Robert Scheer nicely summarizes how we got to where we are (snippet):

"....The late 1990s, it should be noted, is when President Clinton, working with Phil Gramm, the Republican head of the Senate Banking Committee, pushed through two critical pieces of legislation ending effective regulation of the banks. The Gramm-Leach-Bliley Act smashed the wall between high-flying Wall Street investment firms and the once staid commercial banks entrusted with the deposits and mortgages of America’s innocent souls. The next year Clinton signed the Commodity Futures Modernization Act, banning any effective regulation of the rapidly expanded trade in the collateralized debt obligations and credit default swaps that have since haunted the world’s economy. "The collapse of those toxic securities led to the housing crisis and resulted in 15.1 percent of Americans now living in poverty, the same level as when Bill Clinton took office. But thanks to another one of Clinton’s grand triangulation strategies, the one he called “welfare reform,” the impoverished are now denied the safety net that existed before the Clinton presidency. Although 22 percent of U.S. children are now below the poverty line, the Aid to Families With Dependent Children program no longer exists. "Some of us who voted for Obama thought he was no Clinton, but he was and is, as was demonstrated in his first days in office when he appointed two key veterans of the Clinton Treasury Department, Lawrence Summers and Timothy Geithner, to head up the Obama economic team. Geithner, as treasury secretary, is the point man for the administration’s push to pass the so-called American Jobs Act, which the president hyped in his Sept. 8 speech to Congress and the nation. It was pure Clinton bull: I feel your pain while I help the superrich pick your pocket....."

Oh woe are we. I no longer see a way out of this spiralling decline in the American economy in my lifetime. We had a chance in 2009, but forget it now.