how-to block ads
|
DaveNJ
No Fear
join:1999-09-01
New Jersey
 ·Comcast
·Patriot Media
| reply to nasadude
Re: Do nothing Congress
said by nasadude  :said by pnh102 :.... However, Obama's idea of taxing the rich has been proven to be a complete and total failure when it comes to raising revenue for the government. Furthermore, Obama's stimulus plan, if you could call it that, comes straight out of the playbook written by John Maynard Keynes and implemented by FDR during the Great Depression. FDR's policies of getting us out of the Great Depression were all complete failures, as they all failed to end the Great Depression. .... got any links or citations to back up that claim about taxing the rich not raising revenue? that statement appears ludicrous on it's face. Obviously, Bush's tax cuts were great for the economy as we can see by the wonderful prosperity and happiness all around us today. with regard to your comments on FDR's policies, you are doing nothing more than parroting right wing talking points. So your claiming that only Bush tax cuts are responsible for the economy, not the wreck less lending, forced by CRA, and other liberal groups. If anything Bush should have cut more, but i am sure the liberal geniuses stopped him every time. I guess liberals are as ineffective as they claim, since all the fault lies on Bush.
--
You better not pout, you better not cry, I am telling you why Jesus Christ is coming to town..
| |
nasadude
join:2001-10-05
Rockville, MD
·Comcast
| said by DaveNJ :So your claiming that only Bush tax cuts are responsible for the economy, not the wreck less lending, forced by CRA, and other liberal groups. ... no, I'm not claiming the Bush tax cuts are solely or even mainly responsible. It's just that for those on the right, tax cuts apparently fix everything: recession? tax cuts! economy doing great? tax cuts! I'm just trying to make the point that the tax cuts did not keep this wreck from happening.
oh, by the way, the CRA being the cause of the housing bubble/collapse is another right wing talking point and is totally bogus.
In the February 2008 House hearing, law professor Michael S. Barr, a Treasury Department official under President Clinton, stated that a Federal Reserve survey showed that affected institutions considered CRA loans profitable and not overly risky. He noted that approximately 50% of the subprime loans were made by independent mortgage companies that were not regulated by the CRA. Another 25% to 30% came from only partially CRA regulated bank subsidiaries and affiliates. He stated that institutions fully regulated by CRA made "perhaps" one in four sub-prime loans. Referring to CRA and abuses in the subprime market, Michael Barr stated that in his judgment "the worst and most widespread abuses occurred in the institutions with the least federal oversight". According to Janet L. Yellen, President of the Federal Reserve Bank of San Francisco, independent mortgage companies made "high-priced loans" at more than twice the rate of the banks and thrifts; most CRA loans were responsibly made, and were not the higher-priced loans that have contributed to the current crisis. | |
-
|
