Government's Failure at Business

[Wry Catcher]

I see, my post above ^^^ has caused PC to cut and run.

 

[regent]

Our government debt has been paid off only once in our history and that accomplishment is attributed to a Democratic president and administration. How Jackson did this is result of the government engaging in a profit venture.

So....are you so bereft of a Democrat to call your idol that you have to fall back to number seven????

So that's how Democrat chuckles turn to sobs.


You have inspired me to provide further examples of government failures at business.

Jackson is my idol too, along with Jefferson, Truman JFK and others, but only one paid off the debt, Jackson. Jackson also told the Supreme Court to stuff their decision, so what's not to like about the guy?
Has a Republican ever paid off the debt, I know Republicans sure talk about paying off the debt a lot; right now Republicans are busy busy busy repealing Obama-care.

 

[PoliticalChic]

Our government debt has been paid off only once in our history and that accomplishment is attributed to a Democratic president and administration. How Jackson did this is result of the government engaging in a profit venture.

So....are you so bereft of a Democrat to call your idol that you have to fall back to number seven????

So that's how Democrat chuckles turn to sobs.


You have inspired me to provide further examples of government failures at business.

Jackson is my idol too, along with Jefferson, Truman JFK and others, but only one paid off the debt, Jackson. Jackson also told the Supreme Court to stuff their decision, so what's not to like about the guy?
Has a Republican ever paid off the debt, I know Republicans sure talk about paying off the debt a lot; right now Republicans are busy busy busy repealing Obama-care.

"Jackson is my idol too, along with Jefferson, Truman JFK and others,..."

So......it seems that my revelations about Franklin Roosevelt have actually had an effect!

I see you no longer include him in the pantheon of of your idols.



So....you can teach an old......er,.....never mind.

 

[boedicca]

Of course Government fails at business. The dominant value setting process for Politicians is Politics. In Business, it's Profits. When Politics Trumps Profits, the Business turns into a rent seeking parasite.

 

[PoliticalChic]

1. "I see, my post above ^^^ has caused PC to cut and run."


What a fool you are.....as though anyone....any three year old.... shakes at your underwhelming intellect.

You seem like nothing so much as the kite that thought it ruled the wind.





2. "What would McCain and Palin have done if they had won the election and took office in Jan. 2009?"

Any candidate of my choosing would stand for individualism, free markets, and limited constitutional government.






3. "...wants others to believe she is all knowing and prescient..."

I understand why those adjectives would leap to the forefront in your feeble mind, based on the thorough thrashings you've received at my hands (posts).....

...but, I haven't claimed either.

Were I prescient, I would have considered that there might be folks as slow-witted as you, who could be convinced to vote for the candidate of proven failure.
I couldn't imagine there'd be so many as dumb as that......thank goodness so many have learned from their mistake.



And, as far as all-knowing, let's leave it at my being somewhere between you and all-knowing.

 

[PoliticalChic]

11.And, another of those unintended consequences: Government bureaucrats, drunk with the power of the law behind them, live by 'the end justifies the means."

When McKenney saw that he could not beat Astor, he resorted to 'plan B:'
have Congress pass a law banning private traders. He would then have a monopoly, and, he wrote to Congress:
"...I know of no check that could be devised having such a powerful influence as that which this sort of dependence would impose on the Indians."
Herman Viola, " Thomas L. McKenney: Architect of America's Early Indian Policy, 1816-1830," p.57.



a. OK...is it just me, or does this sound like LBJ in pushing welfare benefits?



b. And...'plan C'....use regulations to put private traders out of business: increase license fees! Under existing law, anyone who posted a $1,000 bond could buy a five-dollar license and trade for two years. McKenney wanted to increase the fee to $10,000.
The bill to ban private traders failed, and Astor won on the increased fees, as well.
Folsom and Folsom, "Uncle Sam Can't Count," p.21-24.




Of course, regulation and the 'department of injustice,' as well as the IRS are the modern equivalent of the McKenney plan.


12. Former Senator James Buckley write this in “Freedom at Risk: Reflections on Politics, Liberty, and the State,”...
" While the officials in these agencies [bureaucrats] are generally good people, they become focused on their particular portfolio of duties, that, often, they cannot see the consequences on other parts of society. Put this together with human nature, and one can see bullying, and misuse of power, especially when these individuals are immune to penalty, and supported by free and extensive legal representation: they have sovereign immunity in their positions. ...A remedy would be the ability of citizens to sue the federal government to protect their legitimate interests, for damages. While currently unconstitutional, the Congress can waive sovereign immunity,...."



Sadly....if government is not held to the specific restrictions of the Constitution.....

...well, simply look at the Obama administration, and that's what you get.

 

[Zander]

The government runs the Post Office. It's a model of incompetence and inefficiency. As a bonus, they lose a shitload of money too!!

Postal Service Loss Of $15.9 Billion Sets Record

 

[PoliticalChic]

The government runs the Post Office. It's a model of incompetence and inefficiency. As a bonus, they lose a shitload of money too!!

Postal Service Loss Of $15.9 Billion Sets Record

1. "Starting Salary is $51,000 a Year. No Experience Necessary. Start Now!

2. ... this week's issue of Bloomberg Businessweek examines the United States Postal Service as it hurtles toward insolvency..

3. ... a projected $6.4 billion loss this year, the Postal Service is expected to hit its own debt ceiling by the end of this fiscal year on Sept. 30.

4. The federal government will then have to choose between letting the agency default on its massive pension obligations or bailing it out to the tune of more than $50 billion.

5. The Postal Service is nearly $15 billion in debt. It has stayed afloat by borrowing $12 billion from the U.S. Treasury. The agency has lost $20 billion since 2007.

6. Despite the agency's economic woes, the 250,000-member American Postal Workers Union negotiated a cushy labor deal with the USPS in March. The four-and-a-half-year agreement extends the no-layoff provision and provides a 3.5% raise over the period of the contract, as well as seven uncapped cost-of-living increases.

7. In general, postal service employees enjoy more expensive benefits than most public-sector workers. USPS covers 79% of its employees' health benefits, compared to the 72% typical for most federal workers."
11 Things You Should Know About The U.S. Postal Service Before It Goes Bankrupt - Business Insider

 

[Zander]

Fannie and Freddy are GSE's - Government Sponsored Enterprises. They only needed a $200 billion bailout from the taxpayers....Success!!

 

[PoliticalChic]

Fannie and Freddy are GSE's - Government Sponsored Enterprises. They only needed a $200 billion bailout from the taxpayers....Success!!

Created under the auspices of Democrat Franklin Roosevelt, who, like Teddy Roosevelt and Woodrow Wilson, felt that any allegiance to the Constitution, unnecessary.

 

[regent]

So....are you so bereft of a Democrat to call your idol that you have to fall back to number seven????

So that's how Democrat chuckles turn to sobs.


You have inspired me to provide further examples of government failures at business.

Jackson is my idol too, along with Jefferson, Truman JFK and others, but only one paid off the debt, Jackson. Jackson also told the Supreme Court to stuff their decision, so what's not to like about the guy?
Has a Republican ever paid off the debt, I know Republicans sure talk about paying off the debt a lot; right now Republicans are busy busy busy repealing Obama-care.

"Jackson is my idol too, along with Jefferson, Truman JFK and others,..."

So......it seems that my revelations about Franklin Roosevelt have actually had an effect!

I see you no longer include him in the pantheon of of your idols.



So....you can teach an old......er,.....never mind.

Oh no, FDR is still my number one pick and as you know the historians have finally gotten around to agreeing with me on my rating FDR as the best president. In fact, the historians pretty much agree with me on most things. All in all most historians are smart cookies.

 

[Dad2three]

"Ask most Americans about the big-spending government policies of the last few years, and they will tell you the programs have failed. In a February 2012 poll from the nonpartisan Pew Research Center, 66 percent of Americans said the federal government is having a negative impact on the way things are going in this country (versus 22 percent who say the impact is positive). A majority disapproves of the president’s 2009 stimulus, and according to a 2010 CNN poll, about three-quarters of Americans believe the money was mostly wasted.

Of course, the measure of economic success is not public opinion, but the factual effects of policy. The emerging evidence on various spending programs shows that Americans’ intuition is correct: The Keynesian deficit spending has been poorly designed and badly executed, and it has had little benefit for our economy."
Why the Stimulus Failed | National Review Online

Cool, polls among those that had nearly 50% supporting Romney? lol

Good thing those EDUCATED economists say YOU and they are full of it!

But yes, 40% tax cuts were a pretty big waste, since Dubya's $2.8 TRILLION dollar tax cuts didn't help US one bi

 

[Dad2three]

"Three years and $825 billion later, the results are clear. Instead of producing an economic recovery, the stimulus produced only broken promises and massive debt. The stimulus failed—and by the president's own standards at that."
The Five Biggest Failures From President Obama's Stimulus Law - US News

Weird, LIBERALS were saying it was to small and loaded with NOT stimulus spending like tax cuts. Perhaps keeping US out of a second GOP great depression after 8 years of Dubya/GOP 'job creator' policies?


BTW, WHY DIDN'T THOSE 'JOB CREATOR' POLICIES WORK?

 

[Dad2three]

"Lawrence Lindsey, who served as economic adviser to President George W.
Bush, argued in a Weekly Standard essay last year that the proposition made by Obama's stimulus was absurd on it face.

"Everyone except flacks for the White House knows that the 2009 stimulus package failed miserably to produce the promised results," Lindsey wrote. "But even if you buy the White House's argument that the $800 billion package created 3 million jobs, that works out to $266,000 per job. Taxing or borrowing $266,000 from the private sector to create a single job is simply not a cost effective way of putting America back to work. The long-term debt burden of that $266,000 swamps any benefit that the single job created might provide."
Obama's Stimulus: A Documented Failure | CNS News

40% OF IT WAS TAX CUTS

But how much did each job cost with Dubya's tax cuts that were responsible for 1/3rd US debt 2001-2010 according to the CBO?

He lost 673,000+ PRIVATE sector jobs in 8 years (not counting the 4+ million lost in 2009)?

Bureau of Labor Statistics Data

 

[Dad2three]

"Obama golfs as GOP taunts him for failed stimulus plan

“The percentage of Americans participating in the labor force is at the lowest level since Jimmy Carter occupied the White House as millions of discouraged job seekers have simply stopped looking for work,” said a statement from Sen. John Thune.

Speaker of the House John Boehner marked the day with contemptuous message to Obama. ”The ‘stimulus’ has turned out to be a classic case of big promises and big spending with little results … millions of families are still asking ‘where are the jobs?’”
Obama quiet as GOP taunts him for failed stimulus plan | The Daily Caller

Yes, Dubya/GOP dug US into a DEEP and WIDE hole with their 'job creator policies
'
David Stockman, Ex-Reagan Budget Director: George W. Bush's Policies Bankrupt The Country



“(Reagan’s deficit policies) allowed George W. Bush to dive into the deep end, bankrupting the nation through two misbegotten and unfinanced wars, a giant expansion of Medicare and a tax-cutting spree for the wealthy that turned K Street lobbyists into the de facto office of national tax policy,” Stockman wrote.

David Stockman, Ex-Reagan Budget Director: George W. Bush's Policies Bankrupt The Country

 

[Dad2three]

"THE STIMULUS ANNIVERSARY
Five years ago today, President Barack Obama signed the American Recovery and Reinvestment Act into law. The $830 billion spending blowout was sold by the White House as a way to keep unemployment from rising above 8%. But the stimulus would fail on its own terms. 2009 marked the first of four straight years when unemployment averaged more than 8%. And of course the unemployment rate would have been even worse in those years and still today if so many people had not quit the labor force, driving labor-participation rates to 1970s levels."
Obama's Stimulus, Five Years Later - WSJ

WEIRD:

The Economists' statement opposing the Bush tax cuts was a statement signed by roughly 450 economists, including ten of the twenty-four American Nobel Prize laureates alive at the time, in February 2003 who urged the U.S. President George W. Bush not to enact the 2003 tax cuts; seeking and sought to gather public support for the position. The statement was printed as a full-page ad in The New York Times and released to the public through the Economic Policy Institute. According to the statement, the 450 plus economists who signed the statement believe that the 2003 Bush tax cuts will increase inequality and the budget deficit, decreasing the ability of the U.S. government to fund essential services, while failing to produce economic growth

In rebuttal, 250 plus economists who supported the tax plan wrote that the new plan would "create more employment, economic growth, and opportunities for all Americans."


Economists' statement opposing the Bush tax cuts - Wikipedia, the free encyclopedia


NOW WHICH SIDE WAS CORRECT?

 

[Dad2three]

"Lawrence Lindsey, who served as economic adviser to President George W.
Bush, argued in a Weekly Standard essay last year that the proposition made by Obama's stimulus was absurd on it face.

"Everyone except flacks for the White House knows that the 2009 stimulus package failed miserably to produce the promised results," Lindsey wrote. "But even if you buy the White House's argument that the $800 billion package created 3 million jobs, that works out to $266,000 per job. Taxing or borrowing $266,000 from the private sector to create a single job is simply not a cost effective way of putting America back to work. The long-term debt burden of that $266,000 swamps any benefit that the single job created might provide."
Obama's Stimulus: A Documented Failure | CNS News

Did this economic advisor to bush forecast the crash of the economy of 2008 or did his programmer use the same chip in the brain that you operate with?

How's this, you dunce:


Published: September 11, 2003


WASHINGTON, Sept. 10— The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.
Under the plan, disclosed at a Congressional hearing today, a new agency would be created within the Treasury Department to assume supervision of Fannie Mae and Freddie Mac, the government-sponsored companies that are the two largest players in the mortgage lending industry.


Among the groups denouncing the proposal today were the National Association of Home Builders and Congressional Democrats who fear that tighter regulation of the companies could sharply reduce their commitment to financing low-income and affordable housing.


''These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis,'' said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ''The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.''
Representative Melvin L. Watt, Democrat of North Carolina, agreed.
New Agency Proposed to Oversee Freddie Mac and Fannie Mae - NYTimes.com



Good to see we're back on the original footing.

Bush told Barney and democrats there was nothing wrong with Freddie and Fannie in 2003

Bush stopped GSE reform in 2003

Bush’s toxic housing and GSE policies from 2004

Bush said there was no housing bubble in 2005 ( Bernanke, Bush ' guy , currently chairman of the president's Council of Economic Advisers, in testimony to Congress's Joint Economic Committee)

Bernanke: There's No Housing Bubble to Go Bust



Bush attacked the very reform that would have prevented the Bush Mortgage Bubble

Bush attacked reform because he said it “would lessen the housing GSEs' commitment to low-income homebuyers



Testimony from Treasury Secretary John Snow to the REPUBLICAN CONGRESS 2003 concerning the 'regulation’ of the GSE’s

Mr. Frank: ...Are we in a crisis now with these entities?

Secretary Snow. No, that is a fair characterization, Congressman Frank, of our position. We are not putting this proposal before you because of some concern over some imminent danger to the financial system for housing; far from it.
- THE TREASURY DEPARTMENT'S VIEWS ON THE REGULATION OF GOVERNMENT SPONSORED ENTERPRISES

Yep, he said "far from it" If you read the testimony, you'd see he reiterated that position. And then you'd see one of the reasons Snow said why they would like the regulation would be to better enforce the housing goals


STATEMENT OF ADMINISTRATION POLICY


The Administration strongly believes that the housing GSEs should be focused on their core housing mission, particularly with respect to low-income Americans and first-time homebuyers. Instead, provisions of H.R. 1461 that expand mortgage purchasing authority would lessen the housing GSEs' commitment to low-income homebuyers.

George W. Bush: Statement of Administration Policy: H.R. 1461 - Federal Housing Finance Reform Act of 2005

Yes, he said he was against it because it "would lessen the housing GSEs' commitment to low-income homebuyers"

The republican chairman of the House Financial Services committee Mike Oxley blames Bush for reform not passing



Q When did the Bush Mortgage Bubble start?

A The general timeframe is it started late 2004.

From Bush’s President’s Working Group on Financial Markets October 2008

“The Presidents Working Group’s March policy statement acknowledged that turmoil in financial markets clearly was triggered by a dramatic weakening of underwriting standards for U.S. subprime mortgages, beginning in late 2004 and extending into 2007.”


One president controlled the regulators that not only let banks stop checking income but cheered them on. And as president Bush could enact the very policies that caused the Bush Mortgage Bubble and he did. And his party controlled congress.

FACTS on Dubya's great recession - Page 17 - US Message Board - Political Discussion Forum

 

[Dad2three]

"Lawrence Lindsey, who served as economic adviser to President George W.
Bush, argued in a Weekly Standard essay last year that the proposition made by Obama's stimulus was absurd on it face.

"Everyone except flacks for the White House knows that the 2009 stimulus package failed miserably to produce the promised results," Lindsey wrote. "But even if you buy the White House's argument that the $800 billion package created 3 million jobs, that works out to $266,000 per job. Taxing or borrowing $266,000 from the private sector to create a single job is simply not a cost effective way of putting America back to work. The long-term debt burden of that $266,000 swamps any benefit that the single job created might provide."
Obama's Stimulus: A Documented Failure | CNS News

Did this economic advisor to bush forecast the crash of the economy of 2008 or did his programmer use the same chip in the brain that you operate with?

How's this, you dunce:


Published: September 11, 2003


WASHINGTON, Sept. 10— The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.
Under the plan, disclosed at a Congressional hearing today, a new agency would be created within the Treasury Department to assume supervision of Fannie Mae and Freddie Mac, the government-sponsored companies that are the two largest players in the mortgage lending industry.


Among the groups denouncing the proposal today were the National Association of Home Builders and Congressional Democrats who fear that tighter regulation of the companies could sharply reduce their commitment to financing low-income and affordable housing.


''These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis,'' said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ''The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.''
Representative Melvin L. Watt, Democrat of North Carolina, agreed.
New Agency Proposed to Oversee Freddie Mac and Fannie Mae - NYTimes.com



Good to see we're back on the original footing.

The Myth of Fannie Mae, Freddie Mac, Barney Frank, the Housing Bubble and the Recession


Start with the most basic fact of all: virtually none of the $1.5 trillion of cratering subprime mortgages were backed by Fannie or Freddie. That’s right — most subprime mortgages did not meet Fannie or Freddie’s strict lending standards. All those no money down, no interest for a year, low teaser rate loans? All the loans made without checking a borrower’s income or employment history? All made in the private sector, without any support from Fannie and Freddie.

The Myth of Fannie Mae, Freddie Mac, Barney Frank, the Housing Bubble and the Recession | The Long Goodbye


No, the GSEs Did Not Cause the Financial Meltdown (but thats just according to the data)


1. Private markets caused the shady mortgage boom



2. The government’s affordability mission didn’t cause the crisis (NOT even when BUSH required them to buy $440 BILLION in MBS's in 2002 to meet his 'goals, or his dumping Clinton's rule frm 2000 that restricted F/F to push them up to 56% in 2004 on 'affordable housing'


3. There is a lot of research to back this up and little against it: This is not exactly an obscure corner of the wonk world — it is one of the most studied capital markets in the world.



4. Conservatives sang a different tune before the crash: Conservative think tanks spent the 2000s saying the exact opposite of what they are saying now


MY FAV

AEI'S Peter Wallison (THE GUY BLAMING F/F TODAY, LOL) in 2004: “In recent years, study after study has shown that Fannie Mae and Freddie Mac are failing to do even as much as banks and S&Ls in providing financing for affordable housing, including minority and low income housing.


Hey Mayor Bloomberg! No, the GSEs Did Not Cause the Financial Meltdown (but thats just according to the data) | The Big Picture


Dubya's great recession FACTS

http://www.usmessageboard.com/economy/362889-facts-on-dubya-s-great-recession.html

 

[Dad2three]

Fannie and Freddy are GSE's - Government Sponsored Enterprises. They only needed a $200 billion bailout from the taxpayers....Success!!

Thank Dubya for that

http://www.usmessageboard.com/economy/362889-facts-on-dubya-s-great-recession.html


•Nonbank mortgage underwriting exploded from 2001 to 2007, along with the private label securitization market, which eclipsed Fannie and Freddie during the boom.

Private lenders not subject to congressional regulations collapsed lending standards.

Examining the big lie: How the facts of the economic crisis stack up | The Big Picture

 

[Dad2three]

Fannie and Freddy are GSE's - Government Sponsored Enterprises. They only needed a $200 billion bailout from the taxpayers....Success!!

Created under the auspices of Democrat Franklin Roosevelt, who, like Teddy Roosevelt and Woodrow Wilson, felt that any allegiance to the Constitution, unnecessary.

Weird, worked for 70 years UNTIL Dubya

http://www.usmessageboard.com/economy/362889-facts-on-dubya-s-great-recession.html