Democrats threaten to go over ‘fiscal cliff’ if GOP fails to raise taxes

Originally posted by kozmo

Originally posted by nixie_nox
The biggest economic boon the US had was under the Clinton Adminstration when corporate taxes were the highest.

FALLACY! You fail to see cause and effect. Under Clinton you had an ARTIFICIAL housing boom which later busted. Under Clinton you had the repeal of Glass-Stegall which saw UNPRECEDENTED investment into the private sector by banks - which has led to one economic catastrophe after another and we're nowhere near the end yet! Wait until derivatives start to collapse... all $90 trillion of them!

If you are advocating for fake economic booms hidden behind central banking manipulation, economic bubbles and illegal investments, then you can count me out!

I think Clinton had the stock market dot.com bubble.

The housing bubble popped around 2006. Remember?

Originally posted by Eurisko2012

Originally posted by kozmo

Originally posted by nixie_nox
The biggest economic boon the US had was under the Clinton Adminstration when corporate taxes were the highest.

FALLACY! You fail to see cause and effect. Under Clinton you had an ARTIFICIAL housing boom which later busted. Under Clinton you had the repeal of Glass-Stegall which saw UNPRECEDENTED investment into the private sector by banks - which has led to one economic catastrophe after another and we're nowhere near the end yet! Wait until derivatives start to collapse... all $90 trillion of them!

If you are advocating for fake economic booms hidden behind central banking manipulation, economic bubbles and illegal investments, then you can count me out!

I think Clinton had the stock market dot.com bubble.

The housing bubble popped around 2006. Remember?

I'm not talking about when they popped, I'm talking about when they were created. The creation of these false economic booms yielded what appeared to be strong economic growth. The Federal Fair Housing Act and the Community Investment Act plus the Urban Development Initiative essentially forced banks to lend to people who weren't credit-worthy and caused inflation in housing. That inflation yielded profit and made everything think that the economy was experiencing explosive growth - and it was, artificially.

The repeal of Glass-Stegall did the same thing. Suddenly S&Ls were legally allowed to become investment houses and vice-versa. Predictably, banks started bundling all of the questionable loans and sold them off as CDOs so shake them off their books AND to record a profit. The great investment cycle caused all types of investments to artificially increase and those profit-makers injected their cash into the system - again, making it appear that everything was all boom.

Then, all of the sudden, the floor fell out - which what inevitably happens in artificailly created boom cycles - they bust! Nothing has been fixed and the economy is limping along on wire hangers and duct tape. The day of reckoning is soon at hand and cannot be avoided, no matter what. The correction will be long and extremely difficult for the majority of humans!

So, I understand your focus on the bust, but busts cannot occur without booms. You must look and when and how a boom was created to understand the bust. The booms were created under Clinton and busted under Bush. Don't get me wrong... I'm not playing the red/blue game here as BOTH parties are opposite sides of the SAME coin! In fact, I'll go so far to state that I believe these cycles are specifically created for the top 1% to extract wealth at the expense of middle class workers. All you have to do is follow is the money.

They are doing the same thing the GOP did less then a year ago...did you guys forget? Our entire government acts like a bunch of children. Not saying the dems are right but the GOP did it first and everyone commenting on here seems to forget that.

If the GOP doesn't like it then why did they do it first? I think the expression is taste of your own medicine.

reply to post by kozmo


Well, the housing bubble wasn't all bad.

If you bought at the right time and sold at the right time, you got yourself

a boost in net worth.

The housing bubble created lots of jobs for carpenters when they created the

oversupply of houses. Barney Frank refused to take away the punch bowl

during the boom. The sinister part was when home loans were approved for

people who had no way of paying for them. They called it a - No Doc Loan -

instead of a - Full Doc Loan -. There were clear cases of fraud at

Countrywide Financial but no one has gone to jail yet. It all stinks to high

heaven. Now millions of Americans are in an underwater position.

Originally posted by Eurisko2012
reply to post by kozmo

 

Well, the housing bubble wasn't all bad.

If you bought at the right time and sold at the right time, you got yourself

a boost in net worth.

The housing bubble created lots of jobs for carpenters when they created the

oversupply of houses. Barney Frank refused to take away the punch bowl

during the boom. The sinister part was when home loans were approved for

people who had no way of paying for them. They called it a - No Doc Loan -

instead of a - Full Doc Loan -. There were clear cases of fraud at

Countrywide Financial but no one has gone to jail yet. It all stinks to high

heaven. Now millions of Americans are in an underwater position.

edit on 17-7-2012 by Eurisko2012 because: (no reason given)

And what made those loans possible? DEREGULATION!!!

reply to post by MrXYZ


Bill Clinton got the ball rolling.

Barney Frank assured us that - all is well -.

Fannie Mae & Freddie Mac are just fine. Don't stop anything !

reply to post by xuenchen



And yet we have these types of stories in the news....news.cnet.com...

Republican senators push for Internet sales taxes

CNET has learned that two Republican senators are preparing to introduce new legislation that would allow states to force Amazon.com and other out-of-state online retailers to collect sales taxes. Sens. Mike Enzi of Wyoming and Lamar Alexander of Tennessee are currently putting the final touches on their bill, which is backed by Wal-Mart Stores, Best Buy, Home Depot, and other companies that are currently required to collect sales taxes. It's a bipartisan concept: a related effort was embraced by Democrats including Sen. Dick Durbin of Illinois a few months ago.

Many arguments say that would only pay a nominal amount into the Treasury. Others argue that it's all about raving jealousy.

reply to post by xuenchen

Others say a rather non-nominal
$10,344,424,338,581 is lost yearly thanks to the Bush tax cuts.
We all know it is about raving greed rather than jealousy.

Calculating the costs of the Bush tax cuts

How much tax revenue has the United States lost due to the Bush tax cuts — and how much have top earners benefited? Working with Citizens for Tax Justice, a left-leaning advocacy group for progressive taxation, the National Priorities Project has created an online, running calculator that captures this mounting number each second. The group casts the figure as a “cost” in terms of lost government revenue, though it’s also the amount of money these individual taxpayers have saved.

Originally posted by EvilSadamClone
So in order to get the Republicans to do what they want, the Democrats want to punish ordinary average American citizens.

Millions of them.

And they wonder why there's so much apathy towards the political process.

That's the saddest things about politics, is those who don't have any real power will be the first to be targeted for punishment in order to make an example for the rest of them.

Anything to make a buck.

Who cares about the people, right?

Yet they are still considered the party of the middle class.

reply to post by grey580


From YOUR source.

Inflation was under control by the mid-1980s. Influenced by low and stable oil prices in combination with a steep rise in private investment, the economy entered what was at the time the longest peacetime economic expansion in U.S. history.[3][4]

Tax rates got lowered and there was a STEEP rise in private investment, leading to the longest peacetime economic expansion in US history. Thank you for proving Mitt Romney right.