Two Party Gospel Simpson-Bowles Is Terrible

[Procrustes Stretched]

Two Party Gospel Simpson-Bowles Is Terrible
A Public Service Reminder: Simpson-Bowles Is Terrible

Is Simpson-Bowles the new Gospel according to vested party interests? I smell another 'let's gut Glass–Steagall' compromise, and we all know how that turned out, don't we? Clinton says the Glass-Steagall fiasco was something he regretted taking part of, and even Reagan's economy saver, Paul Volker, has come out against keeping the so-called reform

January 22, 2010, 4:47 pm
Glass-Steagall vs. the Volcker Rule

The restrictions imposed by Glass-Steagall kept bank deposits, and banks themselves, at a safe distance from the markets. But that distance gradually shrank, and in the heady, free-market days of the late 1990s, Glass-Steagall itself was formally revoked.

So commercial banks — the big ones, at least — returned to the Wall Street marketplace. This time they got into trouble by engaging in proprietary trading — that is, the buying and selling of securities for their own account, particularly subprime mortgages packaged as bonds. When that market crashed in 2008, the federal government bailed out the banks, and now the president is asking Congress to bar banks from proprietary trading.

I am not against compromise, but when of these commissions made up of men like Irskine Bowels (who praise Paul Ryan as a good numbers man, the same Paul Ryan who is all over the place on Simpson-Bowles), and Alan Simpson, who was part of the GOP Senatorial Leadership team that gave us Reagan's debt, my bullshit radar goes off.


Simpson-Bowles and Dodd-Frank, explained

Forget Volcker — bring back Glass-Steagall

Maybe Simpson-Bowles is a good starting point to begin negotiations, but anyone who believes Simpson-Bowles will be good for them, needs to rethink ... let a man with a Nobel in Economics explain...

You know what will happen if the expected result materializes and Obama is reelected: all the Very Serious People will clamor for him to return to the pursuit of a Grand Bargain, built around S-B.

So, a public service reminder: Simpson-Bowles is terrible. It mucks around with taxes, but is obsessed with lowering marginal rates despite a complete absence of evidence that this is important. It offers nothing on Medicare that isn’t already in the Affordable Care Act. And it raises the Social Security retirement age because life expectancy has risen — completely ignoring the fact that life expectancy has only gone up for the well-off and well-educated, while stagnating or even declining among the people who need the program most.

Yes, I know, inside the Beltway Simpson and Bowles have become sacred figures. But the people doing that elevation are the same people who told us that Paul Ryan was the answer to our fiscal prayers.

 

[Procrustes Stretched]

Squirming Hawks

The fiscal cliff poses an interesting problem for self-styled deficit hawks. They’ve been going on and on about how the deficit is a terrible thing; now they’re confronted with the possibility of a large reduction in the deficit, and have to find a way to say that this is a bad thing.

And so what you see, in reports like this one from the Committee for a Responsible Federal Budget — is a lot of squirming.

Now, there’s a straightforward argument for why the fiscal cliff is bad but long-term deficit reduction is good — namely, that you really don’t want to cut deficits when the economy is depressed and you’re in a liquidity trap, so that monetary expansion can’t offset fiscal contraction. As Keynes said, the boom, not the slump, is the time for austerity. But the deficit hawks can’t make that argument, because they have in fact been arguing for austerity now now now.

there is a voice of reason out there...

The Conscience of a Liberal

Meanwhile, the CRFB features on its home page an op-ed by Jim Jones declaring that

We are perilously close to trillion-dollar yearly...For the good of the country, the parties must come together and not let this happen.

How does he know that we are “perilously close” to this outcome? Not from the markets; not from any kind of economic model. My guess is that Peggy Noonan told him.

 

[EdwardBaiamonte]

the boom, not the slump, is the time for austerity.

1) Liberals cant impose austerity ever because they always need to buy more and more votes with welfare entitlement spending.

2) a liberal will lack the IQ to know that a addict must reduce drug use not increase it to kick the habit.

3) government Solyndra ,A123 Systems, bridge no where, soviet spending and involvement harms the economy. This is why China and East Germany switched to capitalism. A child can observe this just not a low IQ liberal

4) The government does not invent products so it cant grow the economy. Why not repeat this 100 times??

"Growth requires freedom"- Angel Merkel

 

[Mad Scientist]

Clinton "regretted" taking part in the "Glass/Steagal fiasco"? That's just more lies from the Serial Rapist himself.

Anyone wanna' bet on the chances of an Obama administration re-implementing Glass/Steagal? Exactly as it was, not a watered down J.P. Morgan version?

That'll never happen.

 

[Procrustes Stretched]

Clinton "regretted" taking part in the "Glass/Steagal fiasco"? That's just more lies from the Serial Rapist himself.

Anyone wanna' bet on the chances of an Obama administration re-implementing Glass/Steagal? Exactly as it was, not a watered down J.P. Morgan version?

That'll never happen.

A newer version of Glass-Steagall... Of course we are not living the early part of the 20th century anymore, as is the GOP

Dastardly Dirty Devil Obama In The Tank For Wall Street Fat Cats

 

[Procrustes Stretched]

the boom, not the slump, is the time for austerity.

1) Liberals cant impose austerity ever because they always need to buy more and more votes with welfare entitlement spending.
2) a liberal will lack the IQ to know that a addict must reduce drug use not increase it to kick the habit.
3) government Solyndra ,A123 Systems, bridge no where, soviet spending and involvement harms the economy. This is why China and East Germany switched to capitalism. A child can observe this just not a low IQ liberal
4) The government does not invent products so it cant grow the economy. Why not repeat this 100 times??

"Growth requires freedom"- Angel Merkel

Liberals in America have been fighting for expanded freedoms and liberties for all citizens since the founding of this great nation. Conservatives have fought with tooth and nail against these universal principles

 

[EdwardBaiamonte]

Liberals in America have been fighting for expanded freedoms and liberties for all citizens since the founding of this great nation.

of course thats 1000% idiotic and liberal since liberals support government, not freedom!! See why we are positive liberalosm is based on pure ignorance?


"The natural progress of things is for liberty to yield and government to grain ground-" Thomas Jefferson

Please note that liberty and government are seen as opposites.
Welcome to your very first lesson in American History, but then again as a liberal you will lack the IQ to note anything much. Enjoy your total confusion.

 

[Toro]

Krugman's going to be sorrily disappointed.

 

[Procrustes Stretched]

Liberals in America have been fighting for expanded freedoms and liberties for all citizens since the founding of this great nation.

of course thats 1000% idiotic and liberal since liberals support government, not freedom!! See why we are positive liberalosm is based on pure ignorance?


"The natural progress of things is for liberty to yield and government to grain ground-" Thomas Jefferson

Please note that liberty and government are seen as opposites.
Welcome to your very first lesson in American History, but then again as a liberal you will lack the IQ to note anything much. Enjoy your total confusion.

you live in a world of fantasy and imbecility. It is why I rarely respond to you. now please, seek help

 

[Procrustes Stretched]

Krugman's going to be sorrily disappointed.

Yeah like he as on November 6, 2012


thank you for playing

next

 

[EdwardBaiamonte]

Liberals in America have been fighting for expanded freedoms and liberties for all citizens since the founding of this great nation.

of course thats 1000% idiotic and liberal since liberals support government, not freedom!! See why we are positive liberalosm is based on pure ignorance?


"The natural progress of things is for liberty to yield and government to grain ground-" Thomas Jefferson

Please note that liberty and government are seen as opposites.
Welcome to your very first lesson in American History, but then again as a liberal you will lack the IQ to note anything much. Enjoy your total confusion.

you live in a world of fantasy and imbecility. It is why I rarely respond to you. now please, seek help

too stupid!! The quotes were from Jefferson, not me!!

You don't respond because as a liberal you know you lack the IQ and character to do so.

 

[Procrustes Stretched]

of course thats 1000% idiotic and liberal since liberals support government, not freedom!! See why we are positive liberalosm is based on pure ignorance?


"The natural progress of things is for liberty to yield and government to grain ground-" Thomas Jefferson

Please note that liberty and government are seen as opposites.
Welcome to your very first lesson in American History, but then again as a liberal you will lack the IQ to note anything much. Enjoy your total confusion.

you live in a world of fantasy and imbecility. It is why I rarely respond to you. now please, seek help

too stupid!! The quotes were from Jefferson, not me!!

You don't respond because as a liberal you know you lack the IQ and character to do so.

stupid...Dante is on record saying Jefferson lived in a fantasy world and many of his contemporaries and friends also thought he did at times

 

[EdwardBaiamonte]

you live in a world of fantasy and imbecility. It is why I rarely respond to you. now please, seek help

too stupid!! The quotes were from Jefferson, not me!!

You don't respond because as a liberal you know you lack the IQ and character to do so.

stupid...Dante is on record saying Jefferson lived in a fantasy world and many of his contemporaries and friends also thought he did at times

so our most important founder lived in a fantasy?? Why be so afraid to give your most substantive example. What does your fear and ignorance tell you abut the liberal IQ and character?

 

[TakeAStepBack]

Krugman's going to be sorrily disappointed.

He'll just claim he never said any of that.

 

[EdwardBaiamonte]

Liberals in America have been fighting for expanded freedoms and liberties for all citizens since the founding of this great nation.

of course thats 1000% idiotic and liberal since liberals support government, not freedom!! See why we are positive liberalosm is based on pure ignorance?


"The natural progress of things is for liberty to yield and government to grain ground-" Thomas Jefferson

Please note that liberty and government are seen as opposites.
Welcome to your very first lesson in American History, but then again as a liberal you will lack the IQ to note anything much. Enjoy your total confusion.

you live in a world of fantasy and imbecility.

of course if conservatism were imbecilic you would not be so afraid to present your best example. What does your fear tell you about your IQ and character?


.

 

[Procrustes Stretched]

Krugman's going to be sorrily disappointed.

nope

 

[Rshermr]

Two Party Gospel Simpson-Bowles Is Terrible
A Public Service Reminder: Simpson-Bowles Is Terrible

Is Simpson-Bowles the new Gospel according to vested party interests? I smell another 'let's gut Glass–Steagall' compromise, and we all know how that turned out, don't we? Clinton says the Glass-Steagall fiasco was something he regretted taking part of, and even Reagan's economy saver, Paul Volker, has come out against keeping the so-called reform

January 22, 2010, 4:47 pm
Glass-Steagall vs. the Volcker Rule

The restrictions imposed by Glass-Steagall kept bank deposits, and banks themselves, at a safe distance from the markets. But that distance gradually shrank, and in the heady, free-market days of the late 1990s, Glass-Steagall itself was formally revoked.

So commercial banks — the big ones, at least — returned to the Wall Street marketplace. This time they got into trouble by engaging in proprietary trading — that is, the buying and selling of securities for their own account, particularly subprime mortgages packaged as bonds. When that market crashed in 2008, the federal government bailed out the banks, and now the president is asking Congress to bar banks from proprietary trading.

I am not against compromise, but when of these commissions made up of men like Irskine Bowels (who praise Paul Ryan as a good numbers man, the same Paul Ryan who is all over the place on Simpson-Bowles), and Alan Simpson, who was part of the GOP Senatorial Leadership team that gave us Reagan's debt, my bullshit radar goes off.


Simpson-Bowles and Dodd-Frank, explained

Forget Volcker — bring back Glass-Steagall

Maybe Simpson-Bowles is a good starting point to begin negotiations, but anyone who believes Simpson-Bowles will be good for them, needs to rethink ... let a man with a Nobel in Economics explain...

You know what will happen if the expected result materializes and Obama is reelected: all the Very Serious People will clamor for him to return to the pursuit of a Grand Bargain, built around S-B.

So, a public service reminder: Simpson-Bowles is terrible. It mucks around with taxes, but is obsessed with lowering marginal rates despite a complete absence of evidence that this is important. It offers nothing on Medicare that isn’t already in the Affordable Care Act. And it raises the Social Security retirement age because life expectancy has risen — completely ignoring the fact that life expectancy has only gone up for the well-off and well-educated, while stagnating or even declining among the people who need the program most.

Yes, I know, inside the Beltway Simpson and Bowles have become sacred figures. But the people doing that elevation are the same people who told us that Paul Ryan was the answer to our fiscal prayers.

It is important to remember that there was a commission, The National Commission on Fiscal Responsibility and Reform (often called Bowles-Simpson/Simpson-Bowles from the names of co-chairs Alan Simpson and Erskine Bowles; or NCFRR) is a Presidential Commission created in 2010 by President Barack Obama. the forgoing plagiarizer from Wikipedia. There was a report of findings and recomendations to come from the Commission. However, there was none. No report of findings and recommendations was ever issued, because the members of the commission COULD NOT AGREE ON THEM. So, the the co chairs issued THEIR OWN RECOMENDATIONS. From two politicians, an ultraconservative republican senator and a conservative democratic politician who never ever won an election. Nice. So we ended up with a political hammer in the form of a pretend commission report.

 

[ScienceRocks]

[ame=http://www.youtube.com/watch?v=J6TcpfBHlbs]Ray Stevens - Obama Budget Plan - YouTube[/ame]