The Carlyle Groups of the world formed in the 1980's but grew exponentially during the Bush and Obama years. Clinton privatized government functions that have since been flipped multiple times by private equity underwriters (PEU's).
PEU's are ubiquitous and interwoven with both Red and Blue political parties. Government feeds them in multiple ways, preferred taxation, direct contracts with PEU affiliates (security, defense, health care, education, infrastructure, etc.), earmarks,
Many employees of PEU affiliates found their jobs eliminated and pensions frozen. The picture above shows what happened to their wages. It's no wonder consumer debt recently hit a new record $3.2 trillion.
Presidents like to take credit for anything good happening in the economy. I believe all three deserve credit for enriching their peers, the greed and leverage boys.
It's a sick system, a disturbing cycle that repeats under a President who promised to take on these very interests. Take them on he did, as full and present partners in his administration. The other two worked for PEU's, Bush II for The Carlyle Group as a board member of CaterAir and Clinton for Yucaipa and Teneo.
"The Clinton, Bush and Obama administrations all could have prevented the financial meltdown...We have created the incentive structures that are going to produce a much larger disaster.”--William K. Black
The picture is at the top of this post. Both the quote and the graph came from JessesCafeAmericain.
It's a PEU world, where politicians Red and Blue love PEU...
Update 10-4-14: The fact that the majority of households are losing so much wealth in a time of record-breaking overall wealth demonstrates how systemically corrupt the economy has become. Washington's Blog
