In 2008, in the middle of the banking crisis, it became evident that Senator McCain and the Republicans were in for a big surprise as Barack Obama's poll numbers suggested that he was on his way to the oval office.
This was a time of great concern for the international banking sector as credit began to seize all around the world. There were many contributing factors that led to the crisis, timing, demographics, a real estate bubble etc. Many books have already been written about the structural problems which were the foundation for a near collapse of the global financial system.
But something happened that wasn't expected: Capitalism became the villain. As the entire free world was embracing American style free market capitalism, we here at home were turning our backs on it. The result was a birth of a new economic ideology, the Obama ideology…or what I like to call, 'Liberal Economic Elitism' (LEE).
LEE had taken the old notions of capitalism and turned them on its head. To paraphrase Dr. Milton Friedman's analogy, "There are four ways of spending money, you can spend your money on yourself, you can spend money on someone else, you can use other people's money to spend (Like a T&E account), and other people can spend other people's money." LEE is the ultimate use of 'Other people spending other people's money', or as the Great Nobel Laureate would say, "…the most inefficient way to spend money!"
The experiment in LEE created a government which grew out of control, racking up debt (some of that debt due to the financial crisis and Bush tax cuts that Obama inherited) and experienced very little in the way of growth, leaving the economy in a real predicament. Even with record low interest rates coordinated by global central banks, the economic condition was not fertile enough to create the needed basis for real growth. The economy became over taxed, over regulated and had no real fiscal stimulus; which is essential.