(2) Who promoted the policy to send manufacturing jobs to overseas? The Wall Street. For lower inflation rate and hence lower interest rate. Lower interest rate led to increase in value of most asset classes in US. They also have hoped for the complete open-up Chinese financial market, which apparently was a mis-calculation.
(3) Principles? Sounds great when you have a job, warm home and nice warm meals. Also, principles should only be self-imposed, but not to be imposed on others. Different people have different values.
US economy has entered into a "credit bust cycle" after 25 years of "credit boom cycle". Many of the jobs lost or about-to-be-lost will likely be permanent. US political system is ineffective to deal with these mounting problems.