This is very dumb article by a writer completely ignorant of economics in general and politics in USA. Writer ignores housing mess created by liberals desire to increase home ownership by forcing banks to give loans to people who could not afford them. He ignores the big drag on the American economy: entitlements such as Medicare and Medicaid and rising health costs due in large part to lack of tort reform. 51 per cent of Americans pay no taxes at all. 26 % of New Yorkers are on Medicaid. The more you tax something, the less you get of it. Tax increases destroy small business. Entitlement reform and sensible housing policy could have prevented the current deficit crisis.

WOW, intelligent summary of the actual facts without the radical self-interest spin. Repeat 4more transparency and thought. Help everyone know the realities, then we can innovate & execute real solutions that benefit everyone!

Well Yonshel1@aol.com, bizarre that you blame "liberals" for our "Great Recession" when in FACT, a conservative GOP ruled all three branches of our government almost the entire decade b4. Also please note the FACT that a conservative GOP dominated our US government 4almost the entire decade b4 our "Great Depression"! Blame Liberals & Obama, eh?!??

Now, after saying that with the hope that this present TKBK won't be set aside like its predecessors, I wish to add my two cents worth of opinion. The Article is quite repetitive of biases and thematic 'worthless' understanding of who and what, when and where the American economy reached a dire nadir under Obama stewardship. It is an accumulation of various underlying features of cyclical economic life that went over the board for lack of proper medicinal steps: Obama is only the tip of Cartesian (not the great Descartes, but, the loony Jimmy Carter, with his bumbling Brother as Obama with his blundering Uncle) of late 70s, who took the understanding of economy as Trudeau did in Canada, when in a Chatter he said to his Canadian viewers (after returning from Cuba) that 'we, Canadian, have to lower our expectatios, and try to level the fields among our citizens' That was in the 70s as well, but Obama is saying the same thing in the 21st Century. Now, there is nothing bad about wanting leveling plain field so that everyone could participate in the prosperity (look at the Israel response in the Tents Cities) of a national economy that is thriving, but when a big external debt in the trillions is on the American tax payer, you don't go around spending more trillions and encourage escapism from contributing to the market place, at any rate for the time being. Th writer write for his own glory, and that is unfortunately the mentality of some Israelis.

Dems controlled both congress and senate from at least 2006. Clinton left a trashed economy but lucky enough to leave just before the full effect of the dot com crash, decade of corporate fraud and appeasement of islamic terror kicked in. Obama managed to run a single year deficit of more than 1.5 trillion.

The economic crisis is the result of trying to have every stinking jerk own his home. Good idea inprinciple, very bad in practice. I would assign blame 1/3 to Dems. 1/3 to Republicanss,and 1/3 to no more than a few thousand bankers who are amongst the richest men in the world - and have not been hurt one bit.. In China these bankers would have been hangerd.

Bill Clinton told everyone he had a surplus...It was a total Urban Legend. Search on yahoo for (Debt to the penny). On the left hand side of the website it says, (Historical Debt Outstanding)...click on it. It has the United States Debt from the inception of the United States. The last time the debt was paid down....was in 1956. George Bush was told there was a huge surplus...so he gave a tax cut to everyone. As far as the United States going bankrupt.......the war didn't do it. Social Security is doing it. Search...National Debt Clock.. We have 115 Trillion dollars of unfunded debt for, Social Security...the Prescription drug plan..and Medicaid. Then we have another 14.6 Trillion in National Debt. Bush didn't create the entitlement mess. Roosevelt, Johnson,and Obama did that. Clinton allowed the Derivatives mess to go unchecked from 30 Trillion dollars to 650 trillion dollars today. He refused to put any over site into these financial instruments. He was warned...and they had many meetings in the Congress....where they refused to make any rules over these investments. These investments bundled the mortgages that took the economy down. They are the same investments that will take the entire European banking system down next week ,when Greece can't pay on their debts. All of these Presidents that promised a free lunch for Social Security...Medical Care...Welfare...and every other program are responsible just as much as Bush. Bush isn't a saint. But the rich being taxed won't clean up all this debt. They don't have enough money. If you had researched this a little better...you would know that.

Trillion dollars this year in entitlements. In the next 14 years ...80 million Baby Boomers are retiring right behind them. That's 145 million old people sitting around on Social Security? Even if 20 million of them die out of the 65 million...you still have 125 million people collecting Social Security, at a rate of $3.5 Trillion dollars with inflation. The United States Government only collected $2.5 Trillion in Federal Taxes this year. By this years collection of taxes...they would be $1 Trillion dollars short to pay for all these old people to sit at home. We only have 140 million people working in the United States out of 310 million people. When 80 million of these Baby Boomers quit working in the next 14 years time......you will be lucky if we even have 140 million people working. We only have 50 million children coming through the school system right now.....to replace them.

Yes, Plocker hit it on the head. George D. Bush did more to ruin America than OBL. He entered into a terrible and costly war in Iraq for NO real reason costing the American way too much. He ignored the economy and the Americans, in their stupidity, went along with him. But the Americans can not accept the guilt of their folly, and prefer to blame OBL.

Sever Plocker doe not know what he is talking about. the jet hijackings and jet crashes on 9/11 terrified americans away from air travel for months many small airlines went bankrupt

Seems to rise with the sun every day.

Weak. Just looking for an 'angle' to write something about. Crap.

Those who blame homeowners are uninformed. Home loans were pushed by the banks, because they were making a killing in mortgage backed securities. Everything in this country is run by banks. All regulators and even the chairman of the Fed serves them. You have tycoons in Israel, we have oligarchs in US, and even today they are having a tantrum at the mention of higher taxes.

What are this person's credentials? Totally off the ball here. Missing countless facts and factors. Bush and Greenspan? C'mon, totally political. Who forced the banks to make those loans, huh? Who felt that every American citizen deserved to own a home, huh? Obama and the democrats are doing better, huh?

in that day the criminals will say it is the fault of evil but the evil will say iam innocent i told them but they obey