Repeating Obama's Error On Economic Issues

[Procrustes Stretched]

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

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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

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

Inside Job - The Movie: Devastating Indictment on our system.

See this movie and then tell me how any of us could support what is happening.

From Reagan and the Savings and Loans scandal that shook the financial system to the current mess, the key players are shown for what they are --- greedy pricks.

It also makes Obama look like the sell out he is. I used to think putting the foxes in charge of the chicken coop was our only choice of saving the system. I was wrong. I thought the foxes were well intentioned. I thought they really wanted to do good. It is not in their natures. Greed is in there blood.

Columbia Business School Dean Glenn Hubbard along with a few Harvard boys will make your blood boil with rage.


Somebody on here said economists played no role in the financial meltdown. How fucking stupid.

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Glenn Hubbard (economist) - Wikipedia, the free encyclopedia

During the film, the interviewer attempts to get Hubbard to discuss his outside business relationships. Hubbard's response is to angrily retort, "I don't believe I have to discuss that with you...this is not a deposition, sir...this interview is over in three minutes...give it your BEST SHOT."

 

[B. Kidd]

Dante, was Robert Rubin mentioned in the film?

 

[Procrustes Stretched]

Dante, was Robert Rubin mentioned in the film?

yep

 

[B. Kidd]

Dante, was Robert Rubin mentioned in the film?

yep

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.

 

[Procrustes Stretched]

Dante, was Robert Rubin mentioned in the film?

yep

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.

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.

 

[Procrustes Stretched]

Dante, was Robert Rubin mentioned in the film?

yep

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.

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.

 

[Procrustes Stretched]

In Senate testimony, ratings agency heads won't take the blame

Read more: In Senate testimony, ratings agency heads won't take the blame | McClatchy

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[Oddball]

What Is the Center on Budget and Policy Priorities?

<snip>

Low-income programs and tax areas: The Center analyzes proposed changes in federal and state programs that affect low- and moderate-income families and individuals. One issue we consider is how a proposal would affect the federal-state relationship in administering these programs: we seek to enhance state flexibility while retaining federal financial commitments and federal legal protections for program recipients. We also help implement changes in these programs.

In addition, the Center designs improvements to make these programs more accessible to eligible populations, more effective in helping beneficiaries meet basic needs while moving toward self-sufficiency, and simpler to administer for federal and state governments. We work on programs such as....

IOW, they're unabashed pimps for expropriation, redistribution and the socialistic welfare state.

Move along....Nothing to see here.....

 

[Procrustes Stretched]

Hey Tom, thought you went back into bidding on construction jobs after you gave up on your really, really big economics job. blowhard

 

[Trajan]

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.

 

[Oddball]

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.

Shrubbie's timid tax cuts also had nothing to do with the explosion of entitlement spending, brought about by the unavoidable fact of demographics.

After reading the first quoted passage from the "think tank" in the OP, I smelled a rat. Upon looking over their website, my suspicions were confirmed.

Just more stale boilerplate dreck, from the same old whiny class warriors.

 

[william the wie]

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.

Shrubbie's timid tax cuts also had nothing to do with the explosion of entitlement spending, brought about by the unavoidable fact of demographics.

After reading the first quoted passage from the "think tank" in the OP, I smelled a rat. Upon looking over their website, my suspicions were confirmed.

Just more stale boilerplate dreck, from the same old whiny class warriors.

Slight disagreement. The "It's a Wonderful Life" Jimmy Stewarts have been in big trouble since the 1923-6 bubble. Financing 10 year mortgage notes with 90 day passbook savings as in the 20s was obviously insane so by the 70s 30 year notes were financed in the repo market overnight for all 10,958 nights was substituted. Then in the 1980s came securitiization which indirectly led to the Continental Illinois TBTF crisis, and directly to the S&L crisis, LTCM and then the 2008 meltdown. GSEs have been a disaster too.

Unless you are willing to get rid of the Fed which has been an epic fail all along and recognize that conventional banking is going the way of the Dodo bird expect numerous real estate led bank failures. Right and left have nothing to do with the problem. As to ignoring demography that also needs to be addressed but won't be.

 

[Procrustes Stretched]

&#8220;Reagan tripled and Bush doubled the deficit...but since a Democrat is in office, conservatives act as though they really care. It's called PARTISAN OUTRAGE.&#8221; - found on the internet

 

[Trajan]

theres a world of difference between 18% of gdp and the projected 26%......

 

[Procrustes Stretched]

“Reagan tripled and Bush doubled the deficit...but since a Democrat is in office, conservatives act as though they really care. It's called PARTISAN OUTRAGE.” - found on the internet

 

[william the wie]

Sounds like pot meet kettle to me.