Restoring values that built US middle class

President Obama, in his acceptance speech for the Democratic nomination for President, made reference to restoring ‘the values that built the largest middle class and the strongest economy the world has ever known’.

One of his predecessors, FDR, was instrumental in building the US economy after the disaster of the Great Depression with the New Deal and the Glass Steagall Act, which controlled financial speculation. These instruments allowed massive growth in jobs and standards of living for the US middle class, enabling the country to become an economic powerhouse.

How ironic that one of Mr Obama’s cheerleaders, Mr Clinton, facilitated the current economic mess with the repeal of Glass Steagall under his watch, allowing financial speculation to run riot.