It has been seven years since the real estate market collapsed and five years since Lehman Brothers and the market tanked. Since then, all we hear from leadership and the media is that we are in recovery. It doesn't feel like a recovery. It doesn't look like a recovery. The problem is we are not all in recovery -- and spending trillions bailing out big banks, big industry and the stock market is hurting the 90 percent of our people who make up our lower- and middle-class. We continue to lose jobs, wealth, income and hope while the rich get richer by the day.
In 2008, decisions were made and today we live with the consequences. Manufacturers reduced production resulting in massive layoffs. Banks abandoned traditional community business and turned to the Federal Reserve. Congress changed the bank accounting rules -- $17 trillion in worthless mortgages were declared a non-problem. Political parties chose campaign funding over the good of the people.
Safeguards like bankruptcy were abandoned. The solution was cash, trillions of dollars, to protect failed industry, failed banks and political interests. While 90 percent of our people are left in a recession without jobs, wealth or hope, the president leads from behind, way behind. Who is leading now? With a clueless administration and gridlocked Congress, power is firmly in the hands of the Fed, big banks and big industry that happen to be the winners in this supposed recovery.
Our people are starving for real leadership. Who will step forward?
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