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  • equitiesthinktank equitiesthinktank Dec 22, 2009 7:28 PM Flag

    This is a Republican Recession.

    This is a Republican Recession.

    Republicans are responsible for the Total Debt; Deregulation of the Savings & Loans, Trade, Mortgages, and Credit Swap Derivatives; the War in Iraq; and they are responsible for the Recession.

    Republican Administrations are responsible for $14 Trillion of the $15 Trillion in Total Debt.

    When Jimmy Carter left office, the Total Deficit was only $900 Billion. Ronald Reagan left office, with the Total Debt around $5 Trillion, an increase of $4.1 Trillion; George Bush Senior left office, with the Total Debt around $7 Trillion, an increase of $2.9 Trillion; Bill Clinton left office, with the Total Debt still around $7 Trillion; and George W Bush left office with the Total Deficit around $15 Trillion, which includes an estimated $5 Trillion in future war costs.

    So Republican Administrations are responsible for $14 Trillion of the $15 Trillion in Total Debt.

    Under Ronald Reagan, and with the help of Republican Senator Phil Gramm, Savings & Loans were deregulated.
    http://www.salon.com/opinion/conason/200...

    And Ronald Reagan campaigned for the North American Common Market and put in place the Trade & Tariff Act, which was the impetus for NAFTA.
    http://useconomy.about.com/od/tradepolic...


    Republican Senator Phil Gramm is one of the principles responsible for pushing through the Gramm-Leach-Bliley (GLB) Act of 1999; which deregulated mortgages.
    And Republican Senator Phil Gramm is one of the principles responsible for pushing through the Commodity Futures Modernization Act of 2000; which deregulated credit swap derivatives.

    The Gramm-Leach-Bliley (GLB) Act of 1999 and the Commodity Futures Modernization Act of 2000 are considered to be principle causes of the current financial crisis.
    http://online.wsj.com/article/SB12350966...
    http://www.motherjones.com/politics/2008...

    Now the Republicans are making politically motivated public statements, hyping the fear of nationalizing the banks, and discrediting President Obama’s economic stabilization and stimulus programs.

    In so doing, they are undermining the support, and sustainability of all financial institutions, global equities markets, and the global economy.

    The Republicans are the primary cause of the recession, and may be the primary cause of America’s Next Great Depression.

    Almost all economists know a recovery plan is needed. Some may disagree with some of President Obama’s Recovery Plan; but, all agree something needs to be done.

    While at the same time, Republicans are only proposing to cut taxes, to stimulate the economy; and then they oppose any support for financial institutions. They appear to be ready to let critical financial institutions be nationalized.

    Certainly, if a bank needs to be nationalized, there is nothing we can do but nationalize it. But, we should not negligently cause banks to be nationalized.

    If a major American multi-national financial institution; like Citibank, Bank of America, or AIG; were to be nationalized; it would directly undermine support for regional, national, and multi-national financial institutions; causing runs on effected banks, and possibly contributing to failures of additional banks. All the while, greatly undermining support for all global equities and economies.

    The problem is, Republicans are intentionally making politically motivated public statements; which are undermining the support, and sustainability of all financial institutions, global equities markets, and the global economy.

    Republicans are responsible for the Total Debt; Deregulation of Trade, Mortgages, and Credit Swap Derivatives; the War in Iraq; and they are responsible for the Recession.

    And, the Republicans will also be responsible if the recession worsens.

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