Repeating Obama's Error On Economic Issues

Discussion in 'Economy' started by Dante, Nov 15, 2010.

  1. Dante
    Offline

    Dante On leave Supporting Member

    Joined:
    Dec 1, 2008
    Messages:
    52,463
    Thanks Received:
    3,324
    Trophy Points:
    1,825
    Location:
    On leave
    Ratings:
    +6,054
    Repeating Obama's Error On Economic Issues

    Obama allowed the people who developed the arguments that drove the economy into a ditch to be put back in charge...supposedly to save the economy. They did this sort of...they did it while focusing on shielding themselves and their friends, all the while further enriching their friends in the process. Now the GOP wants to allow those same arguments to be used, again, to supposedly drive us out of the ditch?

    The economists gave the GOP supply side arguments that said cutting taxes for the wealthy creates jobs. So Bush signed a bill of tax cuts for the wealthy (unfunded...not your usual tax cuts) argued for by these very same economists that comparatively created very few jobs during his terms. Now the GOP is arguing we need to keep these cuts that created very few jobs during Bush's terms, because they will create jobs?

    * The Bush tax cuts have contributed to revenues dropping in 2004 to the lowest level as a share of the economy since 1950, and have been a major contributor to the dramatic shift from large projected budget surpluses to projected deficits as far as the eye can see.
    * The tax cuts have conferred the most benefits, by far, on the highest-income households...In part because the tax cuts were not as effective as alternative measures would have been, job creation during this recovery has been notably worse than in any other recovery since the end of World War II.


    Tax Returns: A Comprehensive Assessment of the Bush Administration's Record on Cutting Taxes — Center on Budget and Policy Priorities

    ---

    There’s no way that “Inside Job” can be described as an enjoyable night at the movies … not unless unbridled greed, rampant arrogance and eager malfeasance leading to the collapse of the republic is your idea of a good time.

    Read more: ‘Inside Job’: Take it to the bank | 3 stars - KansasCity.com

    --- --- ---

    http://www.usmessageboard.com/revie...vie-devastating-indictment-on-our-system.html

     
    Last edited: Nov 15, 2010
  2. B. Kidd
    Offline

    B. Kidd Gold Member

    Joined:
    Jun 15, 2010
    Messages:
    12,139
    Thanks Received:
    1,892
    Trophy Points:
    280
    Location:
    Western Lands
    Ratings:
    +6,777
    Dante, was Robert Rubin mentioned in the film?
     
  3. Dante
    Offline

    Dante On leave Supporting Member

    Joined:
    Dec 1, 2008
    Messages:
    52,463
    Thanks Received:
    3,324
    Trophy Points:
    1,825
    Location:
    On leave
    Ratings:
    +6,054
    yep
     
  4. B. Kidd
    Offline

    B. Kidd Gold Member

    Joined:
    Jun 15, 2010
    Messages:
    12,139
    Thanks Received:
    1,892
    Trophy Points:
    280
    Location:
    Western Lands
    Ratings:
    +6,777
    I read somewhere recently that he, more than anyone else, is responsible for the direction and composition of Obama's economic team.
    I'll have to check the movie out.
    Thanks.
     
  5. Dante
    Offline

    Dante On leave Supporting Member

    Joined:
    Dec 1, 2008
    Messages:
    52,463
    Thanks Received:
    3,324
    Trophy Points:
    1,825
    Location:
    On leave
    Ratings:
    +6,054
    It's a non partisan movie, but it also does not go after the politicians. It lays out who argued for what. People lobbied for and developed arguments for the deregulations and policies that drove the world economies into the ditch.

    The movie sets things up with an explanation of what happened with Iceland. An economic success story and the envy of many European and other countries. Iceland allowed the policies and deregulations and it went kaput...and like in the US, places like Moody's had given great ratings to companies that would fold the next day.
     
  6. Dante
    Offline

    Dante On leave Supporting Member

    Joined:
    Dec 1, 2008
    Messages:
    52,463
    Thanks Received:
    3,324
    Trophy Points:
    1,825
    Location:
    On leave
    Ratings:
    +6,054
    I backed Obama's selection of his economic team only because I gave them the benefit of the doubt that their top priorities were America's. It appears their top priorities were duck and cover, save the economy as the game was extended. Obama has been a fool on the economic front. His regulations of agencies and businesses are toothless.

    From the S&L scandal of the 80's to the latest proposals of Democrats and Republicans we get more of the same.

    It is my understanding the Europeans have outlawed certain practices, and in Iceland they are going after one of the government officials for their hand in the crisis there. What does the USA do? We argue that the crooks will go elsewhere if we hold them irresponsible.
     
  7. Dante
    Offline

    Dante On leave Supporting Member

    Joined:
    Dec 1, 2008
    Messages:
    52,463
    Thanks Received:
    3,324
    Trophy Points:
    1,825
    Location:
    On leave
    Ratings:
    +6,054
  8. Oddball
    Offline

    Oddball BANNED Supporting Member

    Joined:
    Jan 3, 2009
    Messages:
    41,428
    Thanks Received:
    8,397
    Trophy Points:
    0
    Location:
    Drinking wine, eating cheese, catching rays
    Ratings:
    +8,409
    IOW, they're unabashed pimps for expropriation, redistribution and the socialistic welfare state.

    Move along....Nothing to see here.....
     
    Last edited: Nov 15, 2010
  9. Dante
    Offline

    Dante On leave Supporting Member

    Joined:
    Dec 1, 2008
    Messages:
    52,463
    Thanks Received:
    3,324
    Trophy Points:
    1,825
    Location:
    On leave
    Ratings:
    +6,054
    Hey Tom, thought you went back into bidding on construction jobs after you gave up on your really, really big economics job. blowhard
     
    Last edited: Nov 15, 2010
  10. Trajan
    Offline

    Trajan conscientia mille testes

    Joined:
    Jun 17, 2010
    Messages:
    29,048
    Thanks Received:
    4,751
    Trophy Points:
    48
    Location:
    The Bay Area Soviet
    Ratings:
    +4,756
    bush had a recession settling in when he got in. Unemployment was 4.2% in Jan 2001, going as high as 6.5% in summer of 03 and by mid 2007 had slid to 4.5% when our economic world began to blow up.

    He created 2.3 million jobs if I remember correctly, that may seem 'comparatively' low, but he had less to create as he had less unemployment to deal with. 5% is the golden number Clinton 4.2% and bushs sub 5% are generally anomalies I believe.
     
    Last edited: Nov 15, 2010

Share This Page