumental deficit for President Barack Obama to deal with.


The deficit was caused by the cost of the war in Iraq and the tax cuts given primarily to wealthy people. One of the main causes of our severe recession was the deregulation of the banking industry by the Commodity Modernization Act and the Gramm-Leach-Bliley Act that ex-Republican Sen. Phil Gramm wrote and pushed through the Republican-controlled Congress. This allowed "swap agreements" and the growth of uncontrolled derivatives and hedge funds, leading to the mortgage meltdown and our current economic woes.