History repeats itself, and I think this happens because, fundamentally, human beings are both ideological and stupid.
I clearly see today that this country has entered another Gilded Age. I sure hope I am wrong.
I would say that both major political parties have contributed to this. The biggest mistake President Bill Clinton made was the deregulation of the financial industry by repealing the Glass-Steagall Act, put in place to avoid what happened in 1929 and again in 2008.
The biggest mistake President George W. Bush made was plunging the country into a war of convenience (to benefit the military-industrial complex) while, at the same time, giving a tax cut to the nation’s wealthiest. That is like a household losing half of its income and doubling credit card expenses at the same time. Have you ever heard of a nation being at war and cutting its revenues at the same time?
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What worries me is the potential for severe civil unrest. If this happens, there will not be enough law enforcement to protect this nation. And voter suppression will not matter because voting will not matter.
There are a few wise people in this country, wealthy and not, who do see this perfect storm approaching, but they seem to be powerless as far as their influence on Washington is concerned.