Obama has increased government spending less than any president in at least a generation.

[Dad2three]

And Clinton lifted the Glass Steigall Act, one of the root causes which led to the financial crisis of 2007-2009. Oh wait, don't tell me, the Reps held a gun to his head.

And it was all the Republican's idea to make credit easy, and to reduce the cost of borrowing money. Pooling mortgages to be used to back securities known as collateralised debt obligations (CDOs), and bribing rating agencies to give a grade A rating on them--- that was an evil Republican plot that Democrats fought tooth and nail.

Let's just all join a team. Go Republicans or Go Democrats! Yay Team! Let's spend our days picking out the ridiculous things that the other side does, and defend our party to the last. After all, one party has a monopoly on the truth and the other party is out to destroy America.

PLEASE, PLEASE TELL ME MORE OF THIS CLINTON DUDE AND THE GSA WHICH HAD IT'S ROOTS IN THE DUBYA SUBPRIME CRISIS? PRETTY PLEASE?


Why The Glass-Steagall Myth Persists

We're members at the Ayn Rand Center, covering economics and liberty.

There is zero evidence this change unleashed the financial crisis. If you tally the institutions that ran into severe problems in 2008-09, the list includes Bear Stearns, Lehman Brothers, Merrill Lynch, AIG, and Fannie Mae and Freddie Mac, none of which would have come under Glass-Steagall’s restrictions. Even President Obama has recently acknowledged that “there is not evidence that having Glass-Steagall in place would somehow change the dynamic.”

As for the FDIC-insured commercial banks that ran into trouble, the record is also clear: what got them into trouble were not activities restricted by Glass-Steagall. Their problems arose from investments in residential mortgages and residential mortgage-backed securities—investments they had always been free to engage in.

Why The Glass-Steagall Myth Persists - Forbes


TEAM HUH? LOL

Conservatives Can’t Escape Blame for the Financial Crisis


The onset of the recent financial crisis in late 2007 created an intellectual crisis for conservatives, who had been touting for decades the benefits of a hands-off approach to financial market regulation. As the crisis quickly spiraled out of control, it quickly became apparent that the massive credit bubble of the mid-2000s, followed by the inevitable bust that culminated with the financial markets freeze in the fall of 2008, occurred predominantly among those parts of the financial system that were least regulated, or where regulations existed but were largely unenforced.

Predictably, many conservatives sought to blame the bogeymen they always blamed.

Politics Most Blatant Center for American Progress



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.”




Right-wingers Want To Erase How George Bush's "Homeowner Society" Helped Cause The Economic Collapse


2004 Republican Convention:

Another priority for a new term is to build an ownership society, because ownership brings security and dignity and independence.
...

Thanks to our policies, home ownership in America is at an all- time high.

(APPLAUSE)

Tonight we set a new goal: 7 million more affordable homes in the next 10 years, so more American families will be able to open the door and say, "Welcome to my home."






2004 Dubya allowed the leverage rules to go from 12-1 to 35-1+ which flooded the market with cheap money!

The SEC Rule That Broke Wall Street.


DUBYA FOUGHT ALL 50 STATE AG'S IN 2003, INVOKING A CIVIL WAR ERA RULE SAYING FEDS RULE ON "PREDATORY" LENDERS!

Dubya was warned by the FBI of an "epidemic" of mortgage fraud in 2004. He gave them less resources. Later in 2004 Dubya allowed the leverage rules to go from 12-1 to 33-1 which flooded the market with cheap money!


Bush drive for home ownership fueled housing bubble


He insisted that Fannie Mae and Freddie Mac meet ambitious new goals for low-income lending.

Concerned that down payments were a barrier, Bush persuaded Congress to spend as much as $200 million a year to help first-time buyers with down payments and closing costs.

And he pushed to allow first-time buyers to qualify for government insured mortgages with no money down




June 17, 2004


Builders to fight Bush's low-income plan


NEW YORK (CNN/Money) - Home builders, realtors and others are preparing to fight a Bush administration plan that would require Fannie Mae and Freddie Mac to increase financing of homes for low-income people, a home builder group said Thursday.


Home builders fight Bush's low-income housing - Jun. 17, 2004


Predatory Lenders' Partner in Crime

Predatory lending was widely understood to present a looming national crisis.

What did the Bush administration do in response? Did it reverse course and decide to take action to halt this burgeoning scourge?

Not only did the Bush administration do nothing to protect consumers, it embarked on an aggressive and unprecedented campaign to prevent states from protecting their residents from the very problems to which the federal government was turning a blind eye

In 2003, during the height of the predatory lending crisis, the OCC invoked a clause from the 1863 National Bank Act to issue formal opinions preempting all state predatory lending laws, thereby rendering them inoperative


Eliot Spitzer - Predatory Lenders' Partner in Crime

MUCH, MUCH MORE HERE BUBBA.

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

HOW LONG WERE CDO'S AROUND AGAIN??


Dubya not only ALLOWED the Banksters to run a credit bubble on US, he was head cheerleader. NOT a regulation issue, BUT A REGULATOR FAILURE (YOU KNOW THE EXECUTIVE BRANCH THING!!!)

 

[BluesLegend]

BOOOOOOOOOOOSH lmao!

 

[EdwardBaiamonte]

Blaming all this on Rs, most of whom are progressives, is absurd.

No doubt income inequality is a problem, but it is a problem because both parties are owned by the elites and as such, do the elite's bidding. To blame conservatives SOLELY for income inequality and deficit spending, fails on so many levels.

liberalism causes inequality. When you destroy the family and schools then drive jobs offshore with liberal taxes, unions, and deficits and then invite 20 million liberal illegals in to take what jobs remain and drive down the wages of even those jobs you create massive inequality.

 

[EdwardBaiamonte]

So not only are conservatives SOLELY responsible for the national debt and the endless deficit spending,

it would be impossible to argue that conservatives are responsible for deficits given that they have tried to make them illegal 30 since Jefferson's first attempt and each attempt at a Balanced Budget Amendment was killed by liberals..

 

[Treeshepherd]

The deficit hit $1.4+ trillion. Mostly thanks to stimulus which counted $200 billion in 2009 budget

The U.S. budget deficit will decline slightly to $468 billion this fiscal year

I'm on record on USMB holding Bush accountable for the 2009 deficit. Like I said, I'm not here to defend Republicans.

But, don't tell me that spending has decreased under Obama. The federal budget for fiscal year 2015 is projected to be $3.9 trillion. That's a 25% increase over 2008.

The $468 billion deficit projected this year is significantly more than the average of 2000-2007 (all but one were under $400 billion). The $468 billion deficit projected for 2015 is contingent on policy changes that will never happen. And, the CBO projects deficits to skyrocket after 2015 due to retirement of the baby boomers, Obamacare and mounting interest on the national debt.

"Despite A Reduction In The Short Term, Deficits Are Expected To Be Back Over $1 Trillion A Year By 2024. “CBO sees the deficit sliding to $478 billion next year before beginning a steady rise years through 2024 that would bring deficits back above $1 trillion a year.” (Andrew Taylor, “New Report: Budget Deficit To Drop To $514b,” Associated Press, 2/4/14)"

You mean IF we don't get revenues back to where Carter/Clinton had them? Why do you keep going back to 2008, when the deficit was directly related to Dubya's subprime meltdown AND Dubya/GOP gutting revenues from 20% to less than 15% of GDP, and the GOP's stated goal is to reduce it further? lol

The deficit hit $1.4+ trillion. Mostly thanks to stimulus which counted $200 billion in 2009 budget

The U.S. budget deficit will decline slightly to $468 billion this fiscal year

I'm on record on USMB holding Bush accountable for the 2009 deficit. Like I said, I'm not here to defend Republicans.

But, don't tell me that spending has decreased under Obama. The federal budget for fiscal year 2015 is projected to be $3.9 trillion. That's a 25% increase over 2008.

The $468 billion deficit projected this year is significantly more than the average of 2000-2007 (all but one were under $400 billion). The $468 billion deficit projected for 2015 is contingent on policy changes that will never happen. And, the CBO projects deficits to skyrocket after 2015 due to retirement of the baby boomers, Obamacare and mounting interest on the national debt.

"Despite A Reduction In The Short Term, Deficits Are Expected To Be Back Over $1 Trillion A Year By 2024. “CBO sees the deficit sliding to $478 billion next year before beginning a steady rise years through 2024 that would bring deficits back above $1 trillion a year.” (Andrew Taylor, “New Report: Budget Deficit To Drop To $514b,” Associated Press, 2/4/14)"

AP? Oh you meant right wing big story who DISTORTED the CBO?

The baseline budget outlook has worsened slightly since May 2013, when CBO last published its 10-year projections.

At that time, deficits projected under current law totaled $6.3 trillion for the 2014–2023 period, or about 3 percent of GDP. Deficits are now projected to
be about $1 trillion larger. The bulk of that change occurred in CBO’s estimates of revenues: The agency has reduced its projection of total revenues by $1.6 trillion,
largely because of changes in the economic outlook

http://www.cbo.gov/sites/default/files/45010-Outlook2014_Feb_0.pdf

lol

Now the AP is a right wing think tank?

"But if current laws do not change, the period of shrinking deficits will soon come to an end. Between 2015 and 2024, annual budget shortfalls are projected to rise substantially—from a low of $469 billion in 2015 to about $1 trillion from 2022 through 2024"
Updated Budget Projections 2014 to 2024 Congressional Budget Office

Of course current laws are not going to change, partly due to how easy it is for one party to take cover by what the other party says. Republicans/Democrats said this, so it's all the Republicans/Democrats fault [insert opposite party affiliation].

How easy it is to divide and conquer public opinion, when what a politician says in front of a camera is taken as genuine. How easy it is for people to fall for the Warren Buffet line that billionaires should be taxed more, when behind the scenes his lawyers and lobbyists are working to prevent a tax increase on billionaires.

LOL right back at ya.

Good little rightie YOUR link wasn't AP Bubba, lol



ALL you have is the usual right wing nonsense. Don't try to refute the Dems got US revenues back to Carter's levels under Clinton OR the GOP blocking EVERY attempt by Obama to get more revenues, no it's 'both parties' BS

More talking points with Buffett, nothing more, next you'll trot out the meme on his Corp tax fight with the IRS, lol


Your link

"from a low of $469 billion in 2015 to about $1 trillion from 2022 through 2024—mainly because of the aging population, rising health care costs, an expansion of federal subsidies for health insurance, and growing interest payments on federal debt."


Weird, I thought Ronnie saving SS took care of that and his tax cuts for the rich brought in more money? lol

The posit of the thread, one you haven't even attempted to refute, is Obama is having the slowest growth of any Prez in generations!



I KNOW, LET'S GO BACK TO THE TIME WHEN GREENSPAN TESTIFIED TO THE GOP CONGRESS THAT BILL CLINTON'S POLICIES WERE IN DANGER OF PAYING OFF THE DEBT TO FAST? YOU KNOW WHEN THEY HAD THEIR FIRST TAX CUT, BEFORE THEY WENT TO WAR AND GUTTED REVENUES EVEN MORE???

lol

My link provided in post #249 was AP. Click it, if you don't believe me. My next link in post #255 was CBO.

Your gigantic all cap paragraphs are annoying and mostly hyperbole.

Right wing, left wing, chicken wing, ring a ding... just flying around in circles. I'm not from any wing or clown club. I'm a slayer of sacred cows. I'm not a fan of Reagan, and I've written to dispel Reagan myths on USMB. I'm not a fan of Obama, and the idea that Obama has reduced spending is a fabrication. Clinton, Bush, Obama, Reagan, etc., all merely different new and improved packaging on the same old product.

The only thing I said about Clinton was that he signed the legislation to lift the Glass-Steagall Act.
"The big bank boosters and analysts [like Forbes] who should know better are repeating the falsehood that repeal of Glass-Steagall had nothing to do with the Panic of 2008."
Repeal of Glass-Steagall Caused the Financial Crisis - US News

I think that Clinton did some positive things to reduce the deficit (Omnibus Debt Reduction Act 1993). He also had a stingy Congress. But what raised revenues more than anything was the dot com and real estate boom. To argue otherwise is to be a daft clown.

 

[Redfish]

And Clinton lifted the Glass Steigall Act, one of the root causes which led to the financial crisis of 2007-2009. Oh wait, don't tell me, the Reps held a gun to his head.

And it was all the Republican's idea to make credit easy, and to reduce the cost of borrowing money. Pooling mortgages to be used to back securities known as collateralised debt obligations (CDOs), and bribing rating agencies to give a grade A rating on them--- that was an evil Republican plot that Democrats fought tooth and nail.

Let's just all join a team. Go Republicans or Go Democrats! Yay Team! Let's spend our days picking out the ridiculous things that the other side does, and defend our party to the last. After all, one party has a monopoly on the truth and the other party is out to destroy America.

PLEASE, PLEASE TELL ME MORE OF THIS CLINTON DUDE AND THE GSA WHICH HAD IT'S ROOTS IN THE DUBYA SUBPRIME CRISIS? PRETTY PLEASE?


Why The Glass-Steagall Myth Persists

We're members at the Ayn Rand Center, covering economics and liberty.

There is zero evidence this change unleashed the financial crisis. If you tally the institutions that ran into severe problems in 2008-09, the list includes Bear Stearns, Lehman Brothers, Merrill Lynch, AIG, and Fannie Mae and Freddie Mac, none of which would have come under Glass-Steagall’s restrictions. Even President Obama has recently acknowledged that “there is not evidence that having Glass-Steagall in place would somehow change the dynamic.”

As for the FDIC-insured commercial banks that ran into trouble, the record is also clear: what got them into trouble were not activities restricted by Glass-Steagall. Their problems arose from investments in residential mortgages and residential mortgage-backed securities—investments they had always been free to engage in.

Why The Glass-Steagall Myth Persists - Forbes


TEAM HUH? LOL

Conservatives Can’t Escape Blame for the Financial Crisis


The onset of the recent financial crisis in late 2007 created an intellectual crisis for conservatives, who had been touting for decades the benefits of a hands-off approach to financial market regulation. As the crisis quickly spiraled out of control, it quickly became apparent that the massive credit bubble of the mid-2000s, followed by the inevitable bust that culminated with the financial markets freeze in the fall of 2008, occurred predominantly among those parts of the financial system that were least regulated, or where regulations existed but were largely unenforced.

Predictably, many conservatives sought to blame the bogeymen they always blamed.

Politics Most Blatant Center for American Progress



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.”




Right-wingers Want To Erase How George Bush's "Homeowner Society" Helped Cause The Economic Collapse


2004 Republican Convention:

Another priority for a new term is to build an ownership society, because ownership brings security and dignity and independence.
...

Thanks to our policies, home ownership in America is at an all- time high.

(APPLAUSE)

Tonight we set a new goal: 7 million more affordable homes in the next 10 years, so more American families will be able to open the door and say, "Welcome to my home."






2004 Dubya allowed the leverage rules to go from 12-1 to 35-1+ which flooded the market with cheap money!

The SEC Rule That Broke Wall Street.


DUBYA FOUGHT ALL 50 STATE AG'S IN 2003, INVOKING A CIVIL WAR ERA RULE SAYING FEDS RULE ON "PREDATORY" LENDERS!

Dubya was warned by the FBI of an "epidemic" of mortgage fraud in 2004. He gave them less resources. Later in 2004 Dubya allowed the leverage rules to go from 12-1 to 33-1 which flooded the market with cheap money!


Bush drive for home ownership fueled housing bubble


He insisted that Fannie Mae and Freddie Mac meet ambitious new goals for low-income lending.

Concerned that down payments were a barrier, Bush persuaded Congress to spend as much as $200 million a year to help first-time buyers with down payments and closing costs.

And he pushed to allow first-time buyers to qualify for government insured mortgages with no money down




June 17, 2004


Builders to fight Bush's low-income plan


NEW YORK (CNN/Money) - Home builders, realtors and others are preparing to fight a Bush administration plan that would require Fannie Mae and Freddie Mac to increase financing of homes for low-income people, a home builder group said Thursday.


Home builders fight Bush's low-income housing - Jun. 17, 2004


Predatory Lenders' Partner in Crime

Predatory lending was widely understood to present a looming national crisis.

What did the Bush administration do in response? Did it reverse course and decide to take action to halt this burgeoning scourge?

Not only did the Bush administration do nothing to protect consumers, it embarked on an aggressive and unprecedented campaign to prevent states from protecting their residents from the very problems to which the federal government was turning a blind eye

In 2003, during the height of the predatory lending crisis, the OCC invoked a clause from the 1863 National Bank Act to issue formal opinions preempting all state predatory lending laws, thereby rendering them inoperative


Eliot Spitzer - Predatory Lenders' Partner in Crime

MUCH, MUCH MORE HERE BUBBA.

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

HOW LONG WERE CDO'S AROUND AGAIN??


Dubya not only ALLOWED the Banksters to run a credit bubble on US, he was head cheerleader. NOT a regulation issue, BUT A REGULATOR FAILURE (YOU KNOW THE EXECUTIVE BRANCH THING!!!)

cutting and pasting bullshit from a left wing blogger proves nothing except that you are a moron who is incapable of thinking for himself.

go away, you are boring us.

 

[Dad2three]

The deficit hit $1.4+ trillion. Mostly thanks to stimulus which counted $200 billion in 2009 budget

The U.S. budget deficit will decline slightly to $468 billion this fiscal year

I'm on record on USMB holding Bush accountable for the 2009 deficit. Like I said, I'm not here to defend Republicans.

But, don't tell me that spending has decreased under Obama. The federal budget for fiscal year 2015 is projected to be $3.9 trillion. That's a 25% increase over 2008.

The $468 billion deficit projected this year is significantly more than the average of 2000-2007 (all but one were under $400 billion). The $468 billion deficit projected for 2015 is contingent on policy changes that will never happen. And, the CBO projects deficits to skyrocket after 2015 due to retirement of the baby boomers, Obamacare and mounting interest on the national debt.

"Despite A Reduction In The Short Term, Deficits Are Expected To Be Back Over $1 Trillion A Year By 2024. “CBO sees the deficit sliding to $478 billion next year before beginning a steady rise years through 2024 that would bring deficits back above $1 trillion a year.” (Andrew Taylor, “New Report: Budget Deficit To Drop To $514b,” Associated Press, 2/4/14)"

You mean IF we don't get revenues back to where Carter/Clinton had them? Why do you keep going back to 2008, when the deficit was directly related to Dubya's subprime meltdown AND Dubya/GOP gutting revenues from 20% to less than 15% of GDP, and the GOP's stated goal is to reduce it further? lol

The deficit hit $1.4+ trillion. Mostly thanks to stimulus which counted $200 billion in 2009 budget

The U.S. budget deficit will decline slightly to $468 billion this fiscal year

I'm on record on USMB holding Bush accountable for the 2009 deficit. Like I said, I'm not here to defend Republicans.

But, don't tell me that spending has decreased under Obama. The federal budget for fiscal year 2015 is projected to be $3.9 trillion. That's a 25% increase over 2008.

The $468 billion deficit projected this year is significantly more than the average of 2000-2007 (all but one were under $400 billion). The $468 billion deficit projected for 2015 is contingent on policy changes that will never happen. And, the CBO projects deficits to skyrocket after 2015 due to retirement of the baby boomers, Obamacare and mounting interest on the national debt.

"Despite A Reduction In The Short Term, Deficits Are Expected To Be Back Over $1 Trillion A Year By 2024. “CBO sees the deficit sliding to $478 billion next year before beginning a steady rise years through 2024 that would bring deficits back above $1 trillion a year.” (Andrew Taylor, “New Report: Budget Deficit To Drop To $514b,” Associated Press, 2/4/14)"

AP? Oh you meant right wing big story who DISTORTED the CBO?

The baseline budget outlook has worsened slightly since May 2013, when CBO last published its 10-year projections.

At that time, deficits projected under current law totaled $6.3 trillion for the 2014–2023 period, or about 3 percent of GDP. Deficits are now projected to
be about $1 trillion larger. The bulk of that change occurred in CBO’s estimates of revenues: The agency has reduced its projection of total revenues by $1.6 trillion,
largely because of changes in the economic outlook

http://www.cbo.gov/sites/default/files/45010-Outlook2014_Feb_0.pdf

lol

Now the AP is a right wing think tank?

"But if current laws do not change, the period of shrinking deficits will soon come to an end. Between 2015 and 2024, annual budget shortfalls are projected to rise substantially—from a low of $469 billion in 2015 to about $1 trillion from 2022 through 2024"
Updated Budget Projections 2014 to 2024 Congressional Budget Office

Of course current laws are not going to change, partly due to how easy it is for one party to take cover by what the other party says. Republicans/Democrats said this, so it's all the Republicans/Democrats fault [insert opposite party affiliation].

How easy it is to divide and conquer public opinion, when what a politician says in front of a camera is taken as genuine. How easy it is for people to fall for the Warren Buffet line that billionaires should be taxed more, when behind the scenes his lawyers and lobbyists are working to prevent a tax increase on billionaires.

LOL right back at ya.

Good little rightie YOUR link wasn't AP Bubba, lol



ALL you have is the usual right wing nonsense. Don't try to refute the Dems got US revenues back to Carter's levels under Clinton OR the GOP blocking EVERY attempt by Obama to get more revenues, no it's 'both parties' BS

More talking points with Buffett, nothing more, next you'll trot out the meme on his Corp tax fight with the IRS, lol


Your link

"from a low of $469 billion in 2015 to about $1 trillion from 2022 through 2024—mainly because of the aging population, rising health care costs, an expansion of federal subsidies for health insurance, and growing interest payments on federal debt."


Weird, I thought Ronnie saving SS took care of that and his tax cuts for the rich brought in more money? lol

The posit of the thread, one you haven't even attempted to refute, is Obama is having the slowest growth of any Prez in generations!



I KNOW, LET'S GO BACK TO THE TIME WHEN GREENSPAN TESTIFIED TO THE GOP CONGRESS THAT BILL CLINTON'S POLICIES WERE IN DANGER OF PAYING OFF THE DEBT TO FAST? YOU KNOW WHEN THEY HAD THEIR FIRST TAX CUT, BEFORE THEY WENT TO WAR AND GUTTED REVENUES EVEN MORE???

lol

My link provided in post #249 was AP. Click it, if you don't believe me. My next link in post #255 was CBO.

Your gigantic all cap paragraphs are annoying and mostly hyperbole.

Right wing, left wing, chicken wing, ring a ding... just flying around in circles. I'm not from any wing or clown club. I'm a slayer of sacred cows. I'm not a fan of Reagan, and I've written to dispel Reagan myths on USMB. I'm not a fan of Obama, and the idea that Obama has reduced spending is a fabrication. Clinton, Bush, Obama, Reagan, etc., all merely different new and improved packaging on the same old product.

The only thing I said about Clinton was that he signed the legislation to lift the Glass-Steagall Act.
"The big bank boosters and analysts [like Forbes] who should know better are repeating the falsehood that repeal of Glass-Steagall had nothing to do with the Panic of 2008."
Repeal of Glass-Steagall Caused the Financial Crisis - US News

I think that Clinton did some positive things to reduce the deficit (Omnibus Debt Reduction Act 1993). He also had a stingy Congress. But what raised revenues more than anything was the dot com and real estate boom. To argue otherwise is to be a daft clown.

"My link provided in post #249 was AP. Click it, if you don't believe me"

I did, it said 'big story' (which I thought was big Gov't R/W site, sorry)

It doesn't open to the entire story and was only talking about the H/C



"Your gigantic all cap paragraphs are annoying and mostly hyperbole."

Got it, YOU hate FACTUAL data supported by links that showed Dubya cheering on the Banksters Subprime bubble AS he gutted regulators



"I'm not a fan of Obama, and the idea that Obama has reduced spending is a fabrication"


Without false premises what would YOU right wingers EVER have?

The ACTUAL premise of this thread
"Obama has increased government spending less than any president in at least a generation."





"The only thing I said about Clinton was that he signed the legislation to lift the Glass-Steagall Act."


No ACTUALLY what you said RIGHT WINGER:


"And Clinton lifted the Glass Steigall Act, one of the root causes which led to the financial crisis of 2007-2009. Oh wait, don't tell me, the Reps held a gun to his head."

Nope, as shown by me, and the Ayn Randian guys, NOT true. This was a REGULATOR failure, not a regulation failure!

THEN you give me an OPINION NOT REFUTING WHAT I POSTED ABOUT G/S? I'm shocked. No really, I am, lol

Weird, did your hedge funder refute THIS:

If you tally the institutions that ran into severe problems in 2008-09, the list includes Bear Stearns, Lehman Brothers, Merrill Lynch, AIG, and Fannie Mae and Freddie Mac, none of which would have come under Glass-Steagall’s restrictions.

...As for the FDIC-insured commercial banks that ran into trouble, the record is also clear: what got them into trouble were not activities restricted by Glass-Steagall. Their problems arose from investments in residential mortgages and residential mortgage-backed securities—investments they had always been free to engage in.


Why The Glass-Steagall Myth Persists - Forbes


Oh right, I didn't think so...


"He also had a stingy Congress"

Sure, sure, THAT'S why we saw what happened when Dubya got in office in 2001 right? lol. Clinton had surpluses, 3 after vetoing the GOP's $700+ billion tax cut



"But what raised revenues more than anything was the dot com and real estate boom. To argue otherwise is to be a daft clown."


Weird so Carter getting near 20% of GDP was dotcom/housing too?


"Clinton's 1993 budget cuts, which reduced projected red ink by more than $400 billion over five years, sparked a major drop in interest rates that helped boost investment in all the equipment and systems that brought forth the New Age economy of technological innovation and rising productivity." — Business Week, May 19, 1997

I guess daft is a good word for BW




"The deficit has come down, and I give the Clinton Administration and President Clinton himself a lot of credit for that. [He] did something about it, fast. And I think we are seeing some benefits." — Paul Volcker, Federal Reserve Board Chairman (1979-1987), in Audacity, Fall 1994 (PRE GOP CONGRESS)




One of the reasons Goldman Sachs cites for the "best economy ever" is that "on the policy side, trade, fiscal, and monetary policies have been excellent, working in ways that have facilitated growth without inflation. The Clinton Administration has worked to liberalize trade and has used any revenue windfalls to reduce the federal budget deficit." — Goldman Sachs, March 1998


IF ONLY DUBYA HADN'T HAPPENED TO US RIGHT?

 

[Dad2three]

BOOOOOOOOOOOSH lmao!

Nah we ALL know Dubya policies stopped Nov 2008, once Obama was elected right? According to Rushblo at least..

 

[Dad2three]

And Clinton lifted the Glass Steigall Act, one of the root causes which led to the financial crisis of 2007-2009. Oh wait, don't tell me, the Reps held a gun to his head.

And it was all the Republican's idea to make credit easy, and to reduce the cost of borrowing money. Pooling mortgages to be used to back securities known as collateralised debt obligations (CDOs), and bribing rating agencies to give a grade A rating on them--- that was an evil Republican plot that Democrats fought tooth and nail.

Let's just all join a team. Go Republicans or Go Democrats! Yay Team! Let's spend our days picking out the ridiculous things that the other side does, and defend our party to the last. After all, one party has a monopoly on the truth and the other party is out to destroy America.

"And it was all the Republican's idea to make credit easy, and to reduce the cost of borrowing money."


Nah, they wanted tighter regulation and money policy right? LOL

 

[Dad2three]

And Clinton lifted the Glass Steigall Act, one of the root causes which led to the financial crisis of 2007-2009. Oh wait, don't tell me, the Reps held a gun to his head.

And it was all the Republican's idea to make credit easy, and to reduce the cost of borrowing money. Pooling mortgages to be used to back securities known as collateralised debt obligations (CDOs), and bribing rating agencies to give a grade A rating on them--- that was an evil Republican plot that Democrats fought tooth and nail.

Let's just all join a team. Go Republicans or Go Democrats! Yay Team! Let's spend our days picking out the ridiculous things that the other side does, and defend our party to the last. After all, one party has a monopoly on the truth and the other party is out to destroy America.

PLEASE, PLEASE TELL ME MORE OF THIS CLINTON DUDE AND THE GSA WHICH HAD IT'S ROOTS IN THE DUBYA SUBPRIME CRISIS? PRETTY PLEASE?


Why The Glass-Steagall Myth Persists

We're members at the Ayn Rand Center, covering economics and liberty.

There is zero evidence this change unleashed the financial crisis. If you tally the institutions that ran into severe problems in 2008-09, the list includes Bear Stearns, Lehman Brothers, Merrill Lynch, AIG, and Fannie Mae and Freddie Mac, none of which would have come under Glass-Steagall’s restrictions. Even President Obama has recently acknowledged that “there is not evidence that having Glass-Steagall in place would somehow change the dynamic.”

As for the FDIC-insured commercial banks that ran into trouble, the record is also clear: what got them into trouble were not activities restricted by Glass-Steagall. Their problems arose from investments in residential mortgages and residential mortgage-backed securities—investments they had always been free to engage in.

Why The Glass-Steagall Myth Persists - Forbes


TEAM HUH? LOL

Conservatives Can’t Escape Blame for the Financial Crisis


The onset of the recent financial crisis in late 2007 created an intellectual crisis for conservatives, who had been touting for decades the benefits of a hands-off approach to financial market regulation. As the crisis quickly spiraled out of control, it quickly became apparent that the massive credit bubble of the mid-2000s, followed by the inevitable bust that culminated with the financial markets freeze in the fall of 2008, occurred predominantly among those parts of the financial system that were least regulated, or where regulations existed but were largely unenforced.

Predictably, many conservatives sought to blame the bogeymen they always blamed.

Politics Most Blatant Center for American Progress



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.”




Right-wingers Want To Erase How George Bush's "Homeowner Society" Helped Cause The Economic Collapse


2004 Republican Convention:

Another priority for a new term is to build an ownership society, because ownership brings security and dignity and independence.
...

Thanks to our policies, home ownership in America is at an all- time high.

(APPLAUSE)

Tonight we set a new goal: 7 million more affordable homes in the next 10 years, so more American families will be able to open the door and say, "Welcome to my home."






2004 Dubya allowed the leverage rules to go from 12-1 to 35-1+ which flooded the market with cheap money!

The SEC Rule That Broke Wall Street.


DUBYA FOUGHT ALL 50 STATE AG'S IN 2003, INVOKING A CIVIL WAR ERA RULE SAYING FEDS RULE ON "PREDATORY" LENDERS!

Dubya was warned by the FBI of an "epidemic" of mortgage fraud in 2004. He gave them less resources. Later in 2004 Dubya allowed the leverage rules to go from 12-1 to 33-1 which flooded the market with cheap money!


Bush drive for home ownership fueled housing bubble


He insisted that Fannie Mae and Freddie Mac meet ambitious new goals for low-income lending.

Concerned that down payments were a barrier, Bush persuaded Congress to spend as much as $200 million a year to help first-time buyers with down payments and closing costs.

And he pushed to allow first-time buyers to qualify for government insured mortgages with no money down




June 17, 2004


Builders to fight Bush's low-income plan


NEW YORK (CNN/Money) - Home builders, realtors and others are preparing to fight a Bush administration plan that would require Fannie Mae and Freddie Mac to increase financing of homes for low-income people, a home builder group said Thursday.


Home builders fight Bush's low-income housing - Jun. 17, 2004


Predatory Lenders' Partner in Crime

Predatory lending was widely understood to present a looming national crisis.

What did the Bush administration do in response? Did it reverse course and decide to take action to halt this burgeoning scourge?

Not only did the Bush administration do nothing to protect consumers, it embarked on an aggressive and unprecedented campaign to prevent states from protecting their residents from the very problems to which the federal government was turning a blind eye

In 2003, during the height of the predatory lending crisis, the OCC invoked a clause from the 1863 National Bank Act to issue formal opinions preempting all state predatory lending laws, thereby rendering them inoperative


Eliot Spitzer - Predatory Lenders' Partner in Crime

MUCH, MUCH MORE HERE BUBBA.

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

HOW LONG WERE CDO'S AROUND AGAIN??


Dubya not only ALLOWED the Banksters to run a credit bubble on US, he was head cheerleader. NOT a regulation issue, BUT A REGULATOR FAILURE (YOU KNOW THE EXECUTIVE BRANCH THING!!!)

cutting and pasting bullshit from a left wing blogger proves nothing except that you are a moron who is incapable of thinking for himself.

go away, you are boring us.

Got it. AGAIN you can't refute a single sentence so you'll use ad homs.

 

[Paperman299]

Well holy shit-------------I guess we should raise everyone's taxes to 98%, then we would see real prosperity, right ya dumb shit?

lets tax the living shit out our every american and every american business---------punish those greedy bastards for daring to work hard and make money--------WTF. Put 100% of US money and wealth in the hands of the govt in DC-----------------yeah, then we would see some real progress.

you libs are such fuckin idiots. you make me vomit.

Well maybe the far left drones should set the example and give the government all their money and show us the path..

If it weren't for false premises, distortions and LIES, what else would right wingers EVER have???

Obama extended the Bush tax cuts when he had a Dem majority in the House and Senate.

Now that has reversed, and he says in the SOTU that we should raise taxes on the rich. That's what State of the Union addresses are for; empty political gestures to appease your base. Unfortunately, political theater is highly effective.

"Obama extended the Bush tax cuts when he had a Dem majority in the House and Senate."

THE ACTUAL FACTS:




Barack Obama gives way to Republicans over Bush tax cuts
Allies say president 'blackmailed' into extending tax cut for wealthier Americans which may cost $4tn in lost revenue



In a bruising political battle that appears to set the tone for Obama's dealings with the Republicans in Congress following their victories in last month's midterm elections, the president had sought to extend a tax cut for middle-class Americans introduced by the Bush administration seven years ago which expires at the end of this month. But he wanted to see a return to pre-cut rates for households with an income above $250,000 a year, on the grounds that wealthier Americans could afford to pay more. The move would generate trillions of dollars for the financially-strapped treasury over the next decade.\

But Republicans blocked the legislation in the Senate at the weekend and said they would rather see everyone's taxes rise than agree to scrapping the cuts for the wealthy. Some Democrats called on Obama to stand firm and let the Republicans carry the blame for the inevitable middle-class backlash.


Barack Obama gives way to Republicans over Bush tax cuts US news The Guardian

Different parties spew different rhetoric. In my opinion, the outcomes are scripted. Politicians are just bad B grade actors cavorting on a stage. It's like pro wrestling where someone Hulk Hogan wins and Andre the Giant loses, but the outcome is scripted and they both get paid by McMahon at the end of the day.

You can quote a politician saying he wanted this or he wanted that. Reagan said in his speeches he wanted Congress to reduce spending, giving partisan Reps ammo to blame Dems.

The system is set up for deficits to continue, to build One Nation Under Surveillance, and for endless war. The differences in the parties are purely rhetorical and cosmetic.

I agree with a lot of the points you've been making, but I don't think it's at all accurate to say that the two parties are equivalent, or that their public scuffles are mere kabuki theater. I hear this a lot from people who dislike politics in general - engineers, often enough, for instance. And yeah, a lot of it is pretty cynical. But if Republicans had had more control over Congress in the last half-decade, we certainly would not have the Affordable Care Act, which is a pretty substantial policy difference.

Sure, those trends you've noted are real, but it's the deficit will continue, because as you noted there is swell of Baby Boomers retiring. That's not exactly something the system could engineer on its own. I'm not saying that there ISN'T a lot of shadow-puppetry going on in politics (it's something opponents of a political party can point out endlessly), but that doesn't mean those parties aren't working toward opposite goals.

 

[Dad2three]

And Clinton lifted the Glass Steigall Act, one of the root causes which led to the financial crisis of 2007-2009. Oh wait, don't tell me, the Reps held a gun to his head.

And it was all the Republican's idea to make credit easy, and to reduce the cost of borrowing money. Pooling mortgages to be used to back securities known as collateralised debt obligations (CDOs), and bribing rating agencies to give a grade A rating on them--- that was an evil Republican plot that Democrats fought tooth and nail.

Let's just all join a team. Go Republicans or Go Democrats! Yay Team! Let's spend our days picking out the ridiculous things that the other side does, and defend our party to the last. After all, one party has a monopoly on the truth and the other party is out to destroy America.

Why Prosecutors Don't Go After Wall Street

BUSH GAVE A GET OUT OF JAIL FREE CARD SUMMER 2008

Why Prosecutors Don t Go After Wall Street NPR

“When regulators don’t believe in regulation and don’t get what is going on at the companies they oversee, there can be no major white-collar crime prosecutions,”...“If they don’t understand what we call collective embezzlement, where people are literally looting their own firms, then it’s impossible to bring cases.”

http://www.nytimes.com/2011/04/14/business/14prosecute.html?pagewanted=all

The FBI correctly identified the epidemic of mortgage control fraud at such an early point that the financial crisis could have been averted had the Bush administration acted with even minimal competence.
'
The Two Documents Everyone Should Read to Better Understand the Crisis William K. Black

Dubya was warned by the FBI of an "epidemic" of mortgage fraud in 2004. He gave them less resources.

FBI saw threat of loan crisis - Los Angeles Times

Shockingly, the FBI clearly makes the case for the need to combat mortgage fraud in 2005, the height of the housing crisis:

Financial Crimes Report to the Public 2005

FBI mdash Financial Crimes Report 2005

The Bush Rubber Stamp Congress ignored the obvious and extremely detailed and well reported crime spree by the FBI.

THE BUSH ADMINISTRATION and CONGRESS stripped the White Collar Crime divisions of money and manpower.

http://www.nytimes.com/2008/10/19/washington/19fbi.html?pagewanted=all

DUBYA FOUGHT ALL 50 STATE AG'S IN 2003, INVOKING A CIVIL WAR ERA RULE SAYING FEDS RULE ON "PREDATORY" LENDERS!

 

[BluesLegend]

And Clinton lifted the Glass Steigall Act, one of the root causes which led to the financial crisis of 2007-2009. Oh wait, don't tell me, the Reps held a gun to his head.

And it was all the Republican's idea to make credit easy, and to reduce the cost of borrowing money. Pooling mortgages to be used to back securities known as collateralised debt obligations (CDOs), and bribing rating agencies to give a grade A rating on them--- that was an evil Republican plot that Democrats fought tooth and nail.

Let's just all join a team. Go Republicans or Go Democrats! Yay Team! Let's spend our days picking out the ridiculous things that the other side does, and defend our party to the last. After all, one party has a monopoly on the truth and the other party is out to destroy America.

Why Prosecutors Don't Go After Wall Street

BUSH GAVE A GET OUT OF JAIL FREE CARD SUMMER 2008

Why Prosecutors Don t Go After Wall Street NPR

“When regulators don’t believe in regulation and don’t get what is going on at the companies they oversee, there can be no major white-collar crime prosecutions,”...“If they don’t understand what we call collective embezzlement, where people are literally looting their own firms, then it’s impossible to bring cases.”

http://www.nytimes.com/2011/04/14/business/14prosecute.html?pagewanted=all

The FBI correctly identified the epidemic of mortgage control fraud at such an early point that the financial crisis could have been averted had the Bush administration acted with even minimal competence.
'
The Two Documents Everyone Should Read to Better Understand the Crisis William K. Black

Dubya was warned by the FBI of an "epidemic" of mortgage fraud in 2004. He gave them less resources.

FBI saw threat of loan crisis - Los Angeles Times

Shockingly, the FBI clearly makes the case for the need to combat mortgage fraud in 2005, the height of the housing crisis:

Financial Crimes Report to the Public 2005

FBI mdash Financial Crimes Report 2005

The Bush Rubber Stamp Congress ignored the obvious and extremely detailed and well reported crime spree by the FBI.

THE BUSH ADMINISTRATION and CONGRESS stripped the White Collar Crime divisions of money and manpower.

http://www.nytimes.com/2008/10/19/washington/19fbi.html?pagewanted=all

DUBYA FOUGHT ALL 50 STATE AG'S IN 2003, INVOKING A CIVIL WAR ERA RULE SAYING FEDS RULE ON "PREDATORY" LENDERS!

BOOOOOOOOSH you are predictable as the sun rising. lol

 

[Dad2three]

And Clinton lifted the Glass Steigall Act, one of the root causes which led to the financial crisis of 2007-2009. Oh wait, don't tell me, the Reps held a gun to his head.

And it was all the Republican's idea to make credit easy, and to reduce the cost of borrowing money. Pooling mortgages to be used to back securities known as collateralised debt obligations (CDOs), and bribing rating agencies to give a grade A rating on them--- that was an evil Republican plot that Democrats fought tooth and nail.

Let's just all join a team. Go Republicans or Go Democrats! Yay Team! Let's spend our days picking out the ridiculous things that the other side does, and defend our party to the last. After all, one party has a monopoly on the truth and the other party is out to destroy America.

Why Prosecutors Don't Go After Wall Street

BUSH GAVE A GET OUT OF JAIL FREE CARD SUMMER 2008

Why Prosecutors Don t Go After Wall Street NPR

“When regulators don’t believe in regulation and don’t get what is going on at the companies they oversee, there can be no major white-collar crime prosecutions,”...“If they don’t understand what we call collective embezzlement, where people are literally looting their own firms, then it’s impossible to bring cases.”

http://www.nytimes.com/2011/04/14/business/14prosecute.html?pagewanted=all

The FBI correctly identified the epidemic of mortgage control fraud at such an early point that the financial crisis could have been averted had the Bush administration acted with even minimal competence.
'
The Two Documents Everyone Should Read to Better Understand the Crisis William K. Black

Dubya was warned by the FBI of an "epidemic" of mortgage fraud in 2004. He gave them less resources.

FBI saw threat of loan crisis - Los Angeles Times

Shockingly, the FBI clearly makes the case for the need to combat mortgage fraud in 2005, the height of the housing crisis:

Financial Crimes Report to the Public 2005

FBI mdash Financial Crimes Report 2005

The Bush Rubber Stamp Congress ignored the obvious and extremely detailed and well reported crime spree by the FBI.

THE BUSH ADMINISTRATION and CONGRESS stripped the White Collar Crime divisions of money and manpower.

http://www.nytimes.com/2008/10/19/washington/19fbi.html?pagewanted=all

DUBYA FOUGHT ALL 50 STATE AG'S IN 2003, INVOKING A CIVIL WAR ERA RULE SAYING FEDS RULE ON "PREDATORY" LENDERS!

BOOOOOOOOSH you are predictable as the sun rising. lol

Nah, Dubya didn't do ANYTHING, it was that evil guy Barney right? lol

 

[BluesLegend]

And Clinton lifted the Glass Steigall Act, one of the root causes which led to the financial crisis of 2007-2009. Oh wait, don't tell me, the Reps held a gun to his head.

And it was all the Republican's idea to make credit easy, and to reduce the cost of borrowing money. Pooling mortgages to be used to back securities known as collateralised debt obligations (CDOs), and bribing rating agencies to give a grade A rating on them--- that was an evil Republican plot that Democrats fought tooth and nail.

Let's just all join a team. Go Republicans or Go Democrats! Yay Team! Let's spend our days picking out the ridiculous things that the other side does, and defend our party to the last. After all, one party has a monopoly on the truth and the other party is out to destroy America.

Why Prosecutors Don't Go After Wall Street

BUSH GAVE A GET OUT OF JAIL FREE CARD SUMMER 2008

Why Prosecutors Don t Go After Wall Street NPR

“When regulators don’t believe in regulation and don’t get what is going on at the companies they oversee, there can be no major white-collar crime prosecutions,”...“If they don’t understand what we call collective embezzlement, where people are literally looting their own firms, then it’s impossible to bring cases.”

http://www.nytimes.com/2011/04/14/business/14prosecute.html?pagewanted=all

The FBI correctly identified the epidemic of mortgage control fraud at such an early point that the financial crisis could have been averted had the Bush administration acted with even minimal competence.
'
The Two Documents Everyone Should Read to Better Understand the Crisis William K. Black

Dubya was warned by the FBI of an "epidemic" of mortgage fraud in 2004. He gave them less resources.

FBI saw threat of loan crisis - Los Angeles Times

Shockingly, the FBI clearly makes the case for the need to combat mortgage fraud in 2005, the height of the housing crisis:

Financial Crimes Report to the Public 2005

FBI mdash Financial Crimes Report 2005

The Bush Rubber Stamp Congress ignored the obvious and extremely detailed and well reported crime spree by the FBI.

THE BUSH ADMINISTRATION and CONGRESS stripped the White Collar Crime divisions of money and manpower.

http://www.nytimes.com/2008/10/19/washington/19fbi.html?pagewanted=all

DUBYA FOUGHT ALL 50 STATE AG'S IN 2003, INVOKING A CIVIL WAR ERA RULE SAYING FEDS RULE ON "PREDATORY" LENDERS!

BOOOOOOOOSH you are predictable as the sun rising. lol

Nah, Dubya didn't do ANYTHING, it was that evil guy Barney right? lol

You should get down on one knee and thank former president Bush for his service.

 

[Dad2three]

And Clinton lifted the Glass Steigall Act, one of the root causes which led to the financial crisis of 2007-2009. Oh wait, don't tell me, the Reps held a gun to his head.

And it was all the Republican's idea to make credit easy, and to reduce the cost of borrowing money. Pooling mortgages to be used to back securities known as collateralised debt obligations (CDOs), and bribing rating agencies to give a grade A rating on them--- that was an evil Republican plot that Democrats fought tooth and nail.

Let's just all join a team. Go Republicans or Go Democrats! Yay Team! Let's spend our days picking out the ridiculous things that the other side does, and defend our party to the last. After all, one party has a monopoly on the truth and the other party is out to destroy America.

Why Prosecutors Don't Go After Wall Street

BUSH GAVE A GET OUT OF JAIL FREE CARD SUMMER 2008

Why Prosecutors Don t Go After Wall Street NPR

“When regulators don’t believe in regulation and don’t get what is going on at the companies they oversee, there can be no major white-collar crime prosecutions,”...“If they don’t understand what we call collective embezzlement, where people are literally looting their own firms, then it’s impossible to bring cases.”

http://www.nytimes.com/2011/04/14/business/14prosecute.html?pagewanted=all

The FBI correctly identified the epidemic of mortgage control fraud at such an early point that the financial crisis could have been averted had the Bush administration acted with even minimal competence.
'
The Two Documents Everyone Should Read to Better Understand the Crisis William K. Black

Dubya was warned by the FBI of an "epidemic" of mortgage fraud in 2004. He gave them less resources.

FBI saw threat of loan crisis - Los Angeles Times

Shockingly, the FBI clearly makes the case for the need to combat mortgage fraud in 2005, the height of the housing crisis:

Financial Crimes Report to the Public 2005

FBI mdash Financial Crimes Report 2005

The Bush Rubber Stamp Congress ignored the obvious and extremely detailed and well reported crime spree by the FBI.

THE BUSH ADMINISTRATION and CONGRESS stripped the White Collar Crime divisions of money and manpower.

http://www.nytimes.com/2008/10/19/washington/19fbi.html?pagewanted=all

DUBYA FOUGHT ALL 50 STATE AG'S IN 2003, INVOKING A CIVIL WAR ERA RULE SAYING FEDS RULE ON "PREDATORY" LENDERS!

BOOOOOOOOSH you are predictable as the sun rising. lol

Nah, Dubya didn't do ANYTHING, it was that evil guy Barney right? lol

You should get down on one knee and thank former president Bush for his service.

Rushblo's to busy blowing him Bubba

 

[RKMBrown]

Blaming all this on Rs, most of whom are progressives, is absurd.

No doubt income inequality is a problem, but it is a problem because both parties are owned by the elites and as such, do the elite's bidding. To blame conservatives SOLELY for income inequality and deficit spending, fails on so many levels.

You mean the GOP ISN'T conservative? Hasn't gone sooooo fukking right wing the past 20+ years, Goldwater called them nuts???


Yeah, it's the Dems/Liberals who fight tax increases right? lol

Hint that's the number 1 reason for income inequality. In days where they LITERALLY took 70%+ of someones wages in taxes IF they made about $4 million today, kept corps from GIVING the exec's such outrageous salaries, if Gov't would take most of it.

How the GOP Became the Party of the Rich

The inside story of how the Republicans abandoned the poor and the middle class to pursue their relentless agenda of tax cuts for the wealthiest one percent


"The Republican Party has totally abdicated its job in our democracy, which is to act as the guardian of fiscal discipline and responsibility," says David Stockman, who served as budget director under Reagan. "They're on an anti-tax jihad – one that benefits the prosperous classes."

The staggering economic inequality that has led Americans across the country to take to the streets in protest is no accident. It has been fueled to a large extent by the GOP's all-out war on behalf of the rich. Since Republicans rededicated themselves to slashing taxes for the wealthy in 1997, the average annual income of the 400 richest Americans has more than tripled, to $345 million – while their share of the tax burden has plunged by 40 percent. Today, a billionaire in the top 400 pays less than 17 percent of his income in taxes – five percentage points less than a bus driver earning $26,000 a year. "Most Americans got none of the growth of the preceding dozen years," says Joseph Stiglitz, the Nobel Prize-winning economist. "All the gains went to the top percentage points."


How the GOP Became the Party of the Rich Rolling Stone


DON'T WORRY ABOUT ADDRESSING ANY OF THE POINTS I POSIT, AS YOU NEVER DO, JUST CREATING A FALSE PREMISE AND ARGUE FROM THAT POINT INSTEAD, lol

total horseshit. No one ever paid 70% of his income in taxes. In those days there were hundreds of exemptions and deductions. The rich paid a lower % of their income than they do today.

No, your statement is horseshit.

It's not hard to get to 70% when you add up cumulative taxes at the federal, state, and local levels, fines, fees, winnings, then double taxes like corporate taxes.

 

[Dad2three]

Blaming all this on Rs, most of whom are progressives, is absurd.

No doubt income inequality is a problem, but it is a problem because both parties are owned by the elites and as such, do the elite's bidding. To blame conservatives SOLELY for income inequality and deficit spending, fails on so many levels.

You mean the GOP ISN'T conservative? Hasn't gone sooooo fukking right wing the past 20+ years, Goldwater called them nuts???


Yeah, it's the Dems/Liberals who fight tax increases right? lol

Hint that's the number 1 reason for income inequality. In days where they LITERALLY took 70%+ of someones wages in taxes IF they made about $4 million today, kept corps from GIVING the exec's such outrageous salaries, if Gov't would take most of it.

How the GOP Became the Party of the Rich

The inside story of how the Republicans abandoned the poor and the middle class to pursue their relentless agenda of tax cuts for the wealthiest one percent


"The Republican Party has totally abdicated its job in our democracy, which is to act as the guardian of fiscal discipline and responsibility," says David Stockman, who served as budget director under Reagan. "They're on an anti-tax jihad – one that benefits the prosperous classes."

The staggering economic inequality that has led Americans across the country to take to the streets in protest is no accident. It has been fueled to a large extent by the GOP's all-out war on behalf of the rich. Since Republicans rededicated themselves to slashing taxes for the wealthy in 1997, the average annual income of the 400 richest Americans has more than tripled, to $345 million – while their share of the tax burden has plunged by 40 percent. Today, a billionaire in the top 400 pays less than 17 percent of his income in taxes – five percentage points less than a bus driver earning $26,000 a year. "Most Americans got none of the growth of the preceding dozen years," says Joseph Stiglitz, the Nobel Prize-winning economist. "All the gains went to the top percentage points."


How the GOP Became the Party of the Rich Rolling Stone


DON'T WORRY ABOUT ADDRESSING ANY OF THE POINTS I POSIT, AS YOU NEVER DO, JUST CREATING A FALSE PREMISE AND ARGUE FROM THAT POINT INSTEAD, lol

total horseshit. No one ever paid 70% of his income in taxes. In those days there were hundreds of exemptions and deductions. The rich paid a lower % of their income than they do today.

No, your statement is horseshit.

It's not hard to get to 70% when you add up cumulative taxes at the federal, state, and local levels, fines, fees, winnings, then double taxes like corporate taxes.

To bad YOU LIE. That's FEDERAL tax burden ONLY

Double tax burden? Oh right the MYTH that new money created by the use of old money shouldn't be taxed? My gardener feels the same way, always asking why, if I've paid taxes on it already, I need to 1099 him, lol

Fines? Fees? Winnings? lol

 

[BluesLegend]

And Clinton lifted the Glass Steigall Act, one of the root causes which led to the financial crisis of 2007-2009. Oh wait, don't tell me, the Reps held a gun to his head.

And it was all the Republican's idea to make credit easy, and to reduce the cost of borrowing money. Pooling mortgages to be used to back securities known as collateralised debt obligations (CDOs), and bribing rating agencies to give a grade A rating on them--- that was an evil Republican plot that Democrats fought tooth and nail.

Let's just all join a team. Go Republicans or Go Democrats! Yay Team! Let's spend our days picking out the ridiculous things that the other side does, and defend our party to the last. After all, one party has a monopoly on the truth and the other party is out to destroy America.

Why Prosecutors Don't Go After Wall Street

BUSH GAVE A GET OUT OF JAIL FREE CARD SUMMER 2008

Why Prosecutors Don t Go After Wall Street NPR

“When regulators don’t believe in regulation and don’t get what is going on at the companies they oversee, there can be no major white-collar crime prosecutions,”...“If they don’t understand what we call collective embezzlement, where people are literally looting their own firms, then it’s impossible to bring cases.”

http://www.nytimes.com/2011/04/14/business/14prosecute.html?pagewanted=all

The FBI correctly identified the epidemic of mortgage control fraud at such an early point that the financial crisis could have been averted had the Bush administration acted with even minimal competence.
'
The Two Documents Everyone Should Read to Better Understand the Crisis William K. Black

Dubya was warned by the FBI of an "epidemic" of mortgage fraud in 2004. He gave them less resources.

FBI saw threat of loan crisis - Los Angeles Times

Shockingly, the FBI clearly makes the case for the need to combat mortgage fraud in 2005, the height of the housing crisis:

Financial Crimes Report to the Public 2005

FBI mdash Financial Crimes Report 2005

The Bush Rubber Stamp Congress ignored the obvious and extremely detailed and well reported crime spree by the FBI.

THE BUSH ADMINISTRATION and CONGRESS stripped the White Collar Crime divisions of money and manpower.

http://www.nytimes.com/2008/10/19/washington/19fbi.html?pagewanted=all

DUBYA FOUGHT ALL 50 STATE AG'S IN 2003, INVOKING A CIVIL WAR ERA RULE SAYING FEDS RULE ON "PREDATORY" LENDERS!

BOOOOOOOOSH you are predictable as the sun rising. lol

Nah, Dubya didn't do ANYTHING, it was that evil guy Barney right? lol

You should get down on one knee and thank former president Bush for his service.

Rushblo's to busy blowing him Bubba

Bush is a real man I could see how you libs would be intimidated.

 

[Dad2three]

Why Prosecutors Don't Go After Wall Street

BUSH GAVE A GET OUT OF JAIL FREE CARD SUMMER 2008

Why Prosecutors Don t Go After Wall Street NPR

“When regulators don’t believe in regulation and don’t get what is going on at the companies they oversee, there can be no major white-collar crime prosecutions,”...“If they don’t understand what we call collective embezzlement, where people are literally looting their own firms, then it’s impossible to bring cases.”

http://www.nytimes.com/2011/04/14/business/14prosecute.html?pagewanted=all

The FBI correctly identified the epidemic of mortgage control fraud at such an early point that the financial crisis could have been averted had the Bush administration acted with even minimal competence.
'
The Two Documents Everyone Should Read to Better Understand the Crisis William K. Black

Dubya was warned by the FBI of an "epidemic" of mortgage fraud in 2004. He gave them less resources.

FBI saw threat of loan crisis - Los Angeles Times

Shockingly, the FBI clearly makes the case for the need to combat mortgage fraud in 2005, the height of the housing crisis:

Financial Crimes Report to the Public 2005

FBI mdash Financial Crimes Report 2005

The Bush Rubber Stamp Congress ignored the obvious and extremely detailed and well reported crime spree by the FBI.

THE BUSH ADMINISTRATION and CONGRESS stripped the White Collar Crime divisions of money and manpower.

http://www.nytimes.com/2008/10/19/washington/19fbi.html?pagewanted=all

DUBYA FOUGHT ALL 50 STATE AG'S IN 2003, INVOKING A CIVIL WAR ERA RULE SAYING FEDS RULE ON "PREDATORY" LENDERS!

BOOOOOOOOSH you are predictable as the sun rising. lol

Nah, Dubya didn't do ANYTHING, it was that evil guy Barney right? lol

You should get down on one knee and thank former president Bush for his service.

Rushblo's to busy blowing him Bubba

Bush is a real man I could see how you libs would be intimidated.

Intimidated? lol

"I've abandoned free-market principles to save the free-market system"