Bush legacy from Juan Cole's Informed Comment:

The great $12 trillion Bank Robbery, in which unscrupulous bankers and financiers were deregulated and given free rein to create worthless derivatives, sell impossible mortgages to uninformed marks who could not understand their complicated terms, and then to roll this garbage up into securities re-sold like the Cheshire cat, with a big visible smile of asserted value hanging in the air even as their actual worth disappeared into thin air. Having allowed the one-percent oligarchs to capture most of the increase of the country's wealth in recent decades, Bush and Paulsen now initiated the surrender to them of nearly a further entire year's gross domestic product of the US, stealing it from the rest of us by deficit budget financing that will have the effect of deflating our savings and property values and relative value of our currency against other world currencies. That is, we are to be further beggared for sake of the super-rich. And while the banks and bankers are held harmless, the hardworking Americans who have lost and will lose their homes are extended virtually no help. While 500,000 American children will go hungry at least some of the time this year, the Oligarchs at Goldman, Sachs, will get millions in bonuses, on the backs of the ordinary taxpayers. It seems likely to me that the creation of a pool of vast excess liquidity for the super-rich by the Reagan-Cheney tax cuts was what impelled them to develop the derivatives, since they had too much capital for ordinary investment purposes and were restlessly seeking new gaming tables. The conclusion is that until we get our gini coefficient back into some sort of synch, we are likely at risk for further such meltdowns.

http://www.sustainablemiddleclass.com/Gini-Coefficient.html