How the Democrats Created the Financial Crisis: Kevin Hassett

Quote from John_Wensink:

How the Democrats Created the Financial Crisis: Kevin Hassett
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And lets not forget, the Dems ALSO forced the Social Security system on us. The deficit in this is some 5 times larger than the NATIONAL debt.

They have fought privatizing it (so people could get REAL returns in the markets), they fought trying to restrict it or moving the retirement age up to keep up with a longer lived population...
 
Quote from bigdavediode:

Too bad he actually raised taxes.

"In 1982 alone, he signed into law not one but two major tax increases. The Tax Equity and Fiscal Responsibility Act (TEFRA) raised taxes by $37.5 billion per year and the Highway Revenue Act raised the gasoline tax by another $3.3 billion.

"According to a recent Treasury Department study, TEFRA alone raised taxes by almost 1 percent of the gross domestic product, making it the largest peacetime tax increase in American history. An increase of similar magnitude today would raise more than $100 billion per year.

"In 1983, Reagan signed legislation raising the Social Security tax rate.

"In 1984, Reagan signed another big tax increase in the Deficit Reduction Act. This raised taxes by $18 billion per year or 0.4 percent of GDP. A similar-sized tax increase today would be about $44 billion.

"The Consolidated Omnibus Budget Reconciliation Act of 1985 raised taxes yet again. Even the Tax Reform Act of 1986, which was designed to be revenue-neutral, contained a net tax increase in its first 2 years. And the Omnibus Budget Reconciliation Act of 1987 raised taxes still more.

"According to a table in the 1990 budget, the net effect of all these tax increases was to raise taxes by $164 billion in 1992, or 2.6 percent of GDP. This is equivalent to almost $300 billion in today's economy."

http://www.nationalreview.com/nrof_bartlett/bartlett200310290853.asp





So the growth under Clinton from 1994 to 1998 was because of the guy almost 18 years earlier who dropped taxes by raising them.

You should probably change your response.



If he Republican congress balanced the budget why did Clinton need to shutdown the entire government to get them to pass their budget.



It's hard to argue with that, when it makes so little sense.
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I don't know where you get this stuff that's all wrong, but, you understand, my real goal here is to keep you busy writing so that I can make real contributions elsewhere, sorry... :) :) :)
 
IMAO: Finance Talk

"Since there isn't really that much either party knows to do to make sure the economy becomes stable, this contest is probably going to come down to which candidate can BS the best. What McCain really needs to do is just say right-sounding stuff and say it confidently so as to keep people from panicking. Some suggestions:

"We can shore up capital by mortgaging stocks."

"A strong fiscal finance is all that's needed to for profitable currency."

"We'll stabilize the economy by reversing the polarity of the tachyon particles."

"All we need to remember is hibbilty gibber flibble floo."

Well, that's all the economic advice I have. Can we talk about guns again?"

:) :) :)
 
Quote from Yannis:

IMAO: Finance Talk

"Since there isn't really that much either party knows to do to make sure the economy becomes stable, this contest is probably going to come down to which candidate can BS the best. What McCain really needs to do is just say right-sounding stuff and say it confidently so as to keep people from panicking. Some suggestions:

"We can shore up capital by mortgaging stocks."

"A strong fiscal finance is all that's needed to for profitable currency."

"We'll stabilize the economy by reversing the polarity of the tachyon particles."

"All we need to remember is hibbilty gibber flibble floo."

Well, that's all the economic advice I have. Can we talk about guns again?"

:) :) :)
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Makes about as much sense as what either candiate is saying.

That gun thing may become more crucial. I figure we have race riots no matter who wins. Now we can look forward to riots from people whose banks failed, who lost their jobs, who lost their insurance, whose football teams won or lost, who lost their hoimes or who were forced to bail out scam artists and speculators. Oh, and illegal aliens and those who oppose them. Lots of riots coming.
 
It is my observation that Senator McCain actually recognized the forthcoming problem we now face adn tried to deal with it. Whether it did not make it out of committee (republicans or democrats) is not relevant. HE TRIED to warnd and fix the problem BEFORE the inevitable colapse...

So why not simply view this fact for what it is...He saw it coming and tried to fix it...

Taxes are the debate of every election....the fact is American's go to sleep after elections and don't hold their Congress and Representatives and our president accountable until there is some crisis...the suddenly we here Washington yelling 'foul by THEM'...and WE...the American people are compeled to choose a SIDE....this is rediculous...we really need to grow up and stop letting politicians manipulate us like this.

Americans need to wake up and get involved...get facts and stay active in the decision making process...we ought to know by now we can't elect promisemaking politicians and then just sit down and trust them to look out for US...would be nice if we could but common sense should dictate here....

Senator McCain said he would bring the information to the American people thus working reform...I intend to hold him to that if he is elected and I intend to retain my own voice....
 
Quote from Yannis:

I don't know where you get this stuff that's all wrong, but, you understand, my real goal here is to keep you busy writing so that I can make real contributions elsewhere, sorry... :) :) :)
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No problem. Facts can be difficult. You probably meant to say that he lowered income taxes, which is probably true.

Sadly, Reagan raised taxes overall. So your entire theory is toasted.
 
Quote from Americanquest:

It is my observation that Senator McCain actually recognized the forthcoming problem we now face adn tried to deal with it. Whether it did not make it out of committee (republicans or democrats) is not relevant. HE TRIED to warnd and fix the problem BEFORE the inevitable colapse...

So why not simply view this fact for what it is...He saw it coming and tried to fix it...
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Well, it's not so simple. He did make a speech for reform, which was good. However, Obama did make a speech as well (albeit after McCain's).

The bill that he was espousing, though, would have actually gotten rid of the two groups that had oversight over FNMA, and replaced them with a government department.

So I'm not sure if that bill was what he though it was.
 
Quote from bigdavediode:

Well, it's not so simple. He did make a speech for reform, which was good. However, Obama did make a speech as well (albeit after McCain's).

The bill that he was espousing, though, would have actually gotten rid of the two groups that had oversight over FNMA, and replaced them with a government department.

So I'm not sure if that bill was what he though it was.
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A really good piece on Bill Oreilly last night....several saw this coming, even Hillary, but noone did the one thing they should have done when they knew this was going to happen and Congress would not respond...TELL THE AMERICAN PEOPLE!
That is where I fault Mr. McCain and that is also where I credit him now....his message as a 'reformer' is that he will bring this stuff to the American people if he is elected....IN THAT lies my hope.

You see, the people of America, human nature itself, likes to doze...it likes prosperity so it can just go it's merry way entrusting our future to the people we elect...well time and time again we have been awakened when there shinanigans gets out of hand and begins to really impact US...that is what needs to stop.

The truth is...our problem is not Washington...our problem is blind trust of Washington....

My company president told our firm in a company wide meeting that the growth was unhealty and that it was inflated and that it was a bubble that was going to burst. In that he prepared our firm by keeping oud debt really low...never borrowing money....and building a cusion for the fall....

Many knew this was coming...some prepared...but noone intervened to prevent it...now Congress wants to act like it is really concerned for the American people...that IMHO is a political front to self preserve....

And I have to ask...why are we still going to follow the same financial advisors that have been in there all along during this denial? That is like me investing my money as my advisors led and then when I loose it all they tell me to trust their solution to the problem? No..I think as Mr. McCain said...now might be the time to fire and rehire...
 
Quote from Americanquest:




That is where I fault Mr. McCain and that is also where I credit him now....his message as a 'reformer' is that he will bring this stuff to the American people if he is elected....IN THAT lies my hope.



The truth is...our problem is not Washington...our problem is blind trust of Washington....
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"I like McCain because he is for change".

Forget the fact that he voted with Bush more than 90% of the time.

gee, another clear thinking voter conversant with the current issues?

More like a confused ideologue.

lol :D
 
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