The ruling "Republicans", and compliant conservative Democrats, have spent years deregulating the banking and insurance industry. They say it will free the market, increase wealth and save money.
Then, the now 'freer' banking system goes on a casino binge, and as with all casino binges, they come out on the other end with a huge crash.
Indy Mac, Bear Stearns, Merrill Lynch, Lehman Brothers, Freddie Mac, Fannie Mae all crash and they need to be bailed out (Bear Stearns), covered (Indy Mac) or taken over by the federal government (Freddie Mac, Fannie Mae). This is ending up costing the federal government (ah, that's us taxpayers) into the _hundreds of billions_ of dollars.
A bit of prudent regulation might have saved taxpayers hundreds of billions. But of course I wouldn't expect that of a "Republican" government that will have spent over a trillion dollars on an unnecessary war and ran up a deficit to record levels by increasing spending while cutting taxes for the wealthy.
Then, AIG, hours away from total failure, is _BOUGHT_ by the Republican-controlled federal government for over 80 billion dollars and now it _owns_ an 80% equity stake in one of the largest companies in the world.
Nevermind the question of cost and where our government is getting these hundreds of billions of dollars (that's a rhetorical question), my question is...
Isn't it a bit of an irony.. but when did the Republicans become socialists?!