On your 70& chance to fix the economy, what is your proposal, more tax cuts to the upper 1% of 1%?
You are extraordinarily misinformed. Bush reduced the top marginal income tax rate on the richest one percent of taxpayers from 39.6% to 35% - am 11% reduction.
In the same legislation he lowered the bottom tax rate from 15% to 10% - a 33% reduction. AND those taxpayers in the lowest bracket pay ZERO tax on any capital gains and dividends.
the economy had been growing since March, 1991 ….
This followed a tax increase from Bush One…. Remember how unhappy Republican’s were for his voiding Read My Lips, and doing the responsible thing. So Bush One’s tax increase did not cause economic meltdown, no more than Clinton’s did.!
Bush 41's tax hike in 1990 DID NOT reduce the deficit. You'll notice it jumped from $221B in 1990 to $290.3B in 1992.
And if you look close enough you'll find that over those two years, revenues increased by an unremarkable $60 billion BUT spending increased by $130 billion.
Revenues are NOT the problem - it's spending and growth in government. (Note the spending increases from 1995 - 2000 which averaged ~$50B under the Republican Congress.)
- the economy had been growing since March, 1991 ….
This followed a tax increase from Bush One…. Remember how unhappy Republican’s were for his voiding Read My Lips, and doing the responsible thing. So Bush One’s tax increase did not cause economic meltdown, no more than Clinton’s did.! Responsible fiscal policy is the point….Which we have not had for the last 8 years…the tax cuts were totally irresponsible. And now that we need to be off balance to get out of the hole, is not the time for restraint. It is not just about lowering taxes, and government spending depending on when and what it is spent for is not bad.
I am not saying I believe in high taxes, but certainly do not believe in all the rubbish re trickledown economics. These tax cuts have been totally irresponsible, aimed at too much of the top. It is not feed the top, to feed to the bottom. It is feed and grow the middle, to feed it all….Something which has been dying here.
Another idiot heard from, not intelligent and bright enough to dig behind the lies the leadership on the right continue to spew. Typical of why you people are so hopeless. I take it you are referring to Freddie and Fannie. If you actually look at the facts, you will see the sub-prime market was born and bred by Wall Street, not Fannie and Freddie. Fannie and Freddie actually held back before following the herd. They did not start it, and again resisted longer than the street did. Additionally, if all we had was a Fannie and Freddie problem, the money already spent would have bailed that out. It was Wall Street that got on sub-prime big time, and credit default swaps that did it….I know facts and rational thought hardly ever have a hand in your thinking but you should try it for a change. Dig behind what you get told.
The real failure came from a failure of the government to regulate, brought on by what started from Reagan, how government was the problem. Get it out of the way of business. Ya, worked out so well..... Where has the SEC been? Absent. Cox should be strung up like Mussolini!
The real warning to us came years ago when our great and wonderful securities industry got caught doing the same thing they did in the depression, and they each paid about $125 Million dollar fines. Chump change…SEC was absent; it was the Attorney General of NYS that was the only regulator to be found.. Did this wake anything up? NO, they scapegoated a few people, Ebbers, Kozlowsky, and Martha Stewart. SOX is wrong headed, and to be honest, an example of over regulation you so despise, brought to you by who??? Republican president and congreee. If you look at Enron, at what positions they had bought influence into one can see the extent and true problem. Moneyed influence…
I stayed away from whose fault it was as the Dems had a hand as well, though a more minor hand. They got paid like everyone to go along with talking down what we had learned from the depression, and went along with undoing Glass-Steagall, which put a wall between brokerage, banking and insurance where you had some check and balance within the financial industry. I put my trust in Obama, who with the support of the people can really bring about the major change this country needs. This is a chance for real change; do not blow it people.
Make no mistake about it; the leading cause of our problem was caused by the Republican drumbeat and failure to govern…….Like the heading topic, Bobby Jindal referring to the failure of the government response to Katrina as the government failure. Could it be because the government was lead by people with no desire or capability to run government? You know FEMA was a problem prior to Clinton getting in office, and Clinton fixed it, only to have Bush come in and screw it up again. Andrew, and other hurricanes during Clinton were lauded as great successes. Something to think about, huh.
Did any of you idiots finish high school, or even get a two year degree? Stop watching NASCAR and Fox, and try opening up a book for a change. Government is not the root of all our problems….To be successful we need a well run government, not a government run like a third world nation we have started to look like. Take a trip oversees; you will see the rest of the world is not as backwards or stupid as you think they are. And we are not as good as you think we are.
Gary K writes: "I guarantee I pay more in taxes than either of you, and I will pay more under Obama. The difference is I know will come out ahead from paying more..."
Huh??? Your own words prove what a f**king idiot you are. This makes no sense. And you want us to believe you actually pay taxes? You're a Liberal and we all know Liberals don't pay taxes.
Still trying to figure out your statement above...????
Yea Air. How do we really know it's not you? Hey welcome back, not that I need any help with Gary K and his fellow Pus*ies, but nice to have you around. Just couldn't take anymore of these idiots swooning over B. Hussein. I really believe that if Gary K had the chance to perform oral s*x on B. Hussein he would.
I imagine Jimmy Carter is very happy right now. There is finally a President that is more incompetent and more of a disgrace than he was.
Anyway, good news on the ZI purchase.
Starky (or is it Air?)
When Clinton raised taxes, the Republicans, just like now, claim it would bring doom. Guess what, it brought about our largest peace time growth in history.
Well, not quite. It is true that Clinton was in office while the economy enjoyed the longest peacetime expansion in history but it wasn't due to Clinton's tax increase - the economy had been growing since March, 1991 (note that the expansion was occurring during the 1992 presidential race when James Carville was lamenting the "worst economy since the Great Depression).
Also, Clinton was blessed two years after taking office with a Republican Congress which brought with it Newt Gingrich and the Contract With America. One provision of this contract was the promise of a balanced budget which legislation was passed by Congress and signed by the President in 1997. (Incidentally, Clinton was opposed to the legislation saying it was too ambitious.)
Oddly enough, considering that you think tax cuts cause massive deficits, Comgress passed "The Taxpayer Relief Act of 1997" in the same year. I suppose you could call this tax relief "for the rich" since it slashed capital gains rates nearly 30% from 28% to 20% along with other provisions.
The Taxpayer Relief Act of 1997 (Public Law 105-34) reduced several federal taxes in the United States.
Subject to certain phase-in rules, the top capital gains rate fell from 28% to 20%. The 15% bracket was lowered to 10%.
Starting in 1998, a $400 tax credit for each child under age 17 was introduced, which was increased to $500 in 1999. This credit was phased out for high income families.
And how exactly would we know it was not you? Because it would be so hard to get another account! If it was not you, I do truly apologize, as at least by named account, you have been good. We were just identifying you together with the same crazed beliefs.
If the market and NUAN keeps dropping, I will acknowledge you were right. We still have a way to go before that however. This is just more market manipulation; they push the market up, and then push it down, on and on. Thinking we have just about bottomed again.
Figures – totally predicable what side of the aisle you would be on! Your time is coming when they bring back the uptick rule and hopefully go further. It is about time we got rid rampant market manipulation as a part of the cleanup. Someone certainly needs to explain to me how shorting helps capital formation. Excuse me, I actually thought that is what capital markets are for instead of what they have become; driven by the same ilk that brought us this meltdown. Now that we have a weakened financial industry lobby, and the industry is as unpopular as is it is, we should clean up the markets so we get back to concentrate on actually makings things again beyond smoke and mirrors....that's right, change is a comin your way.....
Whose thinking got us into this? Look in the mirror fellow ....I know it is probably hard to look at. On being poor...guess again...and I certainly would need much better drugs, and be born again without a conscious to ever envy you.
You and your cohorts are so funny. YOU all keep my name alive and accuse another poster of being me. I chime in to say it isn't me and issue a POSITIVE comment to congratulate Mr. Ricci on the Zi purchase. You then state that is me and my narcissistic disorders. LOL Um, OK.