Deregulation of banking industry is to blame

A June 15 letter bragging about Canada’s ability to re-create lost jobs due to the 2007 crash is mistaken on at least one point: It was not Franklin D. Roosevelt who employed the top-down economic system. It was Ronald Reagan who used the top-down system that brought our economy down. It is referred to as the trickle-down system. Even the man who was a creator of that system has recanted and says it was a mistake.

Where the big failure in the post comes from has to do with the deregulation begun big time with Reagan and followed by Bill Clinton’s failure to veto the abolishment of a law that then made it possible for the banking industry to do things that destroyed not just our economy but much of the developed world.

I get it that most folks tend to get things wrong due to their ideological bend. Perhaps Canada is doing things better than us. But with a sharply divided government where one party is more concerned with women’s reproductive rights and making Christianity the state religion, we are held back from any real progress.

As to Mitt Romney as president, God forbid. We would now be a neo Third World country. His views meant a complete end to the middle class. The first president I voted for was Dwight Eisenhower, a real conservative. Republicans should study his governance and that of Teddy Roosevelt if they want to see a comeback of their party.

Pippo Schillaci