From IBD: Interior Secretary Ken Salazar quietly told reporters on Friday that the administration's six-month delay in approving new offshore drilling leases in federal waters will morph into a three-year total ban. We are forbidden from finding more oil and gas even though a December 2009 Rasmussen poll showed as many Americans want offshore drilling — roughly two-thirds — as oppose administration plans for health care. After President George W. Bush lifted an executive ban on Outer Continental Shelf leasing, drilling was expected to begin by this July. "Secretary Salazar has finally confirmed what has long been feared — that the Obama administration has no intention of opening new areas for offshore drilling during his four years in office," said Rep. Doc Hastings, R-Wash., ranking member on the House Natural Resources Committee. A study by Science Applications International Corp. at the request of the National Association of Regulatory Utility Commissioners, the Gas Technology Institute and others shows that as a result of this administration's energy policy, the U.S. economy will suffer $2.3 trillion in lost opportunity costs over the next two decades, monies that would go a long way to reining in runaway deficits and creating economic growth. http://www.investors.com/NewsAndAnalysis/Article.aspx?id=527216
Ever hear of Glass - Steagal? And who led the charge to repeal it? Clinton, Rubin, and Summers.
<i>The Glass Steagel Act kept banks and securities firms apart. The simple logic was that neither banks nor securities firms have any direct interest in serving or protecting the public. That can only be achieved by regulation from government. Put them together and you have a recipe for disaster. Banks and securities firms have as their primary goal to make money. And if they get an idea to make a ton of it, no matter how stupid it is, (see Mortgage Meltdown), they will do it. Because in the end, the people who make these decisions do so in a bubble of their own — small wonder they create financial bubbles and crises. </i>
I can't educate you on a complex issue on a chat board, but do a Google search on Jimmy Carter's Community Reinvestment Act which forced banks to loan to people who couldn't afford to pay their mortgages.
Then do a Youtube search for Barny Frank on the Bill O'Reilly Show.
Nations that control carbon do quite well with manufacturing.
China did finally pass Germany two years ago, but Germany is still a manufacturing and exporting powerhouse. As is Denmark, if one adjusts for population.
As oil and energy increase in cost, efficiency is a key to success.
Reid "controlled" the Senate by 1.5 votes (Cheney = .5) and Pelosi/Democrats had 53.6% of the votes in the House. Between GWB and the blue dogs, they certainly did not have control of the government, regulation or caused the financial collapse. THAT was 100% (or at least 99%) due to Republican policies and control.
On the GOPs watch. Their fault, pure and simple.
The checks may have been cut after 1/20/2009, but GWB pushed & passed the bailout and the stimulus was required because of the Great Depression II that Republicans caused.
The true statement, is the deficits caused by GWB and the Republicans exceed all prior Presidents by a factor of two.
Republican magic: Turn a +$200 budget surplus into a -$1.3 trillion deficit !