Dad2three
Gold Member
The majority of Democrats and Republicans voted for the bailouts(minus conservative and democratic socialist opposition on the wings of the parties. And Glass Steagall was repealed by Clinton, which was responsible for allowing commercial banks to merge with investment banks and threaten the solvency of regular depositors accounts. To reduce every problem to blaming Bush or the Republicans is dishonest.Bottom 50% who made 12% of ALL US income? lol
Poor Americans Pay Double The State, Local Tax Rates Of Top One Percent
Overall, the poorest 20 percent of households paid an average 10.9 percent of their incomes in state and local taxes in 2007, while the top 1 percent on average paid just 5.2 percent of their incomes in state and local taxes, according to the study.
Poor Americans Pay Double The State Local Tax Rates Of Top One Percent
The less wealthy have access to the same local and state facilities and services as the rich (and make use of them far more often). Thanks to our progressive tax system, they pay far less for them than do the rich.
80% of the population owns 5% of the wealth.
Who Rules America Wealth Income and Power
The middle class has been eviscerated
Total U.S. taxes are barely progressive, as shown in this table and chart from Citizens for Tax Justice. The bottom 99 percent pays a 27.5 percent total tax rate on average, while the top 1 percent pays an average 29 percent tax rate, according to 2011 data from Citizens for Tax Justice.
Poor Americans Pay Double The State Local Tax Rates Of Top One Percent
I know the pain intimately ... my real estate holdings (I'm a developer) took a hit in 2006/2007 (about $2mil) from which I will never recover. Nevertheless I am not willing to kill the goose which laid the golden egg - something you seem eager to do - just to assuage my pain.
KILL THE GOOSE? Oh you mean the Banksters who hosed US via the GOP in 1920's, 1980's (Ronnie ignored regulator warnings just like Dubya) and 2008?
FACTS on Dubya s great recession US Message Board - Political Discussion Forum
You should get better material, or perhaps grow a brain?
"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." William K. Black Sr. regulator during S&L debacle
When regulators dont believe in regulation and dont get what is going on at the companies they oversee, there can be no major white-collar crime prosecutions,...If they dont understand what we call collective embezzlement, where people are literally looting their own firms, then its impossible to bring cases.
http://www.nytimes.com/2011/04/14/business/14prosecute.html?pagewanted=all&_r=0
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 ? 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 GOP CONGRESS stripped the White Collar Crime divisions of money and manpower.
"Those selling the CDS's would not have been able to sell them if they had been required by regulators to maintain standard insurance reserves."
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
The SEC Rule That Broke Wall Street
BUSH REGULATORS ON WALL STREET IN 2004 WITH A CHAINSAW 'CUTTING' REGULATIONS