Actually, Congress controls spending. The president submits his budget proposals and Congress votes on it, and can amend it. So, both parties are responsible for the budget and the deficit.
The Federal Reserve controls monetary policies in addition to supervising/regulating banks, maintaining stability of the economy, and high level financial services. It is fairly apparent that the Federal Reserve does not really have to answer to anyone and failed in its responsibilities. It's not a government body, there is no reserve. The majority of US debt is owed to the Federal Reserve. The Federal Reserve has the power to pretty much dictate whatever it wants, and for the most part it doesn't fret over the small stuff - just the big, long-term stuff.
As for the Iraq/Afghan War - that was supported largely by both parties in Congress, as was the money for it. Undoubtedly, we were lied to over the terrorist/WMD issues and the responsibility for it comes down on Bush/Cheney and maybe the CIA, too - at least certain individuals within it. I'm all for investigation of that and a lot of other things with the Bush/Cheney administration. Leastwise, it is apparent that the CIA was withholding information from Congress.
Republican/Democrat - doesn't matter; both actively contributed to the problems - but ultimately, the Federal Reserve failed in its duties and is not being held accountable. Some in government are willing to give them even more power.
The issue I have is less in terms of what is happening today and more in terms of how today impacts tomorrow, six months and a year from now. To me, those kinds of projections are almost as concrete as what I see "now". Increasing spending while you are making less, and when you are already in debt, rarely leads to prosperity...unless one is a scam artist.
But now that we have Obama and he can perform miracles... let's see what he can do. And if he does perform miracles... I won't necessarily take that as a sign from God.
