bumper wrote:Lightning Bolt wrote:AdamBomb8 wrote:They p*** down our backs and try to tell us it's raining.

It looks like you've figured out the concept of TRICKLE-DOWN economics that have been the hallmark of these Reagan Republicans.
Problem is... this last week's dose came down on us like a d*m bursting.

You really think the collapse of the brokerage sector and insurers is a result of republican policy?
moonie wrote:Just curious, LB, you're take on last week's financial debacle...you're blaming Republicans for it? You seriously don't feel that it's equal blame?
Certainly not entirely... but far from equally either.
The Republicans under Reagan, Bush I, and Bush II all espoused a fiscal policy of tax breaks (that most effectively impacted those in higher earning brackets) that created lower tax revenues,
and higher deficits resulting in a weak U.S. dollar. A country with a weak currency is completely gambling against its' future revenues, in our case a lessened trade deficit, but it was always thought to be appreciating by some here. No fear....
The Clinton period brought a return to a "pay down the debt", more balanced budget up against federal tax intake, and the dollar stabilized as a sound currency.
Yes, interest rates decreased under this administration, but the public wasn't listening, far too many were benefitting. You can debate the benefits/detriments of his administration's trade policies, and fiscal oversight, but
nothing was allowed to slide to bring us to the levels we're at today.
While Clinton himself was far from perfect, the government did have a multi-year budget surplus when George W. Bush took office.
He decided that meant it was time to return to supply-side, deficit spending that was only made worse by 9/11 and the fictional reasons to go to war in Iraq.
We could have righted the ship right there, with a call for patriotic fiscal unity...but, no.
The idea that Americans could simply "go shopping" to save the quickly floundering economy was one completely championed by the president and the Republican-controlled legislature.
That same legislature deregulated the SEC to the point that short-selling stocks, particularly those more precarious housing lenders moved to the point of being cannibalistic and criminal.
The dollar, once again weak, has no leverage for lending institutions to use with world banks. The ever-worsening housing numbers just pushed it over the edge.
It is truly short-sighted leadership and sheer mismanagement that has brought us to this point.
Who was at the helm the past 8 years of this not-really-so-sudden downturn?