Thanks for the summary but

"A bank president would likely be in jail."

Really? Who is in jail for the fraudulent derivatives? Who is in jail for the fraudulent foreclosures?

Bush jr. or jr bust was just uncle Reagan on steroids.. Reagan taught the nation to borrow not tax, hell I say uncle because he was like an old uncle that came to babysit and would let us do as we liked, now Adults need to take over.
Instead Obama has succeeded in elevating the Tea Partiers (as party must go on party party) as an opposition.
An adult would have told the nation what he felt need to happen then demand that congress hash it out.
Instead Obama neutralized the left in his own party by negotiating himself.
Hence more debt no new revenue.
Reagan lives on. As does war.
We die as a Culture.
Cut Education etc.

Artful, you have it nailed. Just think how great this country would be doing if W had never been "President". He was the worst president this country had in a long time. He was at the helm when all the jobs were lost that put millions of people out of work; he rewarded the businesses for sending our jobs away. Now we have starving people on the streets, and people who have lost everything. He trashed the economy, and really double-downed on the trashing after Obama was elected and before he took office. Obama was left with a terrible mess. Par for the course. The Dems always have to clean up the mess left by the Rs. There are some really ignorant people out there who know nothing about the history of this country. Too bad some of the baggers managed to buy seats in Congress where they continue to screw the citizens over and over and the trashing of our entire country.

The solution to our economic problem is to tax the very wealthy, say making over a million in income, to a higher rate, say fifty percent or more, including capital gains over a million. Then allow for extremely generous tax deductions for job creation that would bring their tax burden down to present levels (revenue neutral).
The revenue that could be acquired from this plan could then be reinvested back into the economy. As an example, infrastructure spending would also help create jobs. Therefore, if the tax deduction incentives were good enough, then the creation of jobs would be attractive to business owners even if the businesses were not at first profitable. When consumer demand increases due to higher employment, the newly created businesses could then be self sufficient and profitable. This plan would create an environment for tax write off businesses, popular when tax rates were higher, reducing the need for initial high consumer demand.

Like many rich brats I've known, this guy and his cronies got off Scott free. And now his GOP/tea types completely ignore this reality.

One thing you have to remember about Republicans: They honestly believe they can do no wrong and their crap does not stink. It is ingrained--they are raised believing this.

While Bush is certainly a culprit behind the economic mismanagement destroying the world economy, this article is rife with oversimplificat ion. The "debt" crisis is not a debt crisis, but a FRAUD crisis!! "Bkath" (above) is absolutley right when asking "who is in jail for fraudulent derivatives". We are accepting TRILLIONS from European central banks which are then funneled DIRECTLY BACK to European central banks to "pay" derivatives "debts" and other speculative, trash paper "debts". Trillions in bailouts that do NOTHING to re-open the closing schools or re-build the crumbling infrastructure of our nation. THIS IS FRAUD! The real problem occured when we allowed the replacing of a physical economy with a worthless paper economy, and allowed "globalization", outsourcing, and cheap goods/labor to erode our economy and collective morality. This destructive and sinister policy has been eagerly and foolishly pursued since the death of Franklin Roosevelt and has continued under both Democratic and Republican leadership. Much of the deregulation leading to our current predicament actually occured during the presidency of BILL CLINTON! BOTH parties are guilty of allowing a turn towards economic facism under the euphamism of "globalization". All this finger pointing in the face of a serious crisis that threatens all of humanity is both insane and counterproducti ve. We are ALL guilty.

YEP...but the Republicans have a plan...they are putting the focus on Obama as the FAILURE president, and so far it is working. All they have to do is keep on pounding away at the failure of Obama, and pretty soon, we'll just all forget about Dubya and his total mess-up...Dubya, the Supreme Court elected president who has to be the dumbest president in our history. The goal of the Republican party, don't forget, is to eliminate Obama's second term, and to distract the American People from "remembering" the catastrophe that Dubya left to us. We must NEVER FORGET DUBYA. He hurt all of us...well, maybe not all....there is 5% of the population who got exactly what they wanted out of Dubya. They're happy.
The tea-baggers are now rejecting Dubya....but you know they would vote for him again. They would vote for a chimpanzee in diapers if he is Republican and anti-Soicalism!!! Maybe we need to eliminate the Socialism entirely in this country----public schools, Medicare/Social Security, Fire Fighters/Police, roads, bridges, TEACHERS, all that stuff that we all pay for...That's just damn Socialism, ain't it? Oh..well, maybe the tea baggers don't really mean THAT kind of socialism. Maybe they think "socialism" is "communism"....Ya think? So far, what is saving us (so far) is simply this...The TB's don't have a credible leader yet. NO, Sarah and/or Michelle simply won't do.

Wake up. We will not do better as long as the left refuses to see Obama as an obstacle to progress; a willing co-conspirator of the Republicans and faux democratic Blue Dogs and DLCers...a Wall Street tool! It is time to rally AWAY from a Democratic Party that is no longer pro labor or pro main street. A Democratic Party that refuses to admit that Bill Clinton (tool of Wallmart and Wall Street) did massive damage with deregulation of Wall Street and passing GAT and NAFTA. A Democratic Party in love with "free trade" deals, and complacent regarding off-shoring/out-sourcing of jobs and assets...who refuses to acknowledge class warfare and fight back on our behalf.

Wow I see so many socialist comments. So if you beleive so much please sent a signed blank check and please tget your facts correct. Look how many jobs went south of the border during the clinton years and the damage he did to our military. It appears we had to resort to guard and reserves beside of Prez clinton and gory boy butchering the military.

Although I voted for Obama I'm very upset that he did not deescalte the two wars. Getting out of Afganistan in 2014 is not acceptable. With our federal budget deficet he needs to be getting out this year at the very latest.

Those who have not been brain-washed with the rhetoric political mess, know who bought our nation down. We had 8 years of Republican dominating our country, I don't recall that EVERY American embracing Bush and the Republican Party. They ran up the nations debt in 8 years, they out sourced jobs,they did not create new jobs.

Now that the Republicans have their own dictators calling the shots, (the T Party) they are going full force to dismantle the Nation and its people.

May the Republicans and the T PARTY fall into their own ditch they intended for America and their families to fall in.

This article begins with a factually false statement. The deficit under Bush went from 5.7 trillion to 10.4 trillion. For those of us who can add and subtract that is not half of the current deficit. Mr. Tomasky should not begin any argument with a statement so easily refuted. It cast doubt on his entire article. If he wishes to attribute part of the deficit incurred under Mr. Obama's term to Mr. Bush, he should say so, but remember there has been carry over from every administration. It is also relevant that the deficit under Mr. Obama will equal or exceed that of Mr. Bush before his first 4 year are over. Mr. Bush's deficit was over 8 years with most of the last half of that under a Democratic Congress. Careful where one points fingers!

Yes, GW Bush is a total dolt! He was a horrific spender -- wars, unpaid for medicare prescription drug benefit, tax cuts for the richest people and corps. But it was Bill Clinton who is responsible for the worst legislation and deregulation of the banks.

Tomasky is too soft on Obama. Maybe he'll make up for that on Monday. Obama's appointments show he was determined to make his presidency follow exactly in the lines of Clinton/Bush. He did not intend to change things. Just imagine if he would have appointed a "change cabinet"!