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Title: Happy 10th Birthday, Bush Tax Cuts! You've been a failure in every conceivable way
Source:
Slate
URL Source: http://www.slate.com/id/2296578
Published: Jun 10, 2011
Author: Annie Lowery
Post Date: 2011-06-10 10:59:53 by go65
Keywords: None
Views: 43647
Comments: 143
Unfortunately, the tax cuts never translated into robust economic growth, either. Indeed, the aughts saw the worst growth since World War II. From 2001 to 2007, annual GDP growth averaged just 2.4 percent per year, lower than in any other postwar business cycle. The contrast is starker still when judging against the previous decade. In real terms, GDP grew half as much from 2001 to 2010 as from 1991 to 2000.
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#103. To: war (#100)
Why did FN and FM lose money? Because people stopped paying their mortgages. Why did Bear Stearns fail? The same reason. That's the last answer you're getting to you being stupid. Conjecture. You made a specific assertion, Should I repeat it? Back it up.
Now, I know Iām not going to change the minds of any of the True Believersā¦those who read all of Reverend Alās sermons, and say things like, āYou know, global warming can mean warmer OR colder, wetter OR drier, cloudier OR sunnier, windier OR calmer, ā¦ā. Can I get an āamenā??
The Commodity Futures Modernization Act made the whole thing possible. The rest is just details.
It is our responsibility to protect that child once that child’s born too. When we start debating a budget, let’s make sure we don’t cut 100,000 vaccines. Let’s make sure we’ve got health insurance. We seem to worship what we cannot see, but as soon as that baby’s born, oh no, we don’t want to be intrusive. Texas is going to shrink government until it fits inside a women’s uterus. Senator Leticia Van de Putte
LOL Did you get that from "boofer"?
Now, I know Iām not going to change the minds of any of the True Believersā¦those who read all of Reverend Alās sermons, and say things like, āYou know, global warming can mean warmer OR colder, wetter OR drier, cloudier OR sunnier, windier OR calmer, ā¦ā. Can I get an āamenā??
GOPturds do anything to spin the blame away. The evidence points to any two term Pubby president having a 100% chance of causing a crash in a financial sector before they leave office. If they have a Pubby congress at their disposal the crash will be much more wide spread and devastating.
Paddy...you screaming for me to back up my assertions in the face of me a) having done so on this thread and on other threads many times over coupled to you being unable to refute my assertions on this thread and others many times over and b) you making several false and contradictory assertions on this thread and others and which have been pointed out and refuted obviates neither by you simply mouthing "Back it up." It has been backed up and the nonsense that you have posted on this and many other threads has been refuted many times over. So fuck you...fuck off...and have a nice day.
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" Well, that's a first. Signed in 2000? You know, sink boy was still President then.
Now, I know Iām not going to change the minds of any of the True Believersā¦those who read all of Reverend Alās sermons, and say things like, āYou know, global warming can mean warmer OR colder, wetter OR drier, cloudier OR sunnier, windier OR calmer, ā¦ā. Can I get an āamenā??
He had a Republican Congress.
That should make you happy.
It is our responsibility to protect that child once that child’s born too. When we start debating a budget, let’s make sure we don’t cut 100,000 vaccines. Let’s make sure we’ve got health insurance. We seem to worship what we cannot see, but as soon as that baby’s born, oh no, we don’t want to be intrusive. Texas is going to shrink government until it fits inside a women’s uterus. Senator Leticia Van de Putte
Eventually, this caught up to institutions like Bear Stearns. Bear Stearns had 10's of billions of dollars in liquidity when their Alt-A Trust was "performing" when it began to underperform, those credit lines got yanked. That had a "cascade effect" that first rolled through the housing market and then rolled through Wall Street and the banks. The irony of this is that mnost of the ALM's in the major banks REALIZED that their exposure to a burp in the general economy or the housing market specifically could leave them in a vulnerable position. So, in late 2005 and early 2006, banks started to curtail lending and focused on building a deposit base. The problem, though, was that on the portfolio side, PM's were buying the very same assets that the ALM's feared were going to underperform. You've given very specific principles and consequences. Since you are so sure of yourself, connect the dots SPECIFCALLY. Show me somewhere there is ANY belief in your assumptions other than yourself.
Now, I know Iām not going to change the minds of any of the True Believersā¦those who read all of Reverend Alās sermons, and say things like, āYou know, global warming can mean warmer OR colder, wetter OR drier, cloudier OR sunnier, windier OR calmer, ā¦ā. Can I get an āamenā??
It doesn't matter at this point. If you can't convince someone of the basic principle that a lack of credit causes those dependent upon borrowing to remain liquid to default and fail and thus cause those who lent the money and will not be paid back to be in financial distress then there is nothing left to be discussed. The Global Credit Crunch started in August of 2007 with the failure of Northern Rock and cascaded from there. If you are incapable of accepting that in the face of google and every other search engine that reveals the above as truth then you are beyond redemption.
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" And the Kenyan had a Democratic Congress, and yet those evil Bush tax cuts were extendeded, so what's your point?
Now, I know Iām not going to change the minds of any of the True Believersā¦those who read all of Reverend Alās sermons, and say things like, āYou know, global warming can mean warmer OR colder, wetter OR drier, cloudier OR sunnier, windier OR calmer, ā¦ā. Can I get an āamenā??
I think you have a fundemental misunderstanding of the Community Reinvestment Act program which is property location specific, and the subprime and Alt-A lending programs which were borrower specific. The CRA program was developed in the 1970s to counter the previous bank practice of 'red-lining', which essentially cordoned off poor neighborhoods from access to capital. The purpose of CRA was to reverse that practice by giving lenders an incentive to lend money into those previous red-lined areas. From its inception until the present day the CRA program has never had any other criteria for eligibility than the location of the property being purchased, with all other lending standards remaining the same. Traditionally, the GSEs (fannie, freddie, ginnie) provided liquidity to the lenders by becoming a secondary market for mortgages. The GSEs maintained standards for which loans they would accept, and these standards became the defacto ones for the industry. In 1999 a deal was struck between the Republicans in Congress and the Clinton Administration that essentially tore down the wall of seperation between the commercial depository banks and Wall St. investment houses. The quid pro quo given to Clinton was agreement to loosen up lending standards to boost minority home ownership. For banks this was an easy trade-off since removing the commerical/investment firewall allowed them to increase in size, while the risk of loosening lending standards was passed along to the GSEs which were becoming increasingly filled with political appointments. The Bush administration carried on and maintained regulatory control over this financial house of cards until it started to collapse in 2007. There is lots of blame to go around on all sides of this issue, including the failure of every market oriented control that we were told would prevent such a meltdown from occurring. If you ask any of the 'players' today what one thing would put a halt to the ongoing problems in the financial industry they will invariably tell you that it would be the reinstatement of the Glass-Seagal act, or its modern day equivalent the Volker Plan . The mere fact that both Democrats, Republicans and Wall St. hate the idea is reason enough to demand it be reenacted.
This has been explained to him many times on this forum. He seems to be more interested in creating Google keyword hits.
Come on, really. Don't you think politics tied the two together?
Now, I know Iām not going to change the minds of any of the True Believersā¦those who read all of Reverend Alās sermons, and say things like, āYou know, global warming can mean warmer OR colder, wetter OR drier, cloudier OR sunnier, windier OR calmer, ā¦ā. Can I get an āamenā??
With the Bush tanked economy moving into the next administration it was thought that maybe a tax increase at that time might just tank it further?
I am trying to decipher what that garbled English means. Can you explain it further?
Now, I know Iām not going to change the minds of any of the True Believersā¦those who read all of Reverend Alās sermons, and say things like, āYou know, global warming can mean warmer OR colder, wetter OR drier, cloudier OR sunnier, windier OR calmer, ā¦ā. Can I get an āamenā??
He doesn't have a misunderstanding. Misunderstanding implies that there is a place where "understanding" dwells. He's missing that location.
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" Evidently you don't understand slang that's been in common usage for forty years.
Can you diagram that sentence for me, please?
Now, I know Iām not going to change the minds of any of the True Believersā¦those who read all of Reverend Alās sermons, and say things like, āYou know, global warming can mean warmer OR colder, wetter OR drier, cloudier OR sunnier, windier OR calmer, ā¦ā. Can I get an āamenā??
Hey, where's my back up? It's just me against the moonbats. dah dah dah gonna fly now!
Now, I know Iām not going to change the minds of any of the True Believersā¦those who read all of Reverend Alās sermons, and say things like, āYou know, global warming can mean warmer OR colder, wetter OR drier, cloudier OR sunnier, windier OR calmer, ā¦ā. Can I get an āamenā??
No, CRA was crafted to specifically avoid the problems that sub-prime borrowing created. There is no correlation between CRA and subprime lending. Subprime lending arose because the borrower neutral CRA wasn't getting the job done for the folks in DC who wanted more minority borrowing. The minorities on the receiving end wanted to get out of the poor areas they traditionally were confined to, and were willing to pay extra for the opportunity to do so.
I've never asserted anything different. But it lit the fuse for all manner of subprime lending.
Now, I know Iām not going to change the minds of any of the True Believersā¦those who read all of Reverend Alās sermons, and say things like, āYou know, global warming can mean warmer OR colder, wetter OR drier, cloudier OR sunnier, windier OR calmer, ā¦ā. Can I get an āamenā??
LIE.
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" Wrong. The Republican sponsored Financial Services Modernization Act of 1999 lit the fuse.
There was no subprime lending problem before the ENFORCMENT of the CRA in the mid 90s.
Now, I know Iām not going to change the minds of any of the True Believersā¦those who read all of Reverend Alās sermons, and say things like, āYou know, global warming can mean warmer OR colder, wetter OR drier, cloudier OR sunnier, windier OR calmer, ā¦ā. Can I get an āamenā??
I would disagree that Gramm–Leach–Bliley caused anything, but funny you would only mention Republicans, when Clinton gladly signed it.
Now, I know Iām not going to change the minds of any of the True Believersā¦those who read all of Reverend Alās sermons, and say things like, āYou know, global warming can mean warmer OR colder, wetter OR drier, cloudier OR sunnier, windier OR calmer, ā¦ā. Can I get an āamenā??
Yea so? There was no sub prime lending problem prior to the repeal of Glass Steagall either. Nor was their a sub-prime problem until HUD relieved banks of all sense of due diligence in 2003 and thus allowed FN and FM to purchase "liar loans" in unprecedented amounts.
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" So now you blame Clinton for not vetoing Gramm–Leach–Bliley? Contrarily, he was behind it all the way.
Now, I know Iām not going to change the minds of any of the True Believersā¦those who read all of Reverend Alās sermons, and say things like, āYou know, global warming can mean warmer OR colder, wetter OR drier, cloudier OR sunnier, windier OR calmer, ā¦ā. Can I get an āamenā??
Uh...no...he did not ask for it and he threatened to veto it unless some of the provisions were changed including attempts to make CRA disappear under certain tyopes of merger as well as some bank holding company provisions, iirc it had to do with banks owning non financial corporations but don't quote me on that...this was Phil Gramm's deal...
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" It doesn't matter anyway. In my opinion, the root of the crisis is found in the 2002 HUD decision that allowed speculators to get as many mortgages as they wanted to get with 0 documentation. When that decision was implemented in 2003 both bank and non traditional mortgage lending took off. Banks realized what was happening and in late 2004 ramped back in lending and by 2006 were almost wholly out of sub-prime.
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" uh really, The Gramm-Leach-Bliley Act is a major achievement that will benefit American consumers, communities, and businesses of all sizes. I thank all of those individuals who played a role in the development and passage of this historic legislation. http://www.presidency.ucsb.edu/ws/index.php?pid=56922#axzz1P1O0grm2
Now, I know Iām not going to change the minds of any of the True Believersā¦those who read all of Reverend Alās sermons, and say things like, āYou know, global warming can mean warmer OR colder, wetter OR drier, cloudier OR sunnier, windier OR calmer, ā¦ā. Can I get an āamenā??
You claimed that he supported it the whole way Ratberg. He didn't. He threatened to veto the original form of it because it had stripped out, among other things, some minority protections. Have you ever challenged me on a point and been correct, Eric The Asshole?
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" I gave you sink boy's statement. Are you telling me he is a piece of shit liar?
Now, I know Iām not going to change the minds of any of the True Believersā¦those who read all of Reverend Alās sermons, and say things like, āYou know, global warming can mean warmer OR colder, wetter OR drier, cloudier OR sunnier, windier OR calmer, ā¦ā. Can I get an āamenā??
No. I'm telling you that YOU are a liar. You claimed: Contrarily, he was behind it all the way. He wasn't.
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" You claimed: Contrarily, he was behind it all the way. He wasn't. LOL Which shows what kind of politicians you support Is that what they taught you in pol sci, wally?
Now, I know Iām not going to change the minds of any of the True Believersā¦those who read all of Reverend Alās sermons, and say things like, āYou know, global warming can mean warmer OR colder, wetter OR drier, cloudier OR sunnier, windier OR calmer, ā¦ā. Can I get an āamenā??
I love it when I catch you in a lie, Eric. You flail like a girl who lost her Barbie to her mean older brother...
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" You dumbasses think I am Dondero. I'm not. E mail the guy. I dont know him. He speaks 5 languages. My 5 year old daughter speaks better Spanish than me.
Now, I know Iām not going to change the minds of any of the True Believersā¦those who read all of Reverend Alās sermons, and say things like, āYou know, global warming can mean warmer OR colder, wetter OR drier, cloudier OR sunnier, windier OR calmer, ā¦ā. Can I get an āamenā??
If a Bush enacted it and an Obama continued it, it must be good. The spectrum is too wide to ignore.
Here's what I wrote upthread In 1999 a deal was struck between the Republicans in Congress and the Clinton Administration that essentially tore down the wall of seperation between the commercial depository banks and Wall St. investment houses. The quid pro quo given to Clinton was agreement to loosen up lending standards to boost minority home ownership. There were actually very few people in Washington against FSMA in 1999. Sen. Byron Dorgan was one of them and he gave a prescient speech in Congress right before its passage. Watch Dorgan predict exactly what will happen once FSMA is enacted. Dorgans Crystal Ball.
Some appear to be immune to the lessons history teaches.
It is our responsibility to protect that child once that child’s born too. When we start debating a budget, let’s make sure we don’t cut 100,000 vaccines. Let’s make sure we’ve got health insurance. We seem to worship what we cannot see, but as soon as that baby’s born, oh no, we don’t want to be intrusive. Texas is going to shrink government until it fits inside a women’s uterus. Senator Leticia Van de Putte
In 1999 a deal was struck between the Republicans in Congress and the Clinton Administration that essentially tore down the wall of seperation between the commercial depository banks and Wall St. investment houses. The quid pro quo given to Clinton was agreement to loosen up lending standards to boost minority home ownership. I think there are multiple posters under that ID who don't communicate with each other. In light of it's past slaughter and denigration of the English language on this forum it's comical that's it having to resort to acting as the grammar police in order to deflect.
Are you claiming that Bear Stearns and Northern Rock and all of those other private labels had credit readily available to them so that they could make margin calls and debt service payments, Paddy?
#104. To: no gnu taxes (#97)
I'm still waiting for you to back up your assertion for what caused the crisis.
#105. To: war (#102)
We're done.
#106. To: war (#98)
Or that he excuses the Chief Law Enforcement Officer having totally abdicated any sense of duty...
#107. To: no gnu taxes (#103)
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#108. To: lucysmom (#104)
The Commodity Futures Modernization Act made the whole thing possible. The rest is just details.
#109. To: no gnu taxes (#108)
Signed in 2000? You know, sink boy was still President then.
#110. To: no gnu taxes (#108)
Signed in 2000? You know, sink boy was still President then.
#111. To: war (#107)
The Northern Rock failure - which happened in GB and not in the US - was the first one and caused investors, globally, to re-examine the underlying creditworthiness of the assets. What the investors found was that the assets were grossly overleveraged. This was no more apparent than in Redwood Trust, Thornburg and other private label mortgage originators that lent long and borrowed short. Investors demanded either more margin built into the assets that they used to secure credit lines or they cut back on credit lines or, worse, both.
#112. To: mininggold (#109)
(Edited)
He had a Republican Congress.
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#113. To: mininggold (#109)
He had a Republican Congress.
#114. To: no gnu taxes (#55)
Weren’t the majority of the subprime loans made by mortgage service companies not subject to the CRA?
#115. To: Thunderbird, no gnu taxes (#114)
I think you have a fundemental misunderstanding of the Community Reinvestment Act program which is property location specific, and the subprime and Alt-A lending programs which were borrower specific.
#116. To: Thunderbird (#114)
I think you have a fundemental misunderstanding of the Community Reinvestment Act program which is property location specific, and the subprime and Alt-A lending programs which were borrower specific.
#117. To: no gnu taxes (#113)
(Edited)
And the Kenyan had a Democratic Congress, and yet those evil Bush tax cuts were extendeded, so what's your point?
#118. To: mininggold (#117)
With the Bush tanked economy moving into the next administration it was thought that maybe a tax increase at that time might just tank it further?
#119. To: Thunderbird (#114)
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#120. To: no gnu taxes (#118)
I am trying to decipher what that garbled English means. Can you explain it further?
#121. To: mininggold (#120)
#122. To: All (#121)
#123. To: no gnu taxes (#116)
Come on, really. Don't you think politics tied the two together?
#124. To: Thunderbird (#123)
Subprime lending arose because the borrower neutral CRA wasn't getting the job done for the folks in DC who wanted more minority borrowing.
#125. To: no gnu taxes (#124)
I've never asserted anything different.
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#126. To: no gnu taxes (#124)
I've never asserted anything different. But it lit the fuse for all manner of subprime lending.
#127. To: Thunderbird (#123)
#128. To: Thunderbird (#126)
#129. To: no gnu taxes (#127)
There was no subprime lending problem before the ENFORCMENT of the CRA in the mid 90s.
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#130. To: war (#129)
#131. To: no gnu taxes (#130)
Contrarily, he was behind it all the way.
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#132. To: no gnu taxes (#130)
(Edited)
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#133. To: war (#131)
Uh...no...he did not ask for it and he threatened to veto it unless some of the provisions were changed including attempts to make CRA disappear under certain tyopes of merger as well as some bank holding company provisions, iirc it had to do with banks owning non financial corporations but don't quote me on that...this was Phil Gramm's deal...
willy monica
#134. To: no gnu taxes (#133)
(Edited)
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#135. To: war (#134)
#136. To: no gnu taxes (#135)
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#137. To: war (#136)
No. I'm telling you that YOU are a liar.
#138. To: no gnu taxes (#137)
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#139. To: war (#138)
#140. To: go65 (#0)
#141. To: no gnu taxes (#128)
I would disagree that Gramm–Leach–Bliley caused anything, but funny you would only mention Republicans, when Clinton gladly signed it.
#142. To: Thunderbird (#141)
"...we should not have done that."
#143. To: Thunderbird. no gnu taxes (#141)
Here's what I wrote upthread
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