I never said there should be NO regulation. Of course there has to be regulation but it has to be balanced against the realities of business and not based on emotion.<quoted text> When corporations are allowed to operate without government regulation, we have a boom/ bust cycle. Tax cuts for the rich and deregulation led to the roaring twenties. and the the inevitable bust.. Roosevelt reined in big business ,:( Glass Steagle, act, etc.) tax rates at around 90%.. We created the greatest middle class in the world, ever! Ronald Regan and every president since reversed those policies. You can try to put all the blame on the unions but, but, even conservative economists : Greenspan, Bernanke etc. say it was deregulation and malfeasance that caused the latest crash.
You are talking about different things all at once.
Manufacturing left the U.S. because the price of organized labor rose to point where it is more profitable(that's why businesses exist-to make a profit) to make things offshore and have them shipped back here than it is to pay the cost of U.S. labor. That's part of the global economy we live in. Labor unions either never saw it coming or refused to believe it would happen. It did and that's what happened to the middle class.
The catalyst for the latest crash was the housing market. You've no doubt heard the phrase "the housing bubble burst". It started with President Clinton's "ownership society". The idea that home ownership should be made more available to a wider range of people. That idea was wholeheartedly embraced by President Bush and he actually took it to new heights. At the urging and with the backing of the U.S. government, normal common sense rules for mortgage lending were suspended in order for more people to qualify. Banks invented all sorts things to accommodate this. Things like interest only loans came into being and made home ownership a reality for people who would never have qualified before. It was great for a while. Many more people could own a home. Supply and demand kicked in and property values went up because demand exceeded supply. When property values went up existing homeowners had more equity. They traded in that (false)equity for cash and went to Disney World and bought new cars and boats. That created a bubble and the bubble burst. When it burst millions of people were left with homes worth less than they owed, mortgages they couldn't afford so they defaulted. Yes, banks did many hings they should not have but they did them at the urging and full knowledge of the U/S. government.
Wanting everyone to be able to own a home in an admirable goal. It just doesn't make sense when you apply simple business principles. It's an emotional rather than logical thing. Wanting everyone to earn a wage where they can afford the better things in life is also an admirable goal but like the "ownership society" it's based on emotion and not on good business sense.